Posted November 2, 2023

Ingersoll Rand reports record third quarter results

Ingersoll Rand Inc. reported record third quarter revenues of $1,739 million, up 15%. The company said its backlog remains near historically high levels, up 6%.

“We remain committed to delivering differentiated, profitable growth and are again raising our full year guidance on total revenue growth, organic revenue growth, Adjusted EBITDA, and Adjusted EPS,” said Vicente Reynal, chairman and chief executive officer. “In addition, we continue to stay nimble and pivot towards high-growth, sustainable end markets. Our inorganic growth strategy continues to deliver value-enhancing acquisitions, and we believe that our IRX model enables us to better capitalize on those efforts and strengthen our core capabilities to unlock further growth.”

Highlights of Its Industrial Technologies and Services Segment (IT&S): broad range of compressor, vacuum and blower solutions as well as industrial technologies including power tools and lifting equipment

  • Reported Orders of $1,347 million, down 1%, or 9% organic
  • On a two-year stack, organic orders grew 8%
  • Reported Revenues of $1,428 million, up 19%, or 10% organic1
  • Reported Segment Adjusted EBITDA of $411 million, up 31% with an incremental margin of 42%
  • Reported Segment Adjusted EBITDA Margin of 28.8%, up 260 basis points, due to continued pricing strength and IRX driving strong operational execution
  • IT&S saw organic orders finish largely in line with expectations down 9%, due largely to tough comparisons to the 16% organic order growth in the third quarter of the prior year. Book to bill remains on track and consistent with previous guidance of approximately 1.0x for the year.
  • 1 Non-GAAP measure (definitions and/or reconciliations in tables below)

Read more details here.