Intrinsic value of Lennox International - LII

Previous Close

$219.14

  Intrinsic Value

$99.19

stock screener

  Rating & Target

str. sell

-55%

Previous close

$219.14

 
Intrinsic value

$99.19

 
Up/down potential

-55%

 
Rating

str. sell

We calculate the intrinsic value of LII stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  4,097
  4,364
  4,643
  4,932
  5,234
  5,548
  5,876
  6,217
  6,574
  6,946
  7,334
  7,740
  8,164
  8,608
  9,071
  9,557
  10,065
  10,597
  11,153
  11,737
  12,348
  12,988
  13,659
  14,363
  15,100
  15,874
  16,685
  17,536
  18,428
  19,364
Variable operating expenses, $m
  2,748
  2,926
  3,111
  3,304
  3,505
  3,714
  3,932
  4,159
  4,397
  4,644
  4,883
  5,153
  5,436
  5,731
  6,040
  6,363
  6,701
  7,055
  7,426
  7,814
  8,221
  8,647
  9,094
  9,562
  10,054
  10,568
  11,109
  11,675
  12,269
  12,892
Fixed operating expenses, $m
  822
  840
  858
  877
  896
  916
  936
  957
  978
  999
  1,021
  1,044
  1,067
  1,090
  1,114
  1,139
  1,164
  1,190
  1,216
  1,242
  1,270
  1,298
  1,326
  1,355
  1,385
  1,416
  1,447
  1,479
  1,511
  1,544
Total operating expenses, $m
  3,570
  3,766
  3,969
  4,181
  4,401
  4,630
  4,868
  5,116
  5,375
  5,643
  5,904
  6,197
  6,503
  6,821
  7,154
  7,502
  7,865
  8,245
  8,642
  9,056
  9,491
  9,945
  10,420
  10,917
  11,439
  11,984
  12,556
  13,154
  13,780
  14,436
Operating income, $m
  528
  599
  673
  751
  833
  918
  1,007
  1,101
  1,199
  1,302
  1,430
  1,543
  1,662
  1,786
  1,918
  2,055
  2,200
  2,352
  2,512
  2,680
  2,857
  3,043
  3,239
  3,445
  3,662
  3,890
  4,130
  4,382
  4,648
  4,927
EBITDA, $m
  605
  680
  759
  841
  926
  1,016
  1,110
  1,208
  1,311
  1,419
  1,533
  1,652
  1,776
  1,907
  2,045
  2,189
  2,341
  2,501
  2,669
  2,845
  3,031
  3,226
  3,431
  3,647
  3,874
  4,113
  4,364
  4,628
  4,907
  5,199
Interest expense (income), $m
  26
  54
  53
  59
  66
  73
  80
  88
  95
  104
  112
  121
  130
  140
  150
  161
  172
  184
  196
  208
  222
  236
  250
  266
  282
  299
  316
  335
  354
  375
  396
Earnings before tax, $m
  473
  546
  614
  685
  760
  838
  920
  1,006
  1,095
  1,190
  1,309
  1,413
  1,522
  1,636
  1,757
  1,883
  2,016
  2,156
  2,304
  2,458
  2,621
  2,793
  2,973
  3,163
  3,363
  3,573
  3,795
  4,028
  4,273
  4,532
Tax expense, $m
  128
  147
  166
  185
  205
  226
  248
  272
  296
  321
  353
  381
  411
  442
  474
  508
  544
  582
  622
  664
  708
  754
  803
  854
  908
  965
  1,025
  1,088
  1,154
  1,224
Net income, $m
  346
  399
  448
  500
  555
  612
  671
  734
  800
  869
  955
  1,031
  1,111
  1,194
  1,282
  1,375
  1,472
  1,574
  1,682
  1,795
  1,914
  2,039
  2,170
  2,309
  2,455
  2,609
  2,770
  2,940
  3,119
  3,308

