Ingersoll-Rand Earnings Beat Estimates

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Ingersoll-Rand

(IR) - Get Report

announced higher-than-expected earnings for the fourth quarter Wednesday.

The Woodcliff Lake, N.J.-based industrial equipment and component manufacturer said net income was $162.3 million, or $1 a share, an improvement on the 94-cents-a-share consensus of 12 analysts polled by

First Call/Thomson Financial

. It also was higher than the 93 cents a share earned in the same period a year earlier.

However, the company said it expects first-quarter operating earnings will be 60 to 65 cents a share in 2001, down from 80 cents a share in the year-earlier period because of dilution from an acquisition. The company now sees full-year 2001 earnings in the range of $3.75 to $3.85. Analysts surveyed by First Call/Thomson Financial were expecting earnings per share of 85 cents in the first quarter and $4.01 for the full year.