Guidance
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LII
FY2026 Q2
둔화
Lennox International, Inc. 실적 발표
Buzzberg 분석
Residential recovery pushed to 2027; EPS guidance cut
Lennox reported Q2 2026 results highlighting a mixed performance: strong growth in Building Climate Solutions offset by continued weakness in Home Comfort, leading to a full-year EPS guidance cut. Management is confident in the long-term resi recovery despite delaying the expected benefit to 2027. Total revenue increased 3% to $1.5B, but adjusted EPS was flat at $7.72.
Buzzberg 분석 Residential recovery pushed to 2027; EPS guidance cut Lennox reported Q2 2026 results highlighting a mixed performance: strong growth in Building Climate Solutions offset by continued weakness in Home Comfort, leading to a full-year EPS guidance cut. Management is confident in the long-term resi recovery despite delaying the expected benefit to 2027. Total revenue increased 3% to $1.5B, but adjusted EPS was flat at $7.72. 전체 분석 보기분석 접기
Lennox reported Q2 2026 results highlighting a mixed performance: strong growth in Building Climate Solutions offset by continued weakness in Home Comfort, leading to a full-year EPS guidance cut. Management is confident in the long-term resi recovery despite delaying the expected benefit to 2027. Total revenue increased 3% to $1.5B, but adjusted EPS was flat at $7.72.
- HCS revenue declined 7% due to a 12% unit volume decline; weak residential new construction and a strategic walk-away from low-margin business were the primary drivers.
- BCS revenue grew 24%, with 12% organic growth, driven by emergency replacement and national accounts; M&A from Duradyne contributed 9%.
- FY2026 EPS guidance lowered to $23-24 from previous higher range; HCS revenue guide cut to ~1% growth while BCS raised to ~20%.
BCS 매출 성장률24%보고값
HCS 매출 성장률-7%보고값
매출$1.5453B+36% 전분기 대비
주당순이익(EPS)$7.72보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Walked away from low-margin new construction business
Demand
BCS strong with 24% revenue growth, share gains
핵심 내용 3개 더 보기
M&A
Comfort Air and Century acquisition accretive in 2027
Supply
Channel inventory normalized; no further destocking
Cash Flow
Free cash flow outlook unchanged at $750-$850 million
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| BCS 매출 성장률 | 24% | 보고값 |
| HCS 매출 성장률 | -7% | 보고값 |
| 매출 | $1.5453B | +36% 전분기 대비 |
| 주당순이익(EPS) | $7.72 | 보고값 |
| 매출총이익률 | 34.91% | 보고값 |
| 영업이익률 | 22.97% | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $225M | $225M | 하향 |
| 주당순이익(EPS) | FY2026 | $23.00–$24.00 | $23.50 | 하향 |
| 잉여현금흐름 | FY2026 | $750M–$850M | $800M | 유지 |
| 매출HCS | FY2026 | 1% | 1% | 하향 |
| 매출BCS | FY2026 | 20% | 20% | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
Cautious
Management acknowledged slower residential recovery and reduced full-year guidance, but expressed confidence in long-term strategy and cash generation.
투자 및 생산능력
Management lowered full-year capital expenditure outlook to approximately $225 million from $250 million due to project timing, while emphasizing key investment priorities remain unchanged.
아래에 언급된 기업 6개 모두 표시
기업발표 이후 수익률
파트너
파트너
Alok Maskara
Samsung partnership is part of Lennox's strategy to broaden offerings and strengthen its competitive positioning in HVAC.
근거
“we are leaning into initiatives that strengthen our long-term competitive position, including distribution network optimization and partnerships like Samsung and Ariston”
공급망
공급망
Alok Maskara
Lennox is losing significant share in new construction by intentionally walking away from low-margin business, which is a bigger impact than originally anticipated and driving most of the one-step volume decline. — This market share forfeiture in new construction is a strategic decision that pressures near-term volumes for LII, but could create pricing power shifts for competitors in the residential new construction channel.
근거
“It is bigger than what we had originally looked at. That market remains extremely competitive and the margins were there but just not acceptable.”
공급망
Alok Maskara
The emergency replacement market in commercial HVAC is a strong growth area where Lennox is gaining share, indicating competitors are losing out in this high-demand, immediate-replacement segment. — Share gains in the lucrative emergency replacement channel signal a competitive advantage for LII in commercial HVAC and indicate potential share losses for rivals.
근거
“Yes, we have definitely gained share. Within emergency replacement, our core contractor business in commercial, our referential dealers, and working through distribution, all C have gained and we are pleased with the progress there.”
외부 신호
공급망 알파 · 3발표 이후 수익률
Lennox is losing significant share in new construction by intentionally walking away from low-margin business, which is a bigger impact than originally anticipated and driving most of the one-step volume decline.
The resi market is seeing a bifurcation where 'sell-in' (to channel) is strong but 'sell-through' (to end consumer) remains weak, suggesting potential further inventory correction in the channel despite recent destocking.
근거
“The June AHRI data and everything else that we looked at continues to show us a continual difference between sell-in and sell-through.”
The emergency replacement market in commercial HVAC is a strong growth area where Lennox is gaining share, indicating competitors are losing out in this high-demand, immediate-replacement segment.
방법론 및 범위
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