July 22, 2014 / 1:30 PM / in 4 years

UPDATE 1-Ingersoll raises profit forecast on housing recovery expectations

(Adds forecast, estimates, share move)

July 22 (Reuters) - 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 markets.

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)

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