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April 23 Ingersoll-Rand Plc, best known
for its Trane airconditioners, forecast current-quarter earnings
above estimates after reporting better-than-expected
first-quarter results, helped by higher sales of its heating and
The company's shares rose 3.5 percent to $60 in light
premarket trading on Tuesday.
Ingersoll-Rand said it expects second-quarter earnings of
$1.08 to $1.12 a share, above the average analyst estimate of
$1.06 a share.
Sales at the company's climate business, which includes
heating, ventilation and air conditioning systems (HVAC) for
homes and vehicles, rose 4 percent to $2.04 billion in the first
quarter on higher orders for its Thermo King mobile
The business accounted for about three-quarters of total
revenue in the quarter.
The company's net profit fell to $79 million, or 28 cents
per share, from $88 million, or 29 cents per share, a year
earlier, as the company's tax bill jumped.
Provision for income tax rose to $24.5 million from $4.5
million in the year ago, the company said.
Excluding items, the company earned 29 cents per share,
beating the average analyst estimate of 26 cents.
Revenue rose 3 percent to $2.72 billion, above the average
estimate of $2.71 billion.
(Reporting by Rohit T. K. in Bangalore; Editing by Kirti Pandey
and Saumyadeb Chakrabarty)