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Ingersoll Rand Reports Fourth-Quarter EPS From Continuing Operations Of $0.26, Full-Year 2013 EPS Of $2.08

Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, today reported diluted earnings per share (EPS) from continuing operations of $0.26 for the fourth quarter of 2013.

The company reported net earnings of $47.6 million, or EPS of $0.16, for the fourth quarter of 2013. Fourth-quarter net earnings included $77.7 million, or EPS of $0.26 from continuing operations, as well as $(30.1) million, or a loss per share of $(0.10) from discontinued operations. This compares with net earnings of $235.6 million, or EPS of $0.78, for the 2012 fourth quarter. Fourth quarter 2012 net earnings included $162.1 million, or EPS of $0.53 from continuing operations and $73.5 million, or EPS of $0.25 from discontinued operations. Results for the fourth quarter of 2013 included $102.2 million, or $(0.35) per share from restructuring and one-time charges related to the spinoff of the Allegion security business. Excluding these items, fourth-quarter 2013 adjusted EPS from continuing operations were $0.61. (see attached tables for additional details)
 
 

EPS - Continuing Operations
 
      2013       2012  
 

EPS from Continuing Operations

$

0.26

$

0.53
 

Adjustments:
 

-   Restructuring Costs After Tax
0.10 (0.01 )
 

-   Spin-related Tax Charges
 

0.25
 

---
 
 
Adjusted EPS from Continuing Operations $ 0.61 $ 0.52  
 
 

Full-Year Results

Full-year 2013 net revenues were $12,351 million, an increase of 3 percent when compared with reported net revenues of $11,988 million in 2012. Operating income for 2013 totaled $1,105 million compared with $1,072 million for 2012. Results for full-year 2013 included $83 million of restructuring costs. The prior year included $31 million of restructuring costs and other one-time items. Excluding these items, full-year 2013 adjusted operating margins were 9.6 percent, an increase of 40 basis points when compared with adjusted 2012 operating margins. (see attached tables for additional details)

The company reported full-year 2013 EPS of $2.07. EPS from continuing operations were $2.08 with $(0.01) of losses from discontinued operations. The EPS from continuing operations included $177 million of after-tax cost, or EPS of $(0.59) related to restructuring, the one-time charge from the spinoff of the security business and the redemption premium expense for early debt retirement. The prior year included $25 million of after-tax costs related to restructuring, equal to $(0.08) per share. Before these items, 2013 adjusted EPS from continuing operations were $2.67 per share and 2012 EPS were $2.57. (see attached tables for additional details)

“Our 2013 financial results demonstrate our consistent focus on delivering shareholder value and continuous improvement in our operating performance through the deliberate deployment of our business operating system,” said Michael W. Lamach, chairman and chief executive officer. “2013 was a strong year with revenue growth, adjusted earnings per share and cash flow at the top of our guidance range, which we accomplished while completing the on-time spinoff of Allegion. Our recent 19 percent dividend increase and new share repurchase program continues our balanced capital allocation strategy focused on optimizing returns to shareholders. Our improving financial performance and solid financial strategy have created significant shareholder value and we have delivered a 378 percent total shareholder return since 2009 – almost triple the return of the S&P 500.”

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