IR Ingersoll Rand PLC

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.