Ingersoll-Rand Reports Q4 Results (IR)
2/1/2013 10:54:22 AM
Ingersoll-Rand Plc (NYSE: IR) today reported its fourth-quarter financial results, posting a slight decline in profit, as it saw weak demand for its heating and cooling systems and other industrial equipment.
- Ingersoll-Rand’s fourth-quarter profit fell 2.7%
- Sales for the quarter were flat
- Company Expects moderate growth in industrial markets, global parts and service, and across most of its businesses in Asia and Latin America in 2013
For the fourth quarter of 2012, Ingersoll-Rand reported net earnings of $235.6 million, or $0.78 per share, compared to $242.2 million, or $0.76 per share reported for the same period in the previous year. The increase in per share earnings in fourth quarter of 2012 was due to lower number of shares outstanding. Excluding one-time items, the company reported earnings of $0.76 per share. For the same period in 2011, the company’s adjusted earnings were $0.76 per share. Sales for the quarter were $3.5 billion, flat compared to 2011.
For the full year, Ingersoll-Rand reported net revenue of $14.035 billion, down 5% over 2011. Full-year earnings were $3.28 per share.
Michael W. Lamach, Chairman and CEO of Ingersoll-Rand, said that in 2012, the company improved the strength of its business operations, delivering increased operating margins, and a 23% improvement in adjusted earnings per share despite a challenging economic backdrop in a number of the company’s key end markets.
For the first quarter of 2013, Ingersoll-Rand expects revenue to be between $3.1 billion and $3.2 billion. Adjusted earnings from continuing operations are expected to be between $0.35 per share and $0.40 per share.
Ingersoll-Rand shares were marginally higher, at last check, in pre-market trading today. The stock had finished 0.45% lower at $51.39 in regular trading on Thursday.
About Ingersoll-Rand Plc
Ingersoll-Rand Plc is a provider of products, services and solutions to enhance the comfort of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties.