Ingersoll-Rand Lowers Profit Outlook To Reflect Costs Resulting From Note Offering

MarketWatch Pulse

Ingersoll-Rand lowered its profit outlook Friday to reflect expected costs associated with its new $1.1 billion note offering. The industrial conglomerate cut its fourth-quarter outlook for earnings-per-share from continuing operations to a range of 63 cents to 67 cents from 68 cents to 72 cents. The full-year 2014 outlook was cut to a range of $3.12 to $3.16 from $3.20 to $3.24. The expenses associated with the $1.1 billion note offering results from the early-retirement of previously-held debt. Ingersoll-Rand shares, which were inactive in premarket trade, have lost 2.6% year to date through Thursday, compared with a 5.5% gain in the S&P 500.

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