Ingersoll Rand achieves 9% revenue growth for Q2
Ingersoll Rand Inc., a global provider of mission-critical flow creation and life science and industrial solutions, reported revenues of $2,049 million for its second quarter, up 9% year over year.
Orders for the quarter were up 5% YOY at over $2 million.
"Our second quarter results reflect strong organic growth and solid Adjusted EPS1 performance, driven by the strength of our portfolio and the consistent execution by our teams," said Vicente Reynal, chairman and chief executive officer. "Order momentum continues to build, reinforcing our confidence in delivering on our full-year commitments as we remain focused on staying agile, and driving durable, long-term growth."
For the Industrial Technologies and Services (IT&S) Segment with a range of compressor, vacuum, blower, and air treatment solutions as well as industrial technologies including power tools and lifting equipment:
- Reported Orders of $1,621 million, up 4%, or approximately flat organic
- Reported Revenues of $1,622 million, up 9%, or up 4% organic
IT&S saw positive organic revenue growth in all regions in the quarter, with a book to bill of 1.0x. Organic order growth was flat, with healthy compressor activity particularly in North America, offset by the timing of long cycle project orders in the blower and vacuum business in Europe as well as the ongoing impact from the Middle East. Overall compressor orders were up low single digits globally. Adjusted EBITDA margin was down year over year, driven largely by challenges in offsetting inflationary impacts with price primarily in China as well as continued commercial investments for growth.
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Global 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.
