Ingersoll-Rand plc's (NYSE:IR) net income increased and topped Wall Street expectations in the second quarter.
Earnings and Revenue The company managed to beat EPS estimates, though the company's revenues failed to top expectations. The company reported adjusted net income of $1.15 a share versus the 90 cents a share estimate and revenues of $3.82 billion versus the $3.88 billion estimate. The company's reported EPS came in above the high estimate of 15 analysts of a profit of 95 cents.
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The company's net income for the quarter rose 296.3% to $365.8 million. Revenue fell 6.6% from $3.89 billion in the same period last year.
Company Fundamental Trends
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 6 cents in the first quarter, 9 cents in the fourth quarter of the last fiscal year and 2 cents in the third quarter of the last fiscal year.
Official Comment: "Our results this quarter reflect the continued successful execution of our strategy to deliver profitable and sustainable growth," said Michael W. Lamach, chairman and chief executive officer. "We are very pleased to have delivered another quarter of earnings per share growth that exceeded our forecast in the face of continued economic headwinds. While we expect the difficult economic environment to persist throughout 2012, our focus remains on accelerating revenue growth, further expanding operating margins and maintaining a balanced, disciplined capital allocation strategy. This focus reflects our confidence in Ingersoll Rand's fundamental strengths and position, as well as our commitment to enhancing shareholder value."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.