Ingersoll Rand grows Q2 revenues 7%
Ingersoll Rand Inc. reported record second quarter revenues of $1,805 million, up 7%. Adjusted net incomewas $341 million, and orders were up 4% at $1,799 million.
The company has raised total revenue growth guidance to a range of 6%–8% for the full year.
Liquidity of $3.7 billion as of June 30, 2024, including $1.1 billion of cash on hand and undrawn capacity of $2.6 billion under available credit facilities. Backlog remains near historically high levels, up 3% with a book to bill of 1.0x for the second quarter and a book to bill of 1.01x for the first half of 2024
“Our results demonstrate that Ingersoll Rand continues to expand into durable, high-growth, sustainable end markets,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “Despite the headwinds in the macroeconomic environment, we are raising our guidance on revenue, Adjusted EBITDA, and Adjusted EPS following a solid performance this quarter. We remain confident that our IRX execution model will continue to drive long-term value creation.”
The company's Industrial Technologies and Services Segment (IT&S), comprised of a broad range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment, reported orders of $1,465 million, up 1%, or down 3% organic – on a two-year stack, up 14%; 6% organic.
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