UPDATE 3-Ingersoll-Rand sees higher 2013 profit, housing to help

Feb 1 (Reuters) - Ingersoll-Rand Plc reported better-than-expected fourth- quarter profit and said 2013 earnings could jump as much as 11 percent, boosted by an improving U.S. housing market.

The maker of air conditioning and heating systems for businesses and homes, which plans to spin off its security business this year, said on Friday it expects to earn $3.45 to $3.65 per share this year.

That figure excludes 40 cents to 60 cents per share of charges related to the spinoff, coming after pressure from activist investor Nelson Peltz. The security business makes products including Schlage and Kryptonite locks.

Ingersoll expects full-year revenue to rise 1 percent to 4 percent to a range of $14.2 billion to $14.6 billion. It forecast a 4 percent to 6 percent rise in residential products sales, reflecting "moderate improvement" in the housing market.

United Technologies Corp, whose Carrier air conditioners compete with Ingersoll's Trane line, also said an improving housing market could boost results this year.

Ingersoll's fourth-quarter net profit fell 2.7 percent to $235.6 million, or 78 cents per share, from $242.2 million, or 76 cents per share, a year earlier.

Factoring out earnings from discontinued operations and a tax gain, it earned 76 cents per share, better than analysts' average estimate of 70 cents, according to Thomson Reuters I/B/E/S.

Revenue slipped 1 percent to $3.47 billion from $3.51 billion a year earlier, reflecting the sale of the company's former Hussman refrigeration unit.

Its projected 2013 earnings per share growth also reflects plans to buy back some $2 billion in stock, boosting profit by 12 cents per share.

Ingersoll stock has soared about 44 percent over the past year, vastly outpacing the roughly 13 percent rise of the broad Standard & Poor's 500 index.

A little more than half the gains came before Peltz disclosed his stake in May 2012.