Ingersoll-Rand's revenues up slightly
Ingersoll-Rand plc reported revenues increased by 1% for the first quarter of 2010 compared with the 2009 first quarter.
The company reported net earnings of $1.4 million on revenues of $2.95 billion. First-quarter net income included $11.8 million, or 4 cents per share from continuing operations. This compares to a net loss for the 2009 first quarter of $26.7 million.
"Our first-quarter 2010 earnings were in line with our expectations, even though revenues were slightly lower than forecast. The significant increase in orders we saw in the first quarter and our growing backlog gives us confidence that we will achieve the revenue and earnings guidance we established for 2010," said Michael W. Lamach, president and chief executive officer.
In the Industrial Technologies segment, total revenues of $545 million increased by approximately 1% compared with the first quarter of 2009. Air and Productivity revenues declined by 2%, as volume increases in Asia were offset by lower revenues in Europe and the Americas. Revenues in the Americas decreased by 1% compared with last year as industrial markets began to stabilize. Air and Productivity Solutions revenues outside the Americas decreased by approximately 3% compared with 2009, as improved aftermarket activity in Asia was offset by weaker markets in Europe. Bookings increased by 16% year-over-year.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
