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Ingersoll-Rand CEO Discusses Q2 Results - Earnings Call Transcript

Now, I would like to introduce the participants on this morning's call. We have Mike Lamach, Chairman and CEO; Steve Shawley, Senior Vice President and CFO; and Joe Fimbianti, Director of Investor Relations.



Please go to slide 3, and I’ll turn it over to Mike.



Mike Lamach

Thanks, Janet. Good morning and thank you all for joining us on today. Adjusted earnings per share from continuing operations for the second quarter were $1.15, $0.27 above the midpoint of our guidance range of $0.85 to $0.90. I'll breakdown the outperformance in the next slide, but it was about $0.12 from operations, with remainder related for the free tax items.

Given even market environment during the quarter, we were very pleased with our ability to navigate the situation and to deliver above our commitments based on solid operational performance in all the businesses.

Markets were generally in line with our outlook with slow growth environment although we saw deterioration in several overseas markets and somewhat better than expected growth in North America.

U.S. revenue to fleet Hussmann were up 4% in the quarter. The revenues from international operations were up 1% when excluding foreign exchange. Foreign exchange negatively impacted international revenues by 6%.

Focusing on a couple of reasons that I'm are of interest to you. Revenues in Western Europe, without high teens, revenues in China were on a reported basis with increases in industrial offset by lower revenues a climate a security. The lower revenues from securities are dependent on the timing of large projects.

In aggregate for the second quarter, we saw flat revenues excluding Hussmann refrigeration business from the 2011 comparison. Revenues excluding foreign exchange were up 3%, excluding FX; we experienced moderate growth in revenues and industrial and low growth Climate and Security. Residential revenues were up 3% year-over-year. Hussmann orders were up 1% and up 3% excluding currency.

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