Business

Ingersoll-Rand reports better-than-expected earnings

Ingersoll-Rand headquarters at 800 Beaty St. in Davidson.
Ingersoll-Rand headquarters at 800 Beaty St. in Davidson. jsimmons@charlotteobserver.com

Irish manufacturer Ingersoll-Rand, which has its North American headquarters in Davidson, reported better-than-expected fourth-quarter earnings Tuesday.

The Dublin, Ireland-based company said it had profit of $233.5 million, or 88 cents per share. Earnings, adjusted for restructuring costs and to account for discontinued operations, came to 94 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.

The manufacturer posted revenue of $3.33 billion in the period, which also beat Wall Street forecasts. Seven analysts surveyed by Zacks expected $3.31 billion.

“We realized double digit adjusted continuing EPS growth, as well as 5 percent organic revenue growth and margin improvement in 2015 despite weak industrial markets and currency headwinds,” said Michael Lamach, chairman and chief executive officer, in a statement.

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.

For the year, the company reported profit of $664.6 million, or $2.48 per share. Revenue was reported as $13.3 billion.

Ingersoll-Rand shares have fallen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 9 percent. The stock has declined 26 percent in the last 12 months. The Observer contributed.

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