Irish manufacturer Ingersoll-Rand, which has its North American headquarters in Davidson, reported second-quarter earnings and sales Tuesday that missed Wall Street expectations.
In a securities filing Tuesday, the company reported earnings of $78.9 million for the quarter that ended June 30, down from $306 million in the same quarter in 2014.
Excluding costs related to restructuring, an IRS tax charge and inventory costs related to a 2014 acquisition, earnings were $1.20 a share, below the consensus estimate of Bloomberg-surveyed analysts, who called for $1.23 a share.
Ingersoll Rand’s second-quarter revenue was $3.6 billion, below the Wall Street consensus estimate of $3.69 billion but above last year’s second-quarter revenue of $3.54 billion.
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“We saw relative strength across our climate segment, while markets in our industrial segment were softer than expected. We saw signs of stabilization in recent weeks and are increasing productivity in the businesses where we see continued market weakness,” Michael Lamach, the company’s chairman and chief executive officer, said in the filing.
Ingersoll-Rand manufactures an array of products, from Club Car golf cars to Trane air conditioning systems. The company employs about 2,000 in Mecklenburg County, and the majority are at its Davidson corporate offices.