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Ingersoll Rand Delivers Third-Quarter EPS From Continuing Operations Of $1.07

This news release also includes adjusted non-GAAP financial information which should be considered supplemental to, not a substitute for, or as superior to, the financial measure calculated in accordance with GAAP. Further information about the adjusted non-GAAP financial information, including reconciliation to the nearest GAAP measure, is included in financial tables attached to this news release.

All amounts reported within the earnings release above related to net earnings (loss), earnings (loss) from continuing operations, earnings (loss) from discontinued operations, and per share amounts are attributed to Ingersoll Rand’s ordinary shareholders.

Ingersoll Rand (NYSE:IR) advances the quality of life by creating and sustaining safe, comfortable and efficient environments. Our people and our family of brands—including Club Car®, Ingersoll Rand®, Schlage®, Thermo King® and Trane®—work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; secure homes and commercial properties; and increase industrial productivity and efficiency. We are a $14 billion global business committed to a world of sustainable progress and enduring results. For more information, visit ingersollrand.com.

10/19/12

(See Accompanying Tables)

  • Condensed Consolidated Income Statement
  • Segments
  • Non-GAAP Financial Tables
  • Condensed Consolidated Balance Sheet
  • Condensed Consolidated Statement of Cash Flow
  • Balance Sheet Metrics and Available Cash Flow
                       
INGERSOLL-RAND PLC
Condensed Consolidated Income Statement
(In millions, except per share amounts)
 

UNAUDITED

 
 
Three Months Nine Months
Ended September 30, Ended September 30,
  2012     2011     2012     2011  
 
Net revenues $ 3,592.8 $ 3,910.1 $ 10,564.7 $ 11,275.3
 
Cost of goods sold (2,454.4 ) (2,756.2 ) (7,347.7 ) (7,987.7 )
 
Selling & administrative expenses (690.6 ) (708.6 ) (2,083.8 ) (2,115.0 )
 
Gain (loss) on sale / (asset impairment)   -     (264.8 )   4.5     (651.6 )
 
Operating income 447.8 180.5 1,137.7 521.0
 
Interest expense (60.6 ) (69.7 ) (192.1 ) (209.7 )
 
Other income (expense), net   17.4     21.3     21.2     28.6  
 
Earnings (loss) before income taxes 404.6 132.1 966.8 339.9
 
Provision for income taxes   (65.3 )   (28.4 )   (157.9 )   (169.0 )
 
Earnings (loss) from continuing operations 339.3 103.7 808.9 170.9
 
Discontinued operations, net of tax   (12.3 )   (10.2 )   (6.7 )   (49.7 )
 
Net earnings (loss) 327.0 93.5 802.2 121.2
 
Less: Net earnings attributable to noncontrolling interests   (5.4 )   (7.3 )   (19.2 )   (20.3 )
 
Net earnings (loss) attributable to Ingersoll-Rand plc $ 321.6   $ 86.2   $ 783.0   $ 100.9  
 
 

Amounts attributable to Ingersoll-Rand plc

ordinary shareholders :

Continuing operations $ 333.9 $ 96.4 $ 789.7 $ 150.6
Discontinued operations   (12.3 )   (10.2 )   (6.7 )   (49.7 )
Net earnings (loss) $ 321.6   $ 86.2   $ 783.0   $ 100.9  
 
 

Diluted earnings (loss) per share attributable to

Ingersoll-Rand plc ordinary shareholders :

Continuing operations $ 1.07 $ 0.28 $ 2.52 $ 0.43
Discontinued operations   (0.04 )   (0.03 )   (0.02 )   (0.14 )
$ 1.03   $ 0.25   $ 2.50   $ 0.29  
 
Weighted-average number of ordinary
shares outstanding:
Diluted 312.0 340.2 312.9 347.1
 
                       
INGERSOLL-RAND PLC
Business Review
(In millions, except percentages)
 

UNAUDITED

 
 
Three Months Nine Months
Ended September 30, Ended September 30,
  2012     2011     2012     2011  

Climate Solutions

Net revenues $ 1,941.7 $ 2,289.7 $ 5,570.6 $ 6,380.0
Segment operating income * 247.0 264.3 ** 579.6 631.7 **
and as a % of Net revenues 12.7 % 11.5 % 10.4 % 9.9 %
 

Industrial Technologies

Net revenues 701.6 696.5 2,180.6 2,108.9
Segment operating income 106.6 95.9 332.5 301.6
and as a % of Net revenues 15.2 % 13.8 % 15.2 % 14.3 %
 

