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Problem
Lennox International Inc. makes air conditioning, heating, and fireplace systems for residential and commercial uses, as well as commercial refrigeration equipment. Tecumseh Products Company manufactures air conditioning and refrigeration compressors, condensing units, heat pumps, and complete refrigeration systems. Select financial statement data and asset utilization ratios for each company follow.
Lennox International
($ in millions)
2009
2010
2011
Sales
$2,847.5
$3,096.4
$3,303.6
ROA
0.035
0.077
0.058
Current assets turnover
3.22
3.48
3.57
Fixed (long-term) assets turnover
3.97
4.26
4.27
Total assets turnover
1.78
1.91
1.94
$735.9
$933.8
$864.4
(0.111)
0.083
(0.101)
1.93
2.31
2.24
1.84
2.59
3.13
0.94
1.22
1.30
Required:
1. Compare the asset utilization effectiveness of the two companies. Which company seems to be doing a better job?
2. How do the companies' operating profit margins compare?
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