Ingersoll Rand Issues 2023 Guidance

(RTTNews) - Ingersoll Rand Inc. (IR) said it expects 2023 adjusted EPS to be in a range of $2.48 to $2.58, up 5% to 9% over prior year. Adjusted EBITDA is anticipated in a range of $1.57 billion to $1.63 billion, up 9% to 14% over prior year. Full-year 2023 revenue growth is expected to be 7% to 9%.

Vicente Reynal, CEO, said: "We continue to deliver on the commitments we made at our Investor Day, keeping us on track to meet those 2025 targets."

Fourth quarter earnings came in at $217.4 million, or $0.53 per share compared with $293.0 million, or $0.71 per share, in last year's fourth quarter. Excluding items, Ingersoll Rand reported adjusted earnings of $294.9 million or $0.72 per share for the period. Analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 14.1% to $1.62 billion from $1.42 billion last year.

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