Ingersoll-Rand Q2 Profit Surges, Tops View; Lifts FY16 Adj. EPS Forecast

(RTTNews) - Ingersoll-Rand Plc. (IR), a manufacturer of industrial and commercial products, reported Wednesday that its second-quarter net earnings were $747.6 million, or $2.86 per share, significantly higher than last year's $78.9 million or $0.29 per share. Earnings per share from continuing operations was $2.88.

Excluding the sale of the company's remaining interest in Hussmann and restructuring costs, adjusted continuing earnings per share were $1.38, compared to $1.20 a year ago.

On average, 22 analysts polled by Thomson Reuters expected earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues increased 2 percent to $3.69 billion from $3.60 billion a year earlier. On an organic basis, revenues grew 3 percent. Analysts were looking for revenues of $3.70 billion for the quarter.

Looking ahead, for the third quarter, the company expects earnings from continuing operations of $1.24 to $1.29 per share and adjusted earnings per share from continuing operations of $1.25 to $1.30. Revenues would be up approximately 2 percent, while organic revenues would be up 3 percent. Analysts expect earnings of $1.29 per share for the quarter.

For fiscal 2016, the company expects earnings from continuing operations of $5.47 to $5.57. Adjusted earnings per share from continuing operations are now expected to be $4.00 to $4.10, compared with prior guidance of $3.95 to $4.10. Analysts expect earnings of $4.09 per share.

Revenues are projected to be up 1 percent to 2 percent; organic revenues up 2 percent to 3 percent compared with 2015.