Ingersoll Rand revenues up 3%
Ingersoll-Rand plc reported net earnings of $300.9 million, or EPS of $1.12, for the third quarter of 2015.
Third-quarter net earnings included $312.9 million from continuing operations, as well as a net loss of $12.0 million from discontinued operations.
The company’s reported revenues increased 3 percent to $3.48 billion, compared with revenues of $3.38 billion for the 2014 third quarter. Revenues, excluding acquisitions and currency, increased 6 percent compared with last year. U.S. revenues were up 9 percent excluding acquisitions compared with 2014 and revenues from international operations decreased 7 percent (up 1 percent, excluding currency and acquisitions).
“We exceeded our EPS forecast, improved operating performance and delivered profitable growth in the third quarter through a series of actions that offset expected headwinds in the global economic environment, particularly in Asia and Latin America,” said Michael W. Lamach, chairman and chief executive officer. “While we expect continuing challenges from slow industrial markets for the remainder of the year, we will continue to grow revenue, earnings and cash flow as well as increase productivity, particularly in our businesses where we see market weakness.”
Industrial Segment revenues for air compressors and industrial products decreased by a low-single digit percentage compared with the third quarter of 2014 as gains in North America air compressors, primarily due to an acquisition, were offset by negative comparisons in overseas markets. Organic revenues and bookings both declined by a mid-single digit percentage compared with last year. Third-quarter parts and service organic revenues increased by a mid-single digit percentage.
Climate Segment revenues for the third quarter of 2015 were $2,758 million and increased 4 percent (up 8 percent ex-currency) compared with the third quarter of 2014. Bookings decreased 1 percent (up 3 percent ex-currency) year-over-year primarily due to difficult comparisons with record level 2014 bookings in North American transport and negative currency comparisons.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