Residential Solutions

Net revenues 558.6 504.4 1,632.7 1,569.8
Segment operating income 45.4 19.0 86.3 67.2
and as a % of Net revenues 8.1 % 3.8 % 5.3 % 4.3 %
 

Security Technologies

Net revenues 390.9 419.5 1,180.8 1,216.6
Segment operating income 83.9 89.2 236.2 252.2
and as a % of Net revenues 21.5 % 21.3 % 20.0 % 20.7 %
 
Gain (loss) on sale / (asset impairment) - (264.8 ) ** 4.5 (651.6 ) **
 
Unallocated corporate expense   (35.1 )   (23.1 )   (101.4 )   (80.1 )
 
Consolidated net revenues $ 3,592.8 $ 3,910.1 $ 10,564.7 $ 11,275.3
Consolidated operating income $ 447.8   $ 180.5   $ 1,137.7   $ 521.0  
and as a % of Net revenues 12.5 % 4.6 % 10.8 % 4.6 %
 

* Segment operating income is the measure of profit and loss that the Company uses to evaluate the financial performance of the business and as the basis for performance reviews, compensation and resource allocation. For these reasons, the Company believes that Segment operating income represents the most relevant measure of segment profit and loss. The Company may exclude certain charges or gains from Operating income to arrive at Segment operating income that is a more meaningful measure of profit and loss upon which to base its operating decisions.

 
** During the three and nine months ended September 30, 2011, the Company recorded a pre-tax impairment charge related to the Hussmann divestiture of approximately $265 million and $652 million, respectively. These charges have been excluded from Segment operating income within the Climate Solutions segment.
 
                                   
INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions, except per share amounts)

UNAUDITED

 
For the quarter ended September 30, 2012 For the nine months ended September 30, 2012
As As As As
Reported       Adjustments       Adjusted Reported       Adjustments       Adjusted
 
Net revenues $ 3,592.8 $ - $ 3,592.8 $ 10,564.7 $ - $ 10,564.7
 
Operating income 447.8 - (a) 447.8 1,137.7 (4.5 ) (a) 1,133.2
Operating margin 12.5 % 12.5 % 10.8 % 10.7 %
 
Earnings from continuing operations
before income taxes 404.6 - (a) 404.6 966.8 (4.5 ) (a) 962.3
Provision for income taxes (65.3 ) - (b) (65.3 ) (157.9 ) 7.4 (b) (150.5 )
Tax rate 16.1 % 16.1 % 16.3 % 15.6 %
Earnings from continuing operations
attributable to Ingersoll-Rand plc 333.9 - (c) 333.9 789.7 2.9 (c) 792.6
 

Diluted earnings per common share

Continuing operations $ 1.07 $ - $ 1.07 $ 2.52 $ 0.01 $ 2.53
 
Weighted-average number of common
shares outstanding
Diluted 312.0 - 312.0 312.9 - 312.9
 

Detail of Adjustments:

(a) Adjustment to Hussmann loss on sale $ - $ (4.5 )
(b) Tax impact of Hussmann divestiture   -   7.4  
(c) Impact of adjustments on earnings from
continuing operations attributable to
Ingersoll-Rand plc $ - $ 2.9  
 

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.

 

The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.

 

We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations. We believe that it is meaningful to provide the relative impact of impairment charges and the corresponding tax impacts in order to present a better understanding of our results on a period to period comparative basis.

 

The non-GAAP financial measures for operating income and margin, tax rate and EPS assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.

 

As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

 
                                   
INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions, except per share amounts)

UNAUDITED

 
For the quarter ended September 30, 2011 For the nine months ended September 30, 2011
As As As As
Reported       Adjustments       Adjusted Reported       Adjustments       Adjusted
 
Net revenues $ 3,910.1 $ - $ 3,910.1 $ 11,275.3 $ - $ 11,275.3
 
Operating income 180.5 264.8 (a) 445.3 521.0 651.6 (a) 1,172.6
Operating margin 4.6 % 11.4 % 4.6 % 10.4 %
 
Earnings (loss) from continuing operations
before income taxes 132.1 264.8 (a) 396.9 339.9 651.6 (a) 991.5
Provision for income taxes (28.4 ) (84.2 ) (b) (112.6 ) (169.0 ) (84.2 ) (b) (253.2 )
Tax rate 21.5 % 28.4 % 49.7 % 25.5 %
Earnings (loss) from continuing operations
attributable to Ingersoll-Rand plc 96.4 180.6 (c) 277.0 150.6 567.4 (c) 718.0
 

Diluted earnings per common share

Continuing operations $ 0.28 $ 0.53 $ 0.81 $ 0.43 $ 1.64 $ 2.07
 
Weighted-average number of common
shares outstanding
Diluted 340.2 - 340.2 347.1 - 347.1
 

Detail of Adjustments :

(a) Impairment charge related to Hussmann $ 264.8 $ 651.6
(b) Tax impact of Hussmann divestiture   (84.2 )   (84.2 )
(c) Impact of adjustments on earnings from
continuing operations attributable to
Ingersoll-Rand plc $ 180.6   $ 567.4  
 

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.

