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UPDATE 1-Trane aircon maker Ingersoll-Rand beats 1st-qtr estimates
April 23, 2014 / 1:26 PM / 3 years ago

UPDATE 1-Trane aircon maker Ingersoll-Rand beats 1st-qtr estimates

(Adds details, background)

April 23 (Reuters) - 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 cooling systems.

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 refrigeration units.

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)

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