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Text: I'm here today with Chairman and CEO, Todd Bluedorn and CFO, Joe Reitmeier.
Todd will review key points for the quarter.
Joe will take you through the company's financial performance for the quarter and year as well as the outlook for 2021.
To give everyone time to ask questions during the Q&A, please limit yourself to a couple of questions or follow-ups and requeue for any additional questions.
All comparisons mentioned today are against the prior year period.
For information concerning these risks and uncertainties, see Lennox International's publicly available filings with the SEC.
In the fourth quarter, we continue to see strong momentum in our Residential business, and year-over-year improvement in Commercial and Refrigeration.
Overall for the company, revenue was up 3% and hit a new fourth quarter high of $914 million.
GAAP operating income was $139 million compared to $192 million in the prior year quarter that included $93 million net gain from insurance recoveries.
GAAP earnings per share from continuing operations was $2.91 compared to $2.92 in the prior year quarter that included $93 million in insurance benefit I mentioned and a $39 million pre-tax pension settlement.
In addition to record fourth quarter revenue, the company set new fourth quarter highs for total segment profit, and margin, and adjusted earnings per share from continuing operations.
As reported, total segment profit was a fourth quarter record, a $139 million, up 5% from the prior year quarter that included $25 million of insurance recovery.
Total segment margin was a fourth quarter record 15.2%, up 10 basis points.
Adjusted earnings per share from continuing operations rose 18% to a fourth quarter record of $2.89.
From an operating perspective excluding the $25 million of insurance benefit in the prior year quarter, total segment profit was up 29%, and segment margin expanded 300 basis points.
Looking at our business segments for the fourth quarter, Residential set new fourth quarter records for revenue, profit and margin.
Residential revenue was up 11% on double-digit growth in both replacement and new construction business.
Residential indoor air quality revenue was up more than 30% in the quarter.
Segment profit rose 18% and segment margin expanded 130 basis points to 20.9%.
From our operational perspective, adjusting for the $25 million of insurance benefit in the prior year quarter, Residential profit rose 58% and margin expanded 630 basis points.
In Commercial, fourth quarter revenue was down 13% and profit was down 11%.
Segment margin expanded 40 basis points to a fourth quarter record 19.4%.
We continue to see year-over-year improvement in the business in both replacement and new construction, as well as national accounts and regional and local business.
Commercial equipment revenue overall was down mid-teens in the quarter.
Within this, replacement revenue was down low-single digits at constant currency, but with planned replacement down high single-digits and emergency replacement up low double digits.
New construction revenue was down a mid 20s percentage.
Breaking our revenue another way, regional and local business revenue was down low-double digits.
National accounts equipment revenue was down mid-teens.
On the service side, Lennox National Accounts Service revenue was down high single-digits.
Some highlights to mention for commercial.
Our team added six new National Account equipment customers in the quarter to bring the total to 32 for the year.
While small today, we are seeing fast indoor air quality revenue growth led by our new Building Better Air initiative.
And in the first quarter, we are on track with the launch of our new Model L rooftop unit as we continue to lead the field in energy efficiency.
The Model L features variable speed technology and an all-new advanced control system.
We are seeing higher -- we are seeing high customer interest in this industry leading product for 2021.
Overall commercial backlog is up double digits.
In Refrigeration for the fourth quarter, revenue was up 7% as reported and up 3% at constant currency.
North America revenue was up low-single digits.
Europe refrigeration revenue was up mid-single digits as reported and low single-digits at constant currency.
In Europe, HVAC revenue was up mid-teens as reported and up high single digits at constant currency.
Refrigeration segment profit declined 28% and margin contracted to 360 basis points to 7.5% on the timing of expenses in the quarter and unfavorable mix with the strong growth in Europe HVAC.
Currently refrigeration backlog is up double digits led by North America and we are seeing strong order flow.
We expect segment margin to be up year over year starting in the first quarter and be up for the full year in 2021.
For the company overall in 2021, we are reiterating guidance.
We expect revenue growth of 48% this year and GAAP and adjusted earnings per share from continuing operations, up $10.55 to $11.15 for the full year.
While there is an economic and market uncertainty, momentum continues for the company and we are well positioned for a year of strong growth and profitability.
Given the outlook and the company's strong balance sheet and cash generation, we are restarting our stock purchase program in 2021 and plan to buyback 400 million this year.
