Ingersoll-Rand Q3 earnings rise, top expectations

Irish manufacturer Ingersoll-Rand, which has its North American headquarters in Davidson, reported third-quarter earnings Tuesday that were up from last year and that exceeded Wall Street expectations.

Ingersoll-Rand reported a profit of $300.9 million for the three months that ended Sept. 30, up from $291.3 million reported for the same period a year ago.

Excluding costs related to restructuring and acquisitions, adjusted earnings were $1.21 a share, above the $1.16 consensus estimate of Bloomberg-surveyed analysts.

The manufacturer reported sales of $3.49 billion, which fell short of the Wall Street estimate of $3.51 billion.

“We exceeded our EPS forecast, improved operating performance and delivered profitable growth in the third quarter through a series of actions that offset expected headwinds in the global economic environment, particularly in Asia and Latin America,” Michael Lamach, chairman and chief executive officer, said in a statement.

Ingersoll-Rand also announced two local executive appointments Tuesday that are effective immediately.

Todd Wyman will serve as the company’s senior vice president and president of the Compressed Air Systems and Services business. Wyman succeeds Manlio Valdes, who will assume leadership for product management and marketing at Ingersoll-Rand’s commercial heating, ventilation and air conditioning (HVAC) business

Keith Sultana will succeed Wyman as the new senior vice president of global operations and integrated supply chain. Previously, Sultana led the global integrated supply chain for the company’s commercial HVAC business in North America, Europe the Middle East and Africa, as well as globally for the Climate Solutions and Industrial Technologies sectors.

Both will continue to be based in Davidson.

Dublin-based Ingersoll-Rand manufactures an array of products including Club Car golf cars and Trane air conditioning systems. The company employs about 2,000 in Mecklenburg County, and the majority are at its Davidson corporate offices.

This story was originally published October 27, 2015 at 7:51 AM with the headline "Ingersoll-Rand Q3 earnings rise, top expectations."