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Lennox expects good cash flow, touts balance sheet amid uncertainty
By Devika Patel
Knoxville, Tenn., July 20 – Lennox International Inc. has managed to maintain a resilient balance sheet despite market uncertainties, and management expects “strong” cash flow generation this year.
The company is targeting $340 million of free cash flow for 2020.
“We continue to maintain a strong balance sheet and expect strong year cash flow generation,” chairman and chief executive officer Todd M. Bluedorn said on the company’s second quarter ended June 30 earnings conference call on Monday.
Cash and cash equivalents were $44.8 million as of June 30, 2020, compared to $37.3 million as of Dec. 31, 2019.
Long-term debt was $1,047,200,000 as of June 30, 2020, compared to $849.3 million as of Dec. 31, 2019.
The company’s debt to EBITDA ratio was 2.4x at the end of the quarter.
Lennox International is a Richardson, Tex., climate-control products company.
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