Lennox International, the renowned heating, ventilation, and air conditioning supplier, is optimistic about sales growth this year, despite experiencing flat volumes. The company, based in Richardson, Tex., reported a fourth-quarter profit of $144.5 million, or $4.04 per share, a significant increase from $94.4 million, or $2.65 per share, in the same period the previous year.

After adjusting for one-time items like gains from divestitures, the company's adjusted earnings stood at $3.63 per share, surpassing the $3.46 per share expected by analysts surveyed by FactSet. Furthermore, Lennox International's revenue rose approximately 6% to reach $1.15 billion, exceeding analysts' expectations of $1.13 billion.

Core revenue, which excludes the company's European operations, observed a 7% increase, reaching $1.1 billion in the quarter. It is worth noting that Lennox International agreed to sell a substantial portion of its European operations last year.

Looking ahead to 2024, the company aims to achieve a 7% increase in core revenue, primarily driven by price hikes and the sale of higher-priced equipment. Sales volumes, however, are projected to remain relatively stagnant.

Lennox International has set its sights on adjusted earnings between $18.50 and $20 per share for 2024. Although this guidance falls slightly below analysts' expectations of $19.94 per share, the company remains confident in its ability to deliver strong financial results.

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