List Your Equipment  /  Dealer Login

Ingersoll-Rand Earnings Rise

Tue October 22, 2002 - National Edition
Construction Equipment Guide


Ingersoll-Rand recently announced that its quarterly profits more than doubled on cost-cutting as well as stronger sales of its Bobcat construction vehicles and security products.

The company reported third-quarter net income of $89.3 million, or 53 cents a share, up from $33.9 million, or 20 cents a share, in the same period a year ago.

Ingersoll-Rand’s results came as it winds down a restructuring that has closed 28 plants and trimmed 6,750 employees. Those moves in the most recent period resulted in a pretax charge of $24.1 million, or 8 cents a share, compared with $63.2 million, or 25 cents, a year ago.

Before restructuring charges in both years, Ingersoll-Rand posted a third-quarter profit of $104.5 million, or 61 cents a share, up about 37 percent from $76.3 million, or 45 cents, a year ago.

The company had lowered analysts’ estimates in July, predicting it would earn 55 cents to 60 cents a share in the quarter before items.

The company said its month-to-month order pattern remained choppy, with September orders coming in weak after the quarter got off to a good start.

Ingersoll-Rand shares rose as much as 9.5 percent initially and were up $2.84, or 8.4 percent, at $36.78 on the New York Stock Exchange.




Today's top stories

North Causeway Bridge Offers Innovation, Congestion Relief for Fort Pierce, Fla., Motorists

Missouri's $284M Chester Bridge Under Construction

Mecalac Offers Telescopic Wheel Loader to Improve Stability, Mobility in Material Handling Applications

Chicago Bears Announce Plans for New Enclosed Stadium

Oshkosh Corporation to Acquire AUSA

Webuild Ready to Rebuild Collapsed Baltimore Bridge

Crews Complete Covington, Georgia Community Project

Alabama AGC Announces BUILDSouth Award Winners








aggregateequipmentguide-logo agriculturalequipmentguide-logo craneequipmentguide-logo forestryequipmentguide-logo truckandtrailerguide-logo
39.96250 \\ -83.00610 \\ Columbus \\ PA