Ingersoll-Rand, Bobcat Report Increases in Revenue

Tue February 03, 2004 - National Edition

Ingersoll-Rand Co. reported increases in earnings and revenue for the fourth quarter of 2003. Revenue rose 32 percent for Bobcat.

Based in Hamilton, Bermuda, the company reported net earnings of $197.4 million, or $1.12 per share, for the fourth quarter, up from net income of $183.4 million, or $1.08 per share, a year earlier.

Revenue rose 10 percent to $2.67 billion in the quarter and margins improved in the four company sectors, which include climate control, industrial solutions, infrastructure and security and safety.

"Activity in most of IR’s major industrial and construction end markets continued to improve as we closed out 2003," Chief Executive Herbert Henkel said in a company statement. "From our recent order pattern we see a gradual recovery in most North American and European markets and continuing growth in Asia."

Ingersoll-Rand said it expects earnings per share of 65 cents to 75 cents in the first quarter and $3.85 to $4.10 for 2004.