Ingersoll-Rand plc Earnings: Profit Swings Up and Beats Forecast
S&P 500 (NYSE:SPY) component Ingersoll-Rand plc (NYSE:IR) reported its results for the first quarter. Ingersoll-Rand 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.
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Ingersoll-Rand plc Earnings Cheat Sheet for the First Quarter
Results: Reported a profit of $95.6 million (31 cents per diluted share) in the quarter. Ingersoll-Rand plc had a net loss of $77.6 million or a loss 21 cents per share in the year-earlier quarter.
Revenue: Fell 3.8% to $3.15 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ingersoll-Rand plc beat the mean analyst estimate of 25 cents per share. It beat the average revenue estimate of $3.04 billion.
Quoting Management: “During the first quarter, we made progress toward our growth and operational excellence objectives, delivering revenue and EPS above forecast in a difficult economic environment,” said Michael W. Lamach, chairman, president and CEO. “While we expect continued challenges throughout 2012 from a slow and uneven recovery in some key markets, our focus is on continuing to grow revenue, earnings and cash flow.”
For three consecutive quarters, the company has topped analyst estimates. It beat the mark by 9 cents in the fourth quarter of the last fiscal year and by 2 cents in the third quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 95 cents a share to 97 cents over the last ninety days. The average estimate for the fiscal year is $3.04 per share, down from $3.14 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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