The first quarter of 2022 proved a lot like the fourth quarter of 2021 for publicly traded HVAC companies. Revenue continued to set records, but rising input costs ate up a good share of the increase. The good news is that several manufacturers reported an increase in organic growth.

Lennox International Inc. reported record first-quarter revenue of $1.01 billion. Both the company’s residential and refrigeration divisions set new first-quarter highs for revenue and profit. Residential revenue was up 13%, led by double-digit growth in both replacement and new construction business. Segment profit rose 12% as segment margin was down slightly to 15.8%. Refrigeration revenue was up more than 20% in North America.