Ingersoll profit down 5 percent
Ingersoll-Rand PLC, a maker of heating and cooling systems for homes, businesses and transport, reported a 5 percent drop in quarterly profit on Friday and said it continued to see challenges in its markets.
Net earnings were $216.6 million, or 65 cents per share, compared with $227.7 million, or 70 cents per share a year earlier.
Excluding restructuring costs, earnings from continuing operations were 70 cents per share. Revenue fell 19 percent to $3.48 billion, below Wall Street forecasts for sales of $3.56 billion.
Ingersoll, which also makes security technology, air compressors and utility vehicles, said it was confident of growing earnings next year even if markets remain weak. It forecast this year’s earnings between $1.60 and $1.70 per share.
(Reporting by Nick Zieminski; Editing by Derek Caney)