Ingersoll-Rand reports better-than-expected Q1 earnings

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

The Dublin company said first-quarter net income totaled $152.4 million, up from $51.3 million the same period a year ago. On a per-share basis, the manufacturer said it had profit of 58 cents. Adjusted to account for discontinued operations, earnings were 50 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The manufacturer posted revenue of $2.89 billion in the period, matching Wall Street forecasts and matching its revenue in the same quarter in 2015.

“We continue to realize best-in-class organic growth, margin expansion and cash conversion,” Michael Lamach, chairman and chief executive officer, said in a statement. “Based on our strong first-quarter results and increased confidence in our outlook, we are raising our 2016 earnings guidance.”

The company expects full-year earnings in the range of $3.95 to $4.10 per share. For the current quarter ending in July, Ingersoll-Rand expects its per-share earnings to range from $1.27 to $1.32.

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. The Associated Press contributed.

This story was originally published April 26, 2016 at 8:39 AM with the headline "Ingersoll-Rand reports better-than-expected Q1 earnings."