Ingersoll Rand grows orders 10%, revenue 7%
Ingersoll Rand Inc. reported strong third quarter revenues of of $1,467 million, up 3% over the same period 2023 – down 2% organically. The company's reported orders of $1,421 million were up 5% versus 2023, or flat organically.
“Our 'Economic Growth Engine' remains on track to deliver our long-term Investor Day targets of double-digit adjusted EPS growth and strong free cash flow generation,” said Vicente Reynal, chairman and CEO. “We plan on continuing to deploy capital to M&A and drive innovation all while showcasing our ability to deliver sustainable and long-term value as a premier growth compounder.”
For its Industrial Technologies and Services Segment (comprising a broad range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment) the company reported:
- Orders of $1,421 million, up 5%, or flat organic
- Revenues of $1,467 million, up 3%, or down 2% organic
- Segment Adjusted EBITDA of $450 million, up 9%
- Segment Adjusted EBITDA Margin of 30.7%, up 190 basis points, due to IRX enabling strong operational execution driving gross margin expansion.
- IT&S saw positive organic order growth, finishing largely in line with expectations. Book to bill remains on track and consistent with the previous guidance.
In the third quarter, the company deployed $15 million to M&A. Ingersoll Rand also closed on multiple acquisitions during the month of October, including:
- Air Power Systems Co., LLC, a leader in the design and manufacturing of fluid power systems for mobile transport equipment expanding Ingersoll Rand’s leading position in the dry and liquid blower and vacuum markets.
- Blutek s.r.l., is a leader in the design and manufacturing of oil-free and lubricated screw-scroll compressors and complete skids for instrument air and nitrogen generation.
- UT Pumps & Systems Private Limited, a leading Indian manufacturer of screw pumps and triplex plunger pumps primarily focused on high-growth, sustainable end markets.
- Penn Valley Pump, a leading manufacturer of unique positive displacement pumps with its Double Disc Pump technology for use in the municipal, industrial, chemical and food industries.
The company stated its bolt-on acquisition strategy continues to enhance its durable financial profile by serving high-growth, sustainable end markets.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
