Ingersoll Rand cuts FY forecast on weak demand

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(Reuters) - Industrial conglomerate Ingersoll Rand Plc <IR.N> cut its third-quarter and full-year earnings forecast to below market estimates, due to lower-than-expected demand at its key North American residential and commercial security markets, sending its shares down 5 percent before the bell.

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Ingersoll, which makes cooling systems, air compressors and security technology including Schlage locks, forecast full-year earnings from continuing operations of $2.70-$2.80 a share, on revenue of $14.85-$15 billion.

Analysts on average were expecting the company to post a profit of $2.96 a share, before special items, on revenue of $14.8 billion, according to Thomson Reuters I/B/E/S.

It had earlier forecast full-year earnings from continuing operations of $2.90-$3.10 a share, on sales of $15.30-$15.50 billion.

The company cut its third-quarter adjusted earnings view to $0.77-$0.80 a share, on sales of $3.90-$3.95 billion.

Analysts were expecting the company to post a profit of $0.91 a share for the third-quarter, before special items, on revenue of $3.91 billion.

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Shares of the company closed at $31.96 on Thursday on the New York Stock Exchange.

(Reporting by Fareha Khan in Bangalore; Editing by Don Sebastian)

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