* Third-qtr adj profit from cont. ops $1.16/shr vs est $1.10
* Revenue $3.75 bln vs est $3.73 bln
* Forecasts 4th-qtr adj profit of $0.85 to $0.90/shr vs est
* Expects revenue $3.5-$3.6 bln vs est $3.6 bln
* Shares marginally higher in premarket trading
Oct 18 Ingersoll-Rand Plc, the maker of
Trane air conditioners and Thermo King refrigeration units,
reported better-than-expected quarterly results, helped by
rising demand for heating and cooling systems in a rebounding
U.S. housing market.
Permits for construction of single-family homes hit a
five-year high in August, underscoring the housing market's
resilience even as mortgage rates rise.
Ingersoll's shares were marginally higher at $63.55 in
premarket trading on Friday.
Sales in the company's heating, ventilation and air
conditioning systems division, the company's largest, rose 4
percent to $2.03 billion in the third quarter ended Sept. 30
while bookings increased 7 percent.
Revenue in the division that makes Schlage and Kryptonite
locks rose 9 percent to $609 million.
Sales in Ingersoll's industrial technologies business, which
makes compressed air systems, tools, fluid power equipment and
golf and utility vehicles, rose 3 percent to $722 million.
Third-quarter net income fell 48 percent to $165.9 million,
or 56 cents per share, from $321.6 million, or $1.03 per share,
a year earlier. Revenue rose 4.3 percent to $3.75 billion.
Excluding items, the company earned $1.16 per share from
continuing operations. Analysts on average had expected earnings
of $1.10 per share on revenue of $3.73 billion, according to
Thomson Reuters I/B/E/S.
Ingersoll's current-quarter forecast missed analysts'
estimates, however, suggesting the company expects the housing
market to slow as mortgage rates increase.
Ingersoll said it expects fourth-quarter adjusted earnings
from continuing operations of 85 cents to 90 cents per share,
falling short of the average analyst estimate of 94 cents.
The company said it expects sales of $3.5 billion-$3.6
billion for the current quarter. Analysts on average expect
revenue of $3.6 billion.