Ingersoll Rand, a leading provider of mission-critical flow creation and industrial solutions, announced robust financial performance for the second quarter. The company’s revenue surged by 17%, driven by the impressive performance of its two main operating segments.
Profit Growth: Ingersoll Rand reported a profit of $179.5 million, or 44 cents per share, for the quarter. This marks a significant increase from the $138.5 million, or 34 cents per share, recorded in the same period last year.
Adjusted Earnings: The company’s adjusted earnings for the quarter stood at 68 cents per share after excluding one-time items. This exceeded the expectations of analysts polled by FactSet, who had projected earnings of 60 cents per share.
Revenue Surge: Ingersoll Rand experienced a remarkable surge in revenue, which reached $1.69 billion compared to $1.44 billion in the previous year’s quarter. These results exceeded analyst forecasts of $1.58 billion.
Segment Performance: Ingersoll Rand’s industrial technologies and services segment witnessed substantial growth, with revenue reaching $1.38 billion, a 20% increase. The precision and science technologies segment also observed positive growth, with revenue reaching $308 million, reflecting a 6% increase.
Following the impressive quarterly results, Ingersoll Rand’s shares rose by 3.8% to $68 in post-market trading.