 

The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.

 

We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations. We believe that it is meaningful to provide the relative impact of impairment charges and the corresponding tax impacts in order to present a better understanding of our results on a period to period comparative basis.

 

The non-GAAP financial measures for operating income and margin, tax rate and EPS assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.

 

As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

 
                             

INGERSOLL-RAND PLC

Reconciliation of non-GAAP to GAAP

(In millions)

UNAUDITED

 
For the quarter ended September 30, 2012
As Reported Margin Hussmann As Adjusted Margin
Climate Solutions
Net revenues $ 1,941.7 $ - $ 1,941.7
 
Segment operating income $ 247.0 12.7 % $ - $ 247.0 12.7 %
Other income (expense) 2.7 0.2 % - 2.7 0.2 %
Depreciation and amortization   38.9   2.0 %   -   38.9 2.0 %
EBITDA $ 288.6   14.9 % $ - $ 288.6 14.9 %
 
Industrial Technologies
Net revenues $ 701.6
 
Segment operating income $ 106.6 15.2 %
Other income (expense) (2.3 ) -0.3 %
Depreciation and amortization   12.8   1.8 %
EBITDA $ 117.1   16.7 %
 
Residential Solutions
Net revenues $ 558.6
 
Segment operating income $ 45.4 8.1 %
Other income (expense) 0.1 0.0 %
Depreciation and amortization   27.9   5.0 %
EBITDA $ 73.4   13.1 %
 
Security Technologies
Net revenues $ 390.9
 
Segment operating income $ 83.9 21.5 %
Other income (expense) 0.1 0.0 %
Depreciation and amortization   9.2   2.3 %
EBITDA $ 93.2   23.8 %
 
Total Company
Net revenues $ 3,592.8 $ - $ 3,592.8
 
Segment operating income $ 447.8 12.5 % $ - $ 447.8 12.5 %
Other income (expense) 13.4 0.3 % - 13.4 0.3 %
Depreciation and amortization   92.3   2.6 %   -   92.3 2.6 %
EBITDA $ 553.5   15.4 % $ - $ 553.5 15.4 %
 
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.
 
The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations.
 
The non-GAAP financial measures of EBITDA and EBITDA margin assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.
 
As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 
                             

INGERSOLL-RAND PLC

Reconciliation of non-GAAP to GAAP

(In millions)

UNAUDITED

 
For the quarter ended September 30, 2011
As Reported Margin Hussmann As Adjusted Margin
Climate Solutions
Net revenues $ 2,289.7 $ 281.8 $ 2,007.9
 
Segment operating income $ 264.3 11.5 % $ 30.1 $ 234.2 11.7 %
Other income (expense) 2.0 0.1 % - 2.0 0.1 %
Depreciation and amortization   42.4 1.9 %   -   42.4 2.1 %
EBITDA $ 308.7 13.5 % $ 30.1 $ 278.6 13.9 %
 
Industrial Technologies
Net revenues $ 696.5
 
Segment operating income $ 95.9 13.8 %
Other income (expense) 1.1 0.1 %
Depreciation and amortization   12.6 1.8 %
EBITDA $ 109.6 15.7 %
 
Residential Solutions
Net revenues $ 504.4
 
Segment operating income $ 19.0 3.8 %
Other income (expense) 3.0 0.6 %
Depreciation and amortization   27.6 5.4 %
EBITDA $ 49.6 9.8 %
 
Security Technologies
Net revenues $ 419.5
 
Segment operating income $ 89.2 21.3 %
Other income (expense) 2.1 0.5 %
Depreciation and amortization   9.0 2.1 %
EBITDA $ 100.3 23.9 %
 
Total Company
Net revenues $ 3,910.1 $ 281.8 $ 3,628.3
 
Segment operating income $ 445.3 11.4 % $ 30.1 $ 415.2 11.4 %
Other income (expense) 13.3 0.3 % - 13.3 0.4 %
Depreciation and amortization   96.8 2.5 %   -   96.8 2.7 %
EBITDA $ 555.4 14.2 % $ 30.1 $ 525.3 14.5 %
 

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.

 

The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.

 

We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations.

 

The non-GAAP financial measures of EBITDA and EBITDA margin assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.

