Ingersoll-Rand Q1 Profit Up, Tops View; Sees Q2, FY16 EPS Above Market Estimate

(RTTNews) - Ingersoll-Rand Plc. (IR), a company creating comfortable, sustainable and efficient environments, Tuesday reported that its first-quarter net earnings nearly tripled to $152.4 million from $51.3 million last year. Earnings per share were $0.58, higher than $0.19 a year ago.

On a continuing operations basis, earnings were $125.5 million from $58.6 million last year. Earnings per share were $0.48, 118 percent higher than $0.22 a year ago.

Adjusted earnings per share were $0.50, compared to prior year's $0.38. On average, 20 analysts polled by Thomson Reuters expected earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Net Revenues edged up 0.2 percent to $2.894 billion from last year's $2.888 billion. Revenues grew 2 percent on an organic basis. Analysts were looking for revenues of $2.89 billion.

Operating margin improved 1.6 percentage points. Bookings grew 1.4 percent to $3.24 billion.

Looking ahead, for the second quarter, the company expects reported continuing earnings per share of $2.75 to $2.80, and adjusted earnings per share from continuing operations of $1.27 to $1.32.

For the quarter, the company expects reported revenues growth of 2 percent to 4 percent and organic growth of 4 percent to 6 percent compared with 2015.

Further, citing the strong first-quarter results and increased confidence in outlook, the company raised 2016 earnings guidance.

The company now expects adjusted earnings per share from continuing operations of $3.95 to $4.10 compared to a prior guidance of $3.80 to $4.00. Reported earnings per share is projected to be $5.39 to $5.54 including the gain on the Hussmann sale.

Reported revenues is expected in the range of flat to up 2 percent, and organic revenues to be up 2 percent to 4 percent compared with 2015.

Analysts expect earnings of $1.23 per share for the quarter and $3.92 per share for the year.