Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, today reported diluted earnings per share (EPS) from continuing operations of $1.07 for the third quarter of 2012.
The company reported net earnings of $321.6 million, or EPS of $1.03, for the third quarter of 2012. Third-quarter net earnings included $333.9 million, or EPS of $1.07, from continuing operations, as well as an after tax loss of $12.3 million, or EPS of ($0.04) from discontinued operations. This compares with net earnings for the 2011 third quarter of $86.2 million, which included EPS of $0.28 from continuing operations and an after-tax EPS loss of ($0.03) from discontinued operations. Third-quarter 2011 EPS included $180.6 million, or EPS of ($0.53), of impairment costs related to the disposition of the Hussmann refrigeration business. Excluding impairment costs, third-quarter 2011 adjusted EPS from continuing operations totaled $0.81. (See table below)
|Third-Quarter EPS Table|
|Q3 2012||Q3 2011|
|Adjustments: Add Back|
|- Discontinued Operations||0.04||0.03|
|- Asset Impairment/Loss on Sale||---||0.53|
|Adjusted EPS Continuing Operations||$1.07*||$0.81|
|*Reported and adjusted EPS included $0.09 from a net discrete tax benefit|
“We have delivered on our strategy to increase profitability and shareholder value with solid third-quarter earnings per share that exceeded our forecast,” said Michael W. Lamach, chairman and chief executive officer. “We are continuing to generate significant operating leverage while we invest in future growth platforms. I believe the combination of our strategy and a sound use of capital will drive strong earnings growth in the coming years, even if economies do not improve. We will remain focused on organic revenue growth, expansion of operating margins and a balanced, disciplined capital allocation strategy in the face of expected economic headwinds.”
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