Sam Boughedda

Investing.com — Lennox International Inc (NYSE:) stock fell 4.4% on Monday even though its reported first-quarter earnings beat analyst estimates.

According to climate control product provider, revenue rose by 9.9% to $1.01 trillion in the quarter ended December 31, compared with the same period last year. Investing.com polled analysts and forecast earnings of $970.78million.

Furthermore, adjusted earnings per share came in at 2.36, which was 29 cents higher than analysts’ expectations of $2.07. 

Todd Teske (Interim CEO) stated that Lennox International had a record-breaking first quarter in terms of revenue and EPS. He was led by the strong growth in Residential and Refrigeration. Both Refrigeration and Residential set new quarterly highs in revenue and profit.

Lennox increased its revenue forecasts for 2022 and reiterated its guidance on EPS. Lennox raised its revenue growth projections for 2022 from 5% and 10% to between 7% to 11%.  

For 2022, adjusted earnings per share (GAAP) are expected to range between $14.50 and $13.50. For the entire year, stock repurchases will be at $400 million according to the company.