Lennox International, Inc. (NYSE: LII) reported Q1 EPS of $0.42, $0.01 better than the analyst estimate of $0.41. Revenue for the quarter came in at $695 million versus the consensus estimate of $691.04 million.

Lennox International, Inc. reaffirmed FY2014 EPS of $4.20-$4.60, versus the consensus of $4.54.

"First quarter performance was led by our Residential business, with revenue up 10% at constant currency and segment profit up 19%," said Chairman and CEO Todd Bluedorn. "In Residential, as well as in Commercial, replacement business was strong, while new construction business was notably impacted by severe weather in the quarter. Commercial revenue grew 6% at constant currency, led by high single digit growth in North America equipment and service. Segment profit was down 8% on softness in Europe and from investments in the growth of our North American business, including distribution expansion and start-up costs for entrance in the VRF market in the second half of the year. In Refrigeration, revenue was down 2% at constant currency. Including the negative impact of foreign exchange, revenue was down 6% and profit was down 28% as the Australian market and supermarket business in North America remained soft as expected. Corporate expense in the first quarter was down $8 million on lower incentive compensation as expected, and we maintain our guidance for corporate expense to be down $18 million for the full year. Overall for Lennox International in the quarter, revenue was up 6% at constant currency and total segment profit margin expanded 70 basis points to a first-quarter record of 5.1%. Adjusted EPS from continuing operations was up 27% to a first-quarter record of $0.42.

"Looking ahead at the full year, we continue to expect adjusted EPS from continuing operations in the range of $4.20-$4.60. With a strong balance sheet, we will continue to invest in the business for growth as well as maintain a competitive dividend, and we plan to repurchase $150 million of stock in 2014. The company remains competitively well-positioned for continued market outperformance with our leading product portfolio and expanding distribution network, and we look forward to the seasonally strongest quarters of the year."

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