(Adds forecast, estimates, share move)
July 22 Ingersoll-Rand Plc, the maker of
Trane airconditioners and Thermo King refrigeration units,
raised its current-year profit forecast as it expects the
construction and industrial markets to grow.
The company also reported a better-than-expected quarterly
profit due to higher margins.
Ingersoll-Rand raised its full-year forecast for adjusted
earnings from continuing operations to $3.18-$3.26 per share,
from $3.05 to $3.20.
Analysts on average were expecting earnings of $3.22 per
share, according to Thomson Reuters I/B/E/S.
The company said revenue from the climate control business
rose 4.3 percent in the second quarter ended June 30, from a
year earlier, as orders for Thermo King mobile refrigeration
units increased by "a mid-teens percentage".
The climate control business, which accounts for about 78
percent of total revenue, makes heating, ventilation and air
conditioning (HVAC) systems for residential and commercial
Ingersoll-Rand's revenue rose 4.3 percent to $3.54 billion,
but missed the average analyst estimate of $3.55 billion.
Net earnings attributable to ordinary shareholders fell to
$306 million, or $1.12 per share, from $317.2 million, or $1.05
per share, a year earlier.
Adjusted earnings from continuing operations were $1.13 per
share, above analysts' average estimate of $1.11.
The company's shares were up 1 percent at $62.50 in light
trading before the bell on Tuesday.
(Reporting by Rohit T. K. in Bangalore; Editing by Maju Samuel)