Lennox Int'l (NYSE: LII) reported Q1 EPS of $0.60, $0.05 better than the analyst estimate of $0.55. Revenue for the quarter came in at $715 million versus the consensus estimate of $722.88 million.

Lennox International realized strong revenue growth and margin expansion across all three of our businesses in the first quarter," said Chairman and CEO Todd Bluedorn. "For the company overall, total segment profit rose 50% from the prior-year quarter to a new first-quarter high, and profit margin expanded 200 basis points to a first-quarter record of 6.5%. In our Residential business, segment profit was up 23% on 5% revenue growth at constant currency. Residential margin rose 160 basis points to a first-quarter record of 10.2%. In our Commercial business, segment profit rose 84% to a new first-quarter high. Commercial revenue was up 8% at constant currency, and segment margin expanded 350 basis points to a new first-quarter high of 8.3%. In Refrigeration, revenue was up 6% at constant currency, led by double-digit growth in North America. Refrigeration profit rose 125% as segment margin expanded 300 basis points to 5.4%.

"Looking ahead for the company overall, it is early in the year and the largest seasonal quarters are still in front of us, but 2016 is off to a strong start, and we continue to expect another record year. While our underlying business expectations for the full year remain consistent with previous adjusted EPS from continuing operations guidance of $6.10-$6.60, we are raising guidance to $6.30-$6.80 to reflect a new full-year effective tax rate of approximately 32% versus prior guidance of 34-35%. We are reiterating guidance for revenue growth of 4-8% at constant currency for the year. The company is well-positioned for continued momentum in 2016, and we remain focused on capitalizing on end market growth, capturing additional market share, and driving operational initiatives for higher profitability."

GUIDANCE:

Lennox Int'l sees FY2016 EPS of $6.30-$6.80, versus prior guidance of $6.10-$6.60 and the consensus of $6.34.

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