Let me start with a quick summary of our full-year 2020 for the company and then the financial details on the business segments for the quarter and full year.
Overall for the company, revenue for 2020 was $3.63 billion, down 5% on a GAAP basis and down 4% on an adjusted basis, excluding the impact from the divestitures in the prior year.
Foreign exchange was neutral to revenue.
GAAP operating income was $479 million compared to $657 million in the prior year, that included a $179 million net gain from insurance recoveries.
GAAP earnings per share from continuing operations was $9.26 compared to $10.38 in the prior year, that included the $179 million insurance benefit and $99 million in pre-tax pension settlements.
Total adjusted segment profit for the full year was $507 million compared to $610 million in the prior year, that included a $99 million of insurance recovery.
Total adjusted segment margin was 13.9% for the year compared to 16.2% in the prior year with the insurance benefit.
Adjusted earnings per share from continuing operations was $9.94 compared to $11.19 in the prior year with the insurance benefit and pension settlements.
From an operational perspective, excluding the $99 million of insurance benefit in the prior year, total segment profit was down 1% and total segment margin was up 40 basis points.
Now turning to the business segments for the quarter and the year.
In the fourth quarter, revenue from Residential Heating & Cooling was a fourth quarter record $553 million, up 11%.
Volume was up 10%.
Price was up 1%, and mix was flat, with foreign exchange neutral to revenue.
Residential profit was a fourth quarter record $116 million, up 18%.
Segment margin was a fourth quarter record 20.9%, up 130 basis points.
And as Todd mentioned, operationally profit was up 58% and margin expanded 630 basis points.
Segment profit was primarily impacted by higher volume, favorable price, lower material and other product costs, higher factory productivity, and lower SG&A.
Partial offsets included $25 million of non-recurring insurance proceeds in the prior year quarter, the COVID-19 pandemic, and higher tariffs, freight distribution, and warranty.
For the full year, Residential segment revenue was a record $2.36 billion, up 3%.
Volume was up 2%.
Combined price and mix was up 1% with both up.
Foreign exchange was neutral to revenue.
Residential profit was $429 million, down 8% from the prior year that had been $99 million of insurance recovery.
Segment margin was 18.1%, down 220 basis points as reported.
Operationally, excluding the insurance recovery in the prior year, segment profit was up 17% and margin expanded 210 basis points.
Now turning to our Commercial Heating & Cooling business.
In the fourth quarter, Commercial revenue was $226 million, down 13%, volume was down 8%, price was flat, and mix was down 5%.
Foreign exchange was neutral to revenue.
Commercial segment profit was $44 million, down 11%.
Segment margin was a fourth quarter record 19.4%, up 40 basis points.
Segment profit was primarily impacted by the COVID-19 pandemic, lower volume, unfavorable mix, and higher freight distribution and SG&A.
Partial offsets included lower material and other product costs, higher factory productivity, lower warranty and tariff exclusions and refunds due to exclusions.
For the full year, Commercial revenue was $801 million, down 15%.
Volume was down 14%.
Price was flat, and mix was down 1%.
Foreign exchange was neutral to revenue.
Segment profit was $137 million, down 17%.
Segment margin was 17.1% down 40 basis points.
In Refrigeration, revenue was $135 million, up 7%.
Volume was up 3%, price was up 1%, and mix was down 1% and foreign exchange had a favorable 4% impact on revenue.
Refrigeration segment profit was $10 million in the fourth quarter, down 28%.
Segment margin was 7.5%, down 360 basis points.
Segment profit was primarily impacted by the COVID-19 pandemic, unfavorable mix, higher distribution, warranty and other product costs, and the timing of SG&A expenses.
Partial offsets included higher volume, favorable price, and lower material costs.
For the full year, Refrigeration revenue was $472 million, down 12%.
Volume was down 14%.
Price was up 1%, and mix was flat.
Foreign exchange had a favorable 1% impact.
Segment profit was $33 million, down 47%.
And segment profit margin was 7%, down 470 basis points.
Regarding special items in the fourth quarter, the company had net after-tax gain of $800,000 that included a net gain of $3.4 million for insurance recoveries related to damage at the Company's manufacturing facility in Iowa, a benefit of $2.3 million related to environmental liabilities, a benefit of $1.5 million for excess tax benefits from share-based compensation.
