Lennox Raises Low End of 2016 Earnings Outlook

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Lennox International on Wednesday raised its 2016 earnings outlook and maintained its revenue growth forecast.

The company said it now expects full-year earnings of $6.80 to $6.95 a share, up from a prior view of $6.75 to $6.95 a share and straddling the $6.88 consensus compiled by Capital IQ. Lennox, a supplier of heating and ventilation products, said it still expects revenue growth of 4% to 6% year-over-year, or $3.61 billion to $3.68 billion. Analysts expect revenues of $3.62 billion.

Earnings in 2017 are expected from $7.55 to $8.15 a share, the company said. Analysts expect per-share earnings of $7.72 a share with revenue growth from 3% to 7%. Lennox said it expects to complete share repurchases of $250 million in 2017.

The company last week declared a quarterly cash dividend of $0.43 per share, payable on Jan. 17 to stockholders of record as of Dec. 30. The company said its 2017 annual meeting of stockholders is scheduled for May 18.

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