Lennox International, Inc.

Thank you, Margo.

Good morning, everyone. Thank you for joining us as we share our 2025 first quarter results. Joining me today is CEO Alok Mascara and CFO Michael Quentzer. Each will share their prepared remarks before we move to the Q&A session. Turning to slide two, a reminder that during today's call, we will be making certain forward-looking statements which are subject to numerous risks and uncertainties as outlined on this page. We may also refer to certain non-GAAP financial measures that management considers relevant indicators of underlying business performance. Please refer to our SEC filings available on our Investor Relations website for additional details, including a reconciliation of GAAP to non-GAAP measures. The earnings release, today's presentation, and the webcast archive link for today's call are available on our Investor Relations website at investor.linux.com. Now, please turn to slide three as I turn the call over to our CEO, Alok Miskara.

Thank you, Chelsea. Good morning, everyone. Before we get into the details of our quarterly performance, I want to start by recognizing the incredible effort and adaptability of our team and the loyalty of our customers. The current trade environment has introduced several new uncertainties, and I'm proud of how our organization continues to respond with focus, agility, and a commitment to improve our customers' experience. The ability to navigate these changes while staying grounded in our core values is what enables us to deliver differentiated growth in even the most complex environments. Let us turn to slide three for an overview of our first quarter financials. Revenue this quarter grew 2%. Our segment margin was 14.5%, a decrease of 140 basis points. Operating cash usage was $36 million, which is typical given the seasonality of our business. Adjusted earnings per share in this quarter was $3.37. We are seeing steady transitions to our new low GWP product across both home comfort and building climate segments. Current order rates in both the segments remain healthy as replacement demand continues to provide a solid foundation. In HCS, we did not experience much destocking in Q1, but continue to expect some destocking in the second quarter. In BCS, we had a slow start to the year given the expected destocking and the timing of low GWP transitions. BCS margins were impacted due to short-term inefficiencies related to the manufacturing transition and new factory startup. We now estimate that our full year adjusted earnings per share will be within the narrowed range of $22.25 to $23.50. This updated guidance includes all known and anticipated impacts of tariffs, including incremental price actions, inflation, and potential volume softness. Now, please turn to slide four to review the tariff landscape and how it is influencing economic outlook in each of our segments. As we navigate the current global trade landscape, I want to highlight why we feel that Lenox is competitively positioned to deliver differentiated growth even during this period. Approximately 90% of our cost structure is in North America, which includes the USMCA compliance spent in Mexico. This spend is not directly impacted by tariffs, but faces indirect tariff impacts, including price of commodities such as steel and aluminum. Approximately 10% of our spend faces direct impact of tariffs, and about half of that spend is from China. Our exposure to China-manufactured products has been declining over the past few years, and the JV with Samsung is another big step towards reducing our exposure to tariffs on imports from China. We are actively pursuing longer-term tariff mitigation strategies, including production shifts to better serve our US and Canadian customers. We are also working closely with our supply partners on tariff-sharing models and leveraging more US-based components to enhance flexibility within our North American network. Anything we cannot mitigate through these measures is being offset by pricing adjustments or surcharges. Majority of our manufacturing and distribution is in the United States, giving us the resilience and flexibility to win during these tariff and regulatory changes. We continue to invest in our supply chain with increased manufacturing capacity and by dual sourcing key components. The competitiveness of our supply chain is significantly stronger than it was during prior disruptions, including severe weather events and the pandemic. Through all of these, our focus remains on being a reliable and a transparent partner to our customers. As the trade landscape continues to evolve we are confident in our ability to adapt while continuing to drive long-term value for all our stakeholders. In addition to the evolving tariff landscape, we are also closely monitoring key macroeconomic factors affecting both our home comfort and building climate solution segment. In HCS, consumer confidence and mortgage interest rates continue to influence homeowner decisions. particularly around new home construction and large renovation projects. Our replacement demand has remained relatively stable, and to date, we have not observed any adverse trends in the repair versus replace trade-off. In our BCS segment, monthly order rates improved sequentially as destocking ended during the quarter. Our full lifecycle value proposition for key accounts continues to gain traction, resulting in incremental share gains. We are driving positive momentum due to increased availability of our emergency replacement products, but at the same time, we are mindful of potential delays and project slowdown related to both tariff impacts and the transition to new low GWP products. I will now hand it over to Michael to walk you through our financial results and full year guidance.