Tags: tax | profit | Ingersoll-Rand | Trane

Trane Aircon Maker Ingersoll-Rand Beats First-quarter Estimates

Wednesday, 23 Apr 2014 09:54 AM

Ingersoll-Rand Plc, best known for its Trane airconditioners, forecast current-quarter earnings above estimates after reporting better-than-expected first-quarter results, helped by higher sales of its heating and cooling systems.

The company's shares rose 3.5 percent to $60 in light premarket trading on Tuesday.
Ingersoll-Rand said it expects second-quarter earnings of $1.08 to $1.12 a share, above the average analyst estimate of $1.06 a share.

Sales at the company's climate business, which includes heating, ventilation and air conditioning systems (HVAC) for homes and vehicles, rose 4 percent to $2.04 billion in the first quarter on higher orders for its Thermo King mobile refrigeration units.

The business accounted for about three-quarters of total revenue in the quarter.

The company's net profit fell to $79 million, or 28 cents per share, from $88 million, or 29 cents per share, a year earlier, as the company's tax bill jumped.

Provision for income tax rose to $24.5 million from $4.5 million in the year ago, the company said.

Excluding items, the company earned 29 cents per share, beating the average analyst estimate of 26 cents.

Revenue rose 3 percent to $2.72 billion, above the average estimate of $2.71 billion.


© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Companies
Ingersoll-Rand Plc, best known for its Trane air conditioners, forecast current-quarter earnings above estimates after reporting better-than-expected first-quarter results, helped by higher sales of its heating and cooling systems.
tax, profit, Ingersoll-Rand, Trane
193
2014-54-23
Wednesday, 23 Apr 2014 09:54 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved