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Lennox International Inc. (LII-3.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a net sales increase of 7% to $5,341 million compared to the previous year. This growth was driven by higher sales volumes and favorable pricing and mix.
Lennox reported an operating income of $1,035 million, up from $790 million in 2023. Net income also increased to $807 million from $590 million in the prior year.
The Home Comfort Solutions segment saw an 11% increase in net sales, while the Building Climate Solutions segment experienced a 17% increase, partly due to pre-purchases of R-410A equipment ahead of regulatory changes.
The company generated $946 million in cash flow from operating activities, an increase from $736 million in 2023. Capital expenditures were reduced to $164 million from $250 million the previous year.
Lennox completed the divestiture of its European operations in the fourth quarter of 2023, which impacted the Corporate and Other segment's financial results.
The company continues to focus on its strategic initiatives, including investments in its sales force, digital innovations, and expansion of manufacturing capacity.
Lennox's balance sheet shows total assets of $3,472 million, with $415 million in cash and cash equivalents as of December 31, 2024. Total liabilities amounted to $2,622 million.
The filing also outlines Lennox's commitment to sustainability and compliance with evolving environmental regulations, including the transition to low GWP refrigerants.
Lennox maintains a strong financial position with a total debt of $1,148 million and no outstanding borrowings under its $1.1 billion credit agreement as of year-end.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lennox International Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.