DALLAS, TX — Due to lower-than-anticipated rates of operational improvements in certain acquired businesses and cooler-than-expected summer weather in the Northeast and Midwest United States, as well as much of Canada, Lennox International Inc. announced that it is revising its business outlook for the remainder of 2000. The company expects earnings will be down from previous expectations.

Expected earnings per share are expected to dip as low as $0.20 to $0.25 for the third quarter and as low as $1.05 for the full year.

John Norris Jr., chairman of the board and ceo of Lennox, said, “Through August of this year, the cooling degree days in the northeastern U.S. were 50% below last year. In the upper Midwest they were down 27%. Over 50% of our residential sales and over 40% of our retail revenues are concentrated in areas that had a cold summer.

“After careful evaluation of our August financials, we have incorporated aggressive cost control measures in our estimates to help offset the impact of the unseasonable weather,” said Norris.

Publication date: 09/25/2000