Ingersoll-Rand Boosts Guidance
October 26 2016 - 9:10AM
Dow Jones News
By Imani Moise
Ingersoll-Rand PLC (IR) raised its guidance for the year as it
reported a rise in profit for the latest quarter.
The maker of Trane air-conditioning equipment forecast
current-quarter earnings of 88 cents to 93 cents a share, and
expects revenue growth to be flat to up to 1%. Analysts surveyed by
Thomson Reuters expect 93 cents of earnings and 1.4% revenue
growth.
The company said it sees declines in its industrial segment
offsetting gains in climate segment revenue.
The company also raised its full-year adjusted earnings forecast
to $4.17 to $4.22. In July, the company had forecast adjusted
earnings of $4 to $4.10.
In all for the quarter, the Irish company reported a profit of
$377.4 million, or $1.44 a share, up from $300.9 million, or $1.12,
a year earlier. Excluding tax-adjusted restructuring costs,
earnings rose to $1.41 from $1.21.
Revenue rose 2.3% to $3.57 billion.
Analysts polled by Thomson Reuters had forecast earnings of
$1.29 on $3.56 billion in revenue.
Earlier this month, global envoys agreed to phase out
hydrofluorocarbons from cooling appliances beginning in 2019 in a
pact to limit planet-warming emissions. The move is likely to
increase costs for manufacturers of air conditioners and
refrigerators. Ingersoll-Rand said it was testing a
climate-friendly refrigerant alternative for small air conditioning
systems that would require no additional engineering to use in
existing systems.
Shares closed at $64.60 Tuesday and are up 17% so far this
year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
October 26, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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