Ingersoll-Rand Earnings: Revenues Making Investors Happy
S&P 500 (NYSE:SPY) component Ingersoll-Rand plc (NYSE:IR) swung to a loss in the first quarter, missing analysts’ forecast. Ingersoll-Rand plc provides products and services to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables and commercial properties.
Ingersoll-Rand plc Earnings Cheat Sheet for the First Quarter
Results: Swung to a loss of $77.6 million (22 cents/diluted share) in the quarter. The Ingersoll-Rand plc had a net income of $1.4 million or 0 cents per share in the year earlier quarter.
Revenue: Rose 6.3% to $3.14 billion YoY.
Actual vs. Wall St. Expectations: IR fell short of the mean analyst estimate of 32 cents/share. Estimates ranged from 28 cents per share to 36 cents per share.
Quoting Management: “During the first quarter we made additional progress toward achieving our long-term revenue growth, operating margin and earnings objectives,” said Michael W. Lamach, chairman, president and chief executive officer of Ingersoll Rand.
IR’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $212.1 million in the fourth quarter of the last fiscal year, a profit of $232.2 million in the third quarter of the last fiscal year and $196.4 million in the second of the last fiscal year.
Today’s Performance: Shares of IR are trading at $50.09 as of April 21, 2011 at 9:51 AM ET, up 2.5% from the previous close.