Ingersoll-Rand Plc , the maker of Trane air conditioners and Thermo King refrigeration units, reported better-than-expected quarterly results, helped by a rebound in the U.S. housing market.
Third-quarter net income fell 48 percent to $165.9 million, or 56 cents per share, from $321.6 million, or $1.03 per share, a year earlier. Revenue rose 4.3 percent to $3.75 billion.
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Excluding items, the company earned $1.16 per share from continuing operations. Analysts on average had expected earnings of $1.10 per share on revenue of $3.73 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Siddharth Cavale and Rohit T. K. in Bangalore; Editing by Ted Kerr)