 

As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

 
 
INGERSOLL-RAND PLC
Condensed Consolidated Balance Sheets
(In millions)
           
UNAUDITED
 
 
September 30, December 31,
2012 2011
ASSETS
Cash and cash equivalents $ 929.6 $ 1,160.7
Accounts and notes receivable, net 2,320.9 2,135.6
Inventories 1,462.1 1,278.3
Other current assets   517.0   613.9
Total current assets 5,229.6 5,188.5
Property, plant and equipment, net 1,618.6 1,639.4
Goodwill 6,112.5 6,104.0
Intangible assets, net 4,230.9 4,333.6
Other noncurrent assets   1,468.7   1,488.7
Total assets $ 18,660.3 $ 18,754.2
 
LIABILITIES AND EQUITY
Accounts payable $ 1,300.5 $ 1,224.2
Accrued expenses and other current liabilities 2,001.0 2,137.0
Short-term borrowings and current maturities of long-term debt   1,024.6   763.3
Total current liabilities 4,326.1 4,124.5
Long-term debt 2,271.6 2,879.3
Other noncurrent liabilities 4,532.6 4,734.7
Equity   7,530.0   7,015.7
Total liabilities and equity $ 18,660.3 $ 18,754.2
 
 
INGERSOLL-RAND PLC
Condensed Consolidated Statements of Cash Flows
(In millions)
               

UNAUDITED

 
Nine Months
Ended September 30,
  2012     2011  
Operating Activities
Income from continuing operations $ 808.9 $ 170.9
Loss on sale/asset impairment (4.5 ) 651.6
Depreciation and amortization 285.4 301.8
Changes in assets and liabilities and other non-cash items   (266.9 )   (355.5 )
Net cash from operating activities of continuing operations 822.9 768.8

Net cash from operating activities of discontinued operations

  (87.4 )   (28.0 )
Net cash from operating activities 735.5 740.8
 
Investing Activities
Capital expenditures (170.9 ) (129.1 )
Proceeds from business dispositions, net of cash - 336.7
Other investing activities, net   12.8     47.5  
Net cash from investing activities of continuing operations (158.1 ) 255.1
Net cash from investing activities of discontinued operations   36.0     44.4  
Net cash from investing activities (122.1 ) 299.5
 
Financing Activities
Net debt proceeds (repayments) (351.5 ) (52.5 )
Dividends paid (145.1 ) (101.5 )
Repurchase of ordinary shares (374.8 ) (575.6 )
Other financing activities, net   34.0     79.3  
Net cash from financing activities of continuing operations (837.4 ) (650.3 )
Net cash from financing activities of discontinued operations   -     -  
Net cash from financing activities (837.4 ) (650.3 )
 
Effect of exchange rate changes on cash and cash equivalents   (7.1 )   (0.5 )
Net increase (decrease) in cash and cash equivalents (231.1 ) 389.5
Cash and cash equivalents - beginning of period   1,160.7     1,014.3  
Cash and cash equivalents - end of period $ 929.6   $ 1,403.8  
 
 
INGERSOLL-RAND PLC
Balance Sheet Metrics and Available Cash Flow
($ in millions)

UNAUDITED

               
 
December 31, September 30,
2011 2012

2011 *

 
Net Receivables $ 2,136 $       2,321 $ 2,488
Days Sales Outstanding 56.2 58.9 58.1
 
Net Inventory $ 1,278 $ 1,462 $ 1,644
Inventory Turns 7.7 6.7 6.7
 
Accounts Payable $ 1,224 $ 1,301 $ 1,410
Days Payable Outstanding 45.1 48.4 46.7
 
* Figures include balances for Hussmann business divested on September 30, 2011.
 
 
Nine Months
Ended
September 30, 2012  
 
Cash flow from operating activities (a) $ 735.5
Capital expenditures (a) (170.9 )
   
Available cash flow $ 564.6  
 
(a) Includes both continuing and discontinued operations.
 
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measure and the financial measure calculated and reported in accordance with GAAP.
 
The non-GAAP financial measure should be considered supplemental to, not a substitute for or superior to, the financial measure calculated in accordance with GAAP. It has limitations in that it does not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, this measure may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and cash flow.
 
The non-GAAP financial measure of available cash flow assists investors with analyzing our business results as well as with predicting future performance. In addition, this non-GAAP financial measure is reviewed by management in order to evaluate the financial performance of each segment as well as the Company as a whole. It is the basis for performance reviews, compensation and resource allocation. We believe that the presentation of this non-GAAP financial measure will permit investors to assess the performance of the Company on the same basis as management.
 
As a result, one should not consider this measure in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 




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