July 19 Ingersoll-Rand Plc, the maker of Trane air conditioners and Schlage locks, posted better-than-expected quarterly results after selling more climate control systems in a recovering U.S. construction market.
Second-quarter revenue rose 3 percent, beating analysts' estimates, as sales of residential security systems, air conditioners and heating systems more than offset weaker demand for the company's industrial equipment.
Excluding one-time items, Ingersoll-Rand earned $1.14 per share from continuing operations, beating the average analyst forecast by 6 cents.
Sales fell in the company's industrial technology and commercial security divisions.
Ingersoll-Rand said it expected continued weak industrial demand and uneven growth in non-residential construction.
The housing market is leading much of the recovery in construction, while investments in non-residential construction have been uneven.
The company narrowed its full-year profit forecast by 5 cents on both sides to a range of $3.50 to $3.60 per share.
Net income attributable to the company fell 13 percent to $317.2 million, or $1.05 per share, for the second quarter from $365.8 million, or $1.16 per share, a year earlier.
Net income from continuing operations was $1.03 per share.
Revenue rose 3 percent to $3.93 billion, while analysts were looking for $3.88 billion, according to Thomson Reuters I/B/E/S.
Ingersoll-Rand shares closed at a 52-week high of $59.92 on the New York Stock Exchange on Thursday.