Benzinga | Jul 20, 2020 07:34AM EDT

Lennox Raises FY20 Adj. EPS Guidance From $7.50-$8.50 To $7.90-$8.70 vs $8.11 Est.

FULL-YEAR GUIDANCE

The company is updating its 2020 guidance and raising estimates for revenue and EPS from continuing operations.

* Raising guidance for adjusted revenue to be down 10-15% from the prior year compared to previous guidance to be down 11-17%.

* Raising guidance for GAAP EPS from continuing operations to $7.31-$8.11 from previous guidance of $7.07-$8.07.

* Raising guidance for adjusted EPS from continuing operations to $7.90-$8.70 from previous guidance of $7.50-$8.50.

* Corporate expense is still expected to be approximately $75 million.

* The effective tax rate is still expected to be 21-22% on an adjusted basis for the full year.

* Capital expenditures are still targeted to be $120 million.

* Guidance for free cash flow remains approximately $340 million.

* The company's remaining 2020 stock repurchase program of $300 million currently remains on hold; the company repurchased $100 million of stock in the first quarter.

* The company's quarterly dividend plans remain unchanged at $0.77 per share, or more than $115 million in total for the year.