Lennox International makes heating, ventilation and air conditioning equipment for residential and commercial buildings, one of the leading HVAC manufacturers in North America. Its residential HVAC business sells furnaces, air conditioners and heat pumps sold through a network of independent dealers who install and service the equipment in homes, a distribution model that gives Lennox close relationships with the contractors who ultimately recommend and install its products. Lennox's commercial HVAC business serves building owners and contractors needing heating and cooling equipment for offices, retail spaces and other commercial buildings, a market with different demand drivers tied more to commercial construction and building renovation cycles. The company's revenue is sensitive to residential construction and renovation activity, weather patterns that drive HVAC replacement and repair needs, and broader commercial construction spending for its building products segment.