Ingersoll-Rand 3Q net income soars
NEW YORK -- Ingersoll-Rand PLC said Friday its third-quarter net income more than tripled, helped by easy comparisons to a prior-year quarter hurt by charges related to the sale of a business.
The manufacturer of air conditioning systems for homes and businesses, security systems and locks, and other products earned $321.6 million, or $1.03 per share, up from $86.2 million, or 25 cents per share, in the same quarter last year.
The recent quarter's results included 4 cents per share in losses from discontinued operations, while the year-ago quarter included 3 cents per share in losses from discontinued operations and 53 cents per share in charges related to the sale of the company's Hussman refrigeration business.
Excluding discontinued operations, the Swords, Ireland-based company earned $1.07 per share for the recent quarter.
Revenue fell 8.1 percent to $3.59 billion from $3.91 billion. Excluding the Hussman business, revenue fell just 1 percent, the company said.
Analysts, on average, expected a profit of 98 cents per share on $3.65 billion in revenue, according to a FactSet poll.
Revenue at the company's climate solutions business fell 15 percent to $1.94 billion. Excluding Hussman, its revenue fell 3 percent.
Industrial technologies revenue edged up 1 percent to $702 million, while sales at its residential heating, ventilation and air conditioning business grew 11 percent to $559 million. Sales of commercial security products and services fell about 7 percent to $391 million.
Ingersoll-Rand said demand from its major markets was "uneven and choppy" during the third quarter. Based on current order rates, the company said it expects its fourth-quarter revenue to be flat compared with a year ago.
Ingersoll-Rand projected a fourth-quarter profit of 64 cents to 70 cents per share on $3.4 billion to $3.5 billion in revenue. Analysts polled by FactSet expect a profit of 79 cents per share on $3.5 billion in revenue.
For the full year, the company projected a profit of $3.17 to $3.23 per share on $13.95 billion to $14.05 billion in revenue, while analysts expect earnings of $3.21 per share on $14.13 billion in revenue.
Ingersoll-Rand shares fell 16 cents to $45.50 in premarket trading.