Ingersoll-Rand Q1 Results Top Estimates; Lifts Low End Of FY17 EPS View Range

(RTTNews) - Ingersoll-Rand plc (IR) reported Wednesday that its first-quarter attributable net earnings declined to $117.1 million from $152.4 million last year. Earnings per share fell to $0.45 from $0.58 last year.

Earnings from continuing operations were $127.6 million or $0.47 per share, down from $128.7 million or $0.48 per share a year ago.

Adjusted continuing earnings per share were $0.57, compared to $0.50 last year.

Net revenues grew 4 percent to $3 billion from $2.89 billion a year ago.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.53 per share on revenues of $2.94 billion for the quarter. Analysts' estimates typically exclude special items.

Bookings increased 6 percent on a reported basis and 7 percent on an organic basis to $3.44 billion.

Looking ahead, for fiscal 2017, the company increased the low end of continuing earnings per share guidance by $0.05 to $4.20 to $4.35, and adjusted continuing earnings per share to $4.35 to $4.50.

Analysts expect earnings of $4.48 per share for the year.

The company continues to expect revenues to grow around 2 percent and organic revenues growth of around 3 percent compared with 2016.