Friday, July 20, 2012

Reuters: Global Markets: Ingersoll Rand second-quarter profit beats Street estimates

Reuters: Global Markets
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Ingersoll Rand second-quarter profit beats Street estimates
Jul 20th 2012, 12:50

Fri Jul 20, 2012 8:50am EDT

(Reuters) - Ingersoll Rand Plc (IR.N) reported higher-than-expected second- quarter profit on Friday, helped by stronger sales and margins in its industrial segment, but the conglomerate said some North American and Asian markets were slowing.

The maker of Trane air conditioners, Schlage locks and Club Car golf carts recorded lower costs and interest expenses than in the year-ago period, which also included a large loss on the sale of its Hussmann refrigeration business.

Margins improved at its industrial and residential units, which also helping lift profits, even though sales were down from a year ago.

Ingersoll shares were up slightly at $42 in premarket trading.

The company earned $365.8 million, or $1.16 per share, compared with $92.3 million, or 26 cents, a year earlier.

Excluding a tax benefit and other items, Ingersoll earned $1 a share, 9 cents ahead of Wall Street estimates, according to Thomson Reuters I/B/E/S.

Total sales fell 7 percent to $3.82 billion, below estimates of $3.88 billion. Revenue was down in its biggest segment, which includes Trane air conditioners for commercial buildings and Thermo King refrigerated transport systems.

Ingersoll, whose competitors include United Technologies Corp's (UTX.N) Carrier unit and Lennox International Inc (LII.N), said its markets showed uneven demand, with moderate growth in the United States, Asia and Latin America offsetting a weak Europe.

Ingersoll expects full-year earnings from continuing operations between $3.15 and $3.25 a share on sales between $14 billion and $14.2 billion.

(Reporting by Nick Zieminski in New York; Editing by Lisa Von Ahn and Jeffrey Benkoe)

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