Ingersoll-Rand Q1 Profit Declines, Sees Q2 EPS Above View; Reaffirms FY Outlook

(RTTNews) - Ingersoll-Rand plc (IR) Wednesday reported first-quarter net earnings attributable to the company of $79.0 million or $0.28 per share, down from $88.0 million or $0.29 per share in the previous year.

Earnings per share from continuing operations increased to $0.27 from $0.17 per share a year ago. On an adjusted basis, earnings were $0.29, while the firm posted $0.22 per share in the prior year.

On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter grew 3% to $2.72 billion from $2.64 billion a year earlier. Analysts estimated revenues of $2.71 billion for the quarter.

Selling and administrative expenses advanced to $613.1 million from $606.4 million reported last year.

Looking ahead to the second quarter, the firm expects earnings per share from continuing operations to be in the range of $1.08 to $1.12. Adjusted earnings are expected to be in the range of $1.09 to $1.13.

Second-quarter revenues are anticipated to increase 4 to 5 percent from last year. Street analysts expect the company to report earnings of $1.06 per share, on revenues of $3.54 billion for the quarter.

The company reaffirmed its full-year 2014 earnings per share outlook and said it still expects earnings from continuing operations to be in the range of $2.95 to $3.10. Excluding restructuring and other one-time costs, adjusted earnings are expected to be $3.05 to $3.20 per share.

Revenues for the year are projected to increase 3 to 4 percent. Analysts are looking for earnings of $3.14 per share, on revenues of $12.85 billion for the year.