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,018
  2,150
  2,287
  2,430
  2,578
  2,733
  2,894
  3,063
  3,238
  3,422
  3,613
  3,813
  4,022
  4,240
  4,469
  4,708
  4,958
  5,220
  5,494
  5,782
  6,083
  6,398
  6,729
  7,075
  7,439
  7,820
  8,219
  8,638
  9,078
  9,539
Adjusted assets (=assets-cash), $m
  2,018
  2,150
  2,287
  2,430
  2,578
  2,733
  2,894
  3,063
  3,238
  3,422
  3,613
  3,813
  4,022
  4,240
  4,469
  4,708
  4,958
  5,220
  5,494
  5,782
  6,083
  6,398
  6,729
  7,075
  7,439
  7,820
  8,219
  8,638
  9,078
  9,539
Revenue / Adjusted assets
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
Average production assets, $m
  512
  546
  580
  617
  654
  694
  734
  777
  822
  868
  917
  967
  1,021
  1,076
  1,134
  1,195
  1,258
  1,325
  1,394
  1,467
  1,543
  1,624
  1,707
  1,795
  1,888
  1,984
  2,086
  2,192
  2,304
  2,421
Working capital, $m
  479
  511
  543
  577
  612
  649
  687
  727
  769
  813
  858
  906
  955
  1,007
  1,061
  1,118
  1,178
  1,240
  1,305
  1,373
  1,445
  1,520
  1,598
  1,680
  1,767
  1,857
  1,952
  2,052
  2,156
  2,266
Total debt, $m
  979
  1,098
  1,221
  1,349
  1,483
  1,622
  1,768
  1,919
  2,077
  2,242
  2,414
  2,594
  2,782
  2,979
  3,184
  3,400
  3,625
  3,861
  4,107
  4,366
  4,637
  4,921
  5,218
  5,530
  5,857
  6,200
  6,560
  6,937
  7,333
  7,748
Total liabilities, $m
  1,816
  1,935
  2,058
  2,187
  2,320
  2,460
  2,605
  2,756
  2,914
  3,079
  3,252
  3,432
  3,620
  3,816
  4,022
  4,237
  4,462
  4,698
  4,945
  5,203
  5,474
  5,758
  6,056
  6,368
  6,695
  7,038
  7,397
  7,774
  8,170
  8,585
Total equity, $m
  202
  215
  229
  243
  258
  273
  289
  306
  324
  342
  361
  381
  402
  424
  447
  471
  496
  522
  549
  578
  608
  640
  673
  708
  744
  782
  822
  864
  908
  954
Total liabilities and equity, $m
  2,018
  2,150
  2,287
  2,430
  2,578
  2,733
  2,894
  3,062
  3,238
  3,421
  3,613
  3,813
  4,022
  4,240
  4,469
  4,708
  4,958
  5,220
  5,494
  5,781
  6,082
  6,398
  6,729
  7,076
  7,439
  7,820
  8,219
  8,638
  9,078
  9,539
Debt-to-equity ratio
  4.850
  5.110
  5.340
  5.550
  5.750
  5.940
  6.110
  6.270
  6.410
  6.550
  6.680
  6.800
  6.920
  7.030
  7.130
  7.220
  7.310
  7.400
  7.480
  7.550
  7.620
  7.690
  7.760
  7.820
  7.870
  7.930
  7.980
  8.030
  8.080
  8.120
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  346
  399
  448
  500
  555
  612
  671
  734
  800
  869
  955
  1,031
  1,111
  1,194
  1,282
  1,375
  1,472
  1,574
  1,682
  1,795
  1,914
  2,039
  2,170
  2,309
  2,455
  2,609
  2,770
  2,940
  3,119
  3,308
Depreciation, amort., depletion, $m
  78
  81
  85
  89
  94
  98
  103
  107
  112
  118
  103
  109
  115
  121
  127
  134
  141
  149
  157
  165
  173
  182
  192
  202
  212
  223
  234
  246
  259
  272
Funds from operations, $m
  423
  480
  534
  590
  648
  710
  774
  841
  912
  986
  1,058
  1,140
  1,225
  1,315
  1,410
  1,509
  1,613
  1,723
  1,838
  1,959
  2,087
  2,221
  2,362
  2,511
  2,667
  2,832
  3,005
  3,187
  3,378
  3,580
Change in working capital, $m
  30
  31
  33
  34
  35
  37
  38
  40
  42
  44
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  79
  82
  86
  90
  95
  100
  104
  110
Cash from operations, $m
  393
  449
  501
  556
  613
  673
  736
  801
  870
  943
  1,013
  1,092
  1,176
  1,263
  1,356
  1,452
  1,554
  1,661
  1,773
  1,891
  2,016
  2,146
  2,284
  2,429
  2,581
  2,741
  2,910
  3,087
  3,274
  3,470
Maintenance CAPEX, $m
  -54
  -58
  -61
  -65
  -69
  -74
  -78
  -83
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -149
  -157
  -165
  -173
  -182
  -192
  -202
  -212
  -223
  -234
  -246
  -259
New CAPEX, $m
  -34
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
Cash from investing activities, $m
  -88
  -91
  -96
  -101
  -107
  -113
  -119
  -126
  -132
  -138
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -219
  -230
  -241
  -253
  -266
  -280
  -294
  -309
  -324
  -340
  -358
  -376
Free cash flow, $m
  306
  358
  405
  454
  506
  560
  617
  676
  738
  804
  867
  939
  1,014
  1,093
  1,177
  1,264
  1,356
  1,453
  1,555
  1,662
  1,774
  1,893
  2,017
  2,149
  2,287
  2,432
  2,585
  2,746
  2,916
  3,095
Issuance/(repayment) of debt, $m
  -25
  119
  123
  128
  134
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  377
  396
  415
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -25
  119
  123
  128
  134
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  377
  396
  415
Total cash flow (excl. dividends), $m
  281
  476
  528
  583
  640
  700
  762
  828
  896
  969
  1,039
  1,119
  1,202
  1,290
  1,382
  1,479
  1,581
  1,689
  1,802
  1,920
  2,045
  2,177
  2,315
  2,461
  2,614
  2,775
  2,945
  3,124
  3,312
  3,510
Retained Cash Flow (-), $m
  -152
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  129
  463
  515
  569
  625
  684
  746
  811
  879
  950
  1,020
  1,099
  1,181
  1,268
  1,359
  1,455
  1,556
  1,662
  1,774
  1,892
  2,015
  2,145
  2,282
  2,426
  2,578
  2,737
  2,905
  3,082
  3,268
  3,464
Discount rate, %
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
  117
  380
  377
  368
  354
  335
  312
  286
  257
  228
  197
  168
  141
  115
  93
  73
  56
  42
  31
  22
  15
  10
  7
  4
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Lennox International Inc. is a provider of climate control solutions. The Company designs, manufactures and markets a range of products for the heating, ventilation, air conditioning and refrigeration (HVACR) markets. It operates through three segments: Residential Heating & Cooling; Commercial Heating & Cooling, and Refrigeration. It manufactures and markets a range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories to manage indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America. It manufactures and sells unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, churches and schools. It manufactures and markets equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name.

