Ingersoll-Rand Quarterly Profit More Than Doubles

By FeaturesDow Jones Newswires

Ingersoll-Rand PLC (IR) Wednesday said net profit more than doubled in its fourth quarter amid increased bookings.

The heating and air-conditioning product maker posted a quarterly profit of $459.9 million, or $1.81 a share, up from $198.8 million, or 75 cents a share, a year earlier. On an adjusted basis, the company earned $1.02 a share. Analysts polled by FactSet had forecast earnings of $1.03 a share.

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Sales rose to $3.62 billion, up from $3.36 billion the same quarter a year ago. Analysts had forecast revenue of $3.52 billion.

The company projected 2018 earnings from continuing operations of $5.14 a share.

"We have healthy markets and leading brands that are well positioned for growth. We expect our business operating system to deliver strong operating leverage and powerful free cash flow," Chief Executive Michael W. Lamach said in prepared remarks.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

January 31, 2018 07:32 ET (12:32 GMT)

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