DALLAS -- Lennox International Inc. reported revenues were down for the fourth quarter and for 2008 compared to these same time periods a year ago.

Fourth quarter revenue was $746 million, down 15 percent from 2007, and $3.5 billion, down 7 percent.

"Despite difficult market conditions, Lennox posted improved ... margins for both the fourth quarter and full year on strong cost controls and operational execution," said Todd Bluedorn, chief executive officer. "Our cash generation was strong in 2008 and our free cash flow for the full year was $121 million."

Bluedorn expressed his optimism for 2009.

"While the global slowdown can be seen across our end markets, we continue to lower our cost structure and execute on our strategic priorities," he said.

Revenue for the fourth quarter was $746 million, down 15 percent from the prior year.

At constant currency, revenue was down 10 percent.

Gross profit in the fourth quarter was $205 million, down 17 percent from adjusted gross profit of $247 million in the year-ago quarter.%

Adjusted gross margin declined slightly to 27.5 percent from 28.0 percent in the year-ago quarter, primarily due to lower volume and higher commodity costs, with offsets from improved pricing and favorable product mix.

For the full year, revenue was $3.5 billion, down 7 percent from the prior year. At constant currency, revenue was down 8 percent.

Gross profit for the year was $974 million, down 6 percent from adjusted gross profit of $1,031 million in the prior year.

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