For charges we had $2.7 million for asbestos related litigation, $1.5 million for special product quality adjustments, $1.4 million for personal protective equipment and facility deep cleaning expenses incurred due to the COVID-19 pandemic, and a net change --charge of $800,000 in total for various other items.
Now looking at special items for the full year, the company had net after-tax charges of $26 million and they included a charge of $8.5 million for other tax items, $8.4 million for restructuring activities, $6.2 million for personal protective equipment and facility deep cleaning expenses incurred due to the COVID-19 pandemic, $4.2 million for asbestos related litigation, a net loss of $2.3 million related to damage of the company's manufacturing facility in Iowa, a net charge of $600,000 in total for various other items, and a benefit of $4.2 million for excess tax benefits from share-based compensation.
Corporate expenses were $30 million in the fourth quarter, and $92 million for the full year.
Overall, SG&A was $143 million for the fourth quarter or 15.7% of revenue, down from 16.3% in the prior year quarter.
For 2020 overall, SG&A was $556 million or 15.3% of revenue, down from 15.4% on an adjusted basis in the prior year.
For 2020, the company had cash from operations of $612 million compared to $396 million in the prior year.
Capital expenditures were approximately $78 million for the full year compared to $106 million in the prior year.
And proceeds for damage to property and disposal of property were $1 million compared to $81 million in the prior year.
Free cash flow was $535 million for the year compared to $371 million in the prior year.
In 2020, the company paid $118 million in stock -- in dividends and repurchased $100 million of company stock.
Total debt was $981 million at the end of the fourth quarter, and we ended the year with a debt to EBITDA ratio of 1.7, and cash and cash equivalents were $124 million at the end of the year.
Our underlying market assumptions for the year remain the same.
We expect industry to see mid-single digit shipments growth in residential, commercial unitary and refrigeration markets in North America.
The company's guidance for 2021 remains the same as we presented at the December Investment Community Meeting.
Our guidance for 2021 revenue growth is 48% with neutral foreign exchange impact.
We still expect GAAP and adjusted earnings per share from continuing operations in a range of $10.55 to $11.15, with about half of the earnings in the first half of the year and half in the second half of the year.
Let me now run through other key points on our guidance assumptions and the puts and takes for 2021, all of which are unchanged.
We expect a benefit of $50 million in price for the year.
We expect a benefit of $25 million from sourcing and engineering led cost reductions, and a $20 million benefit from factory productivity.
We are guiding for residential mix to be neutral.
[Technical Issues] foreign exchange will be neutral as well.
For the headwinds in 2021, we expect a $30 million headwind from commodities.
Freight is expected to be a $5 million headwind.
We will be at more -- at a more normal run rate with distribution investments this year with 30 new Lennox stores planned.
Tariffs are expected to be a $5 million headwind.
We are planning for SG&A to be up approximately 7% for the year or headwind of about $45 million.
Within SG&A, we will be making investments in R&D and IT for continued innovation and leadership in products, control, e-commerce, factory automation, and productivity.
A few other guidance points.
Corporate expenses are targeted at $90 million.
Net interest in pension expense is expected to be approximately $35 million.
We expect an effective tax rate of approximately 21% on an adjusted basis for the full year.
We are planning capital expenditures to be approximately $135 million this year, about $30 million of which are for the third plant and our campus in Mexico.
We expect construction to be completed by the end of 2021 and have the plant fully operational by mid 2022.
We expect nearly $10 million in annual savings from the third plant.
Free cash flow is targeted at $325 million as we reinflate working capital to support strong growth.
And over the long term we expect free cash flow to approximate net income on average.
And finally, we expect the weighted average diluted share count for the full year to be between 37 to 38 million shares, which incorporates our plans to repurchase $400 million of stock this year.
And with that, John, let's now go to Q&A.

user
compname reports q4 revenue of $914 mln.
q4 adjusted earnings per share $2.89 from continuing operations.
q4 gaap earnings per share $2.91 from continuing operations.
q4 revenue $914 million versus refinitiv ibes estimate of $884.8 million.
reiterating 2021 guidance for adjusted revenue growth of 4-8%.
reiterating 2021 guidance for gaap and adjusted earnings per share from continuing operations of $10.55-$11.15.
reiterating 2021 guidance for $400 million of stock repurchases.
sees 2021 capital expenditures of approximately $135 million.

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