Ingersoll-Rand 3Q Profit Falls 5 Pct

SWORDS, Ireland (AP) — Ingersoll-Rand PLC reported its third-quarter earnings slipped 5 percent as revenue tumbled 19 percent amid weak economic conditions that have depressed demand for its products and services that range from air conditioning to electronic security systems.

Chairman and CEO Herbert L. Henkel said, "We continue to see challenges in our major end markets, which were essentially flat compared with the second quarter."

He said fourth-quarter results "will continue to be negatively influenced by the ongoing difficult economic conditions."

Net income fell to $216.6 million, or 65 cents per share, for the three months ended Sept. 30. That compares with $227.7 million, or 70 cents per share, a year ago.

Earnings from continuing operations fell to $224.9 million, or 68 cents per share, from $233.7 million, or 72 cents per share, a year earlier.

Results for the latest quarter included about $10 million in restructuring costs and a discrete tax benefit of $13.7 million, or 4 cents per share. Year-earlier results included about $122 million related to Ingersoll-Rand's acquisition of Trane, an air conditioning business.