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Tags: Ingersoll | profit | forecast | air conditioners

Ingersoll Raises Profit Forecast on Housing Recovery Expectations

Tuesday, 22 July 2014 09:32 AM EDT

Ingersoll-Rand Plc, the maker of Trane air conditioners and Thermo King refrigeration units, raised its current-year profit forecast as it expects the construction and industrial markets to grow.

The company also reported a better-than-expected quarterly profit due to higher margins.

Ingersoll-Rand raised its full-year forecast for adjusted earnings from continuing operations to $3.18-$3.26 per share, from $3.05 to $3.20.

Analysts on average were expecting earnings of $3.22 per share, according to Thomson Reuters I/B/E/S.

The company said revenue from the climate control business rose 4.3 percent in the second quarter ended June 30, from a year earlier, as orders for Thermo King mobile refrigeration units increased by "a mid-teens percentage."

The climate control business, which accounts for about 78 percent of total revenue, makes heating, ventilation and air conditioning systems for residential and commercial markets.

Ingersoll-Rand's revenue rose 4.3 percent to $3.54 billion, but missed the average analyst estimate of $3.55 billion.

Net earnings attributable to ordinary shareholders fell to $306 million, or $1.12 per share, from $317.2 million, or $1.05 per share, a year earlier.

Adjusted earnings from continuing operations were $1.13 per share, above analysts' average estimate of $1.11.

The company's shares were up 1 percent at $62.50 in light trading before the bell on Tuesday.

© 2022 Thomson/Reuters. All rights reserved.


Companies
Ingersoll-Rand Plc, the maker of Trane air conditioners and Thermo King refrigeration units, raised its current-year profit forecast as it expects the construction and industrial markets to grow.
Ingersoll, profit, forecast, air conditioners
208
2014-32-22
Tuesday, 22 July 2014 09:32 AM
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