Ingersoll cites restructuring as profit falls 3.5 percent
07/22/2014 2:14 PM
07/22/2014 2:15 PM
Ingersoll Rand, the Ireland-based industrial technology firm with North American headquarters in Davidson, said restructuring-related expenses and other costs caused its second-quarter earnings to fall 3.5 percent.
The company reported a profit of $306 million, down from $317.2 million in the same quarter last year.
A higher effective tax rate, up 6.4 percent from the same quarter of 2013, also clouded the company’s earnings.
Ingersoll expects a better 2014, as it adjusted its outlook to reflect an anticipated 4 percent increase in revenue. The company now expects adjusted per-share earnings for 2014 between $3.18 and $3.26, up from previously anticipated earnings between $3.05 and $3.20 per share.
“We feel good about our positioning and our focus to deliver on our commitments to our customers and our shareholders,” said CEO Michael Lamach.
The global industrial company, which makes products such as Trane air conditioners, reported higher revenues from its line of heating and air equipment, as well as from its industrial segment.
The $12 billion company employs nearly 2,000 people in its Davidson and Charlotte offices.
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