IR Ingersoll Rand PLC

   By Austen Hufford 
 

Ingersoll-Rand on Wednesday said profit and revenue grew in the latest quarter, but the climate-control company said global industrial weakness continues and released a downbeat profit forecast.

Shares fell 3.9% to $65.53 in morning trading and are down 0.2% in the last three months.

The diversified industrial manufacturer said there continue to be "broad-based" challenges across end industrial markets, but that the global trend toward energy efficiency, sustainability and the safe transport of perishables continues.

The company forecast annual revenue to increase between 1% to 2% and adjusted earnings per share to be between $4 and $4.10, raising the low end by 5 cents. Analysts had expected adjusted earnings per share of $4.09.

For the current quarter, the company expects $1.25 to $1.30 in adjusted earnings per share, compared with analysts' expectations of $1.29. It expects revenue growth of about 2%.

Over all for the second quarter, Ingersoll-Rand posted a profit of $747.6 million, or $2.86 a share, up from $78.9 million, or 29 cents a share a year prior. The prior year had a large income-tax charge. Excluding the tax charge and other items, earnings were $1.38 a share.

Revenue climbed 2.4% to $3.69 billion.

Analysts surveyed by Thomson Reuters forecast adjusted per-share earnings of $1.30 on revenue of $3.7 billion.

In the latest quarter, sales in the company's climate division, which makes heating and air conditioning systems, rose 4.2% to $2.93 billion. In its smaller industrial division, which makes compressed-air systems, power tools and golf carts, sales fell 4% to $753.4 million.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

July 27, 2016 10:03 ET (14:03 GMT)

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