FINANCIAL RATIOS  of  Lennox International (LII)

Valuation Ratios
P/E Ratio 33.9
Price to Sales 2.6
Price to Book 247.8
Price to Tangible Book
Price to Cash Flow 26.5
Price to Free Cash Flow 34.7
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 1.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 1621.1%
Total Debt to Equity 2284.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 17.2%
Ret/ On Assets - 3 Yr. Avg. 14%
Return On Total Capital 31.8%
Ret/ On T. Cap. - 3 Yr. Avg. 25.2%
Return On Equity 400%
Return On Equity - 3 Yr. Avg. 275.6%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 29.6%
Gross Margin - 3 Yr. Avg. 27.9%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 24.8%

LII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LII stock intrinsic value calculation we used $3839.6 million for the last fiscal year's total revenue generated by Lennox International. The default revenue input number comes from 0001 income statement of Lennox International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LII stock valuation model: a) initial revenue growth rate of 6.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.9%, whose default value for LII is calculated based on our internal credit rating of Lennox International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Lennox International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LII stock the variable cost ratio is equal to 67.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $804 million in the base year in the intrinsic value calculation for LII stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Lennox International.

Corporate tax rate of 27% is the nominal tax rate for Lennox International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LII stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LII are equal to 12.5%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Lennox International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LII is equal to 11.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $50.1 million for Lennox International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 40.255 million for Lennox International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Lennox International at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ 2 Housing Stocks That Look Like Bargains   [Nov-12-18 06:00AM  Investopedia]
▶ Lennox International to Present at Baird Conference   [Nov-05-18 09:00AM  PR Newswire]
▶ 2 Housing Stocks That Are Gaining Heat   [Nov-02-18 08:00PM  Barrons.com]
▶ Lennox: 3Q Earnings Snapshot   [08:11AM  Associated Press]
▶ Lennox International Declares Quarterly Dividend   [Sep-13-18 06:17PM  PR Newswire]
▶ Are These 2 Stocks Really a Sell?   [Sep-03-18 09:03PM  Motley Fool]
▶ [$$] Soda, Motorcycle Prices Rise as Tariffs Hit Home for Consumers   [Jul-29-18 07:42PM  The Wall Street Journal]
▶ 1 Hot Long-Term Trend to Invest In   [Jul-26-18 07:34AM  Motley Fool]
▶ Lennox: 2Q Earnings Snapshot   [08:09AM  Associated Press]
▶ Lennox International to Present at KeyBanc Conference   [May-24-18 09:00AM  PR Newswire]
▶ Lennox International Increases Dividend 25 Percent   [May-15-18 04:15PM  PR Newswire]
▶ Trade Uncertainty Already Hurting US Companies   [May-02-18 03:16PM  Investopedia]
▶ Lennox International Declares Quarterly Dividend   [Mar-16-18 09:17AM  PR Newswire]
▶ Lennox International to Present at Barclays Conference   [Feb-20-18 09:00AM  PR Newswire]
▶ Top Stocks to Buy in the Commercial Construction Sector   [Dec-30-17 11:32AM  Motley Fool]
▶ Lennox International Announces 2018 Financial Guidance   [Dec-13-17 07:30AM  PR Newswire]
▶ Lennox International Declares Quarterly Dividend   [Dec-08-17 10:32AM  PR Newswire]
▶ Lennox International to Present at Baird Conference   [Nov-03-17 09:00AM  PR Newswire]
▶ Lennox beats Street 3Q forecasts   [08:15AM  Associated Press]

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