AI English summary of an SEC filing — figures as filed
Lennox International LIIThe company said its net sales rose 6% in 2023 compared with 2022, with favorable mix of 5% and favorable price of 5% partly offset by a 4% decline in sales volume. Gross profit margin rose 390 basis points to 31.1% in 2022 (27.2% in the prior year).
Key points
AI summaryThe company said its net sales rose 6% in 2023 compared with 2022, with favorable mix of 5% and favorable price of 5% partly offset by a 4% decline in sales volume. Gross profit margin rose 390 basis points to 31.1% in 2022 (27.2% in the prior year).
Lennox said net sales at Home Comfort Solutions rose 1% in 2023 and segment profit increased $13 million, while Building Climate Solutions net sales rose 18% and its segment profit increased $178 million. The company cited favorable price and mix as the factors.
The company said net cash provided by operating activities increased $434 million in 2023 to $736 million from $302 million in 2022. Capital expenditures were $250 million (2022 $101 million), it did not repurchase any shares, and it paid $153 million in dividends.
The company said it completed the sale of its European businesses in Q4 2023, receiving net proceeds of $23 million, and that it acquired AES for $95 million in the same year. The company explained that it recorded a goodwill impairment of $2.3 million and a property, plant and equipment impairment of $22.6 million related to its agreement to sell its European commercial HVAC and refrigeration businesses.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $5.0B
- Operating income
- $790M
- Net income
- $590M
- EPS
- $16.54
- Gross profit
- $1.5B
- Operating cash flow
- $736M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Net sales up 6% in 2023; gross margin 31.1%
The company said its net sales rose 6% in 2023 compared with 2022, with favorable mix of 5% and favorable price of 5% partly offset by a 4% decline in sales volume. Gross profit margin rose 390 basis points to 31.1% in 2022 (27.2% in the prior year).
Source · Based on the MD&A text of the filing
Segment net sales and profit changes
Lennox said net sales at Home Comfort Solutions rose 1% in 2023 and segment profit increased $13 million, while Building Climate Solutions net sales rose 18% and its segment profit increased $178 million. The company cited favorable price and mix as the factors.
Source · Based on the MD&A text of the filing
Operating cash flow $736 million, capex $250 million
The company said net cash provided by operating activities increased $434 million in 2023 to $736 million from $302 million in 2022. Capital expenditures were $250 million (2022 $101 million), it did not repurchase any shares, and it paid $153 million in dividends.
Source · Based on the MD&A text of the filing
European business sale and AES acquisition
The company said it completed the sale of its European businesses in Q4 2023, receiving net proceeds of $23 million, and that it acquired AES for $95 million in the same year. The company explained that it recorded a goodwill impairment of $2.3 million and a property, plant and equipment impairment of $22.6 million related to its agreement to sell its European commercial HVAC and refrigeration businesses.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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