NEW YORK (TheStreet) -- Ingersoll-Rand (IR) - Get Report ended Friday's trading session in the red, down 4.9% at $37.10, as it reported a return to profit and a boost to the lower end of its earnings forecast, yet missed first-quarter forecasts.
Ingersoll-Rand now expects full-year earnings from continuing operations to be in the range of $1.88 to $2.23 -- including a healthcare tax expense of 12 cents a share -- increasing the lower end of the company's earnings range by 5 cents a share. Its revenues are anticipated to fall in the range of $13.6 to $13.8 billion, reflecting a one percentage point increase in the lower end of Ingersoll-Rand's prior revenue guidance.
Analysts surveyed by Thomson Reuters are expecting earnings of $2.17 a share on revenue of $13.68 billion.
"Our first-quarter 2010 earnings were in line with our expectations, even though revenues were slightly lower than forecast. The significant increase in orders we saw in the first quarter and our growing backlog gives us confidence that we will achieve the revenue and earnings guidance we established for 2010," the company's chief Michael Lamach said. "We are seeing initial signs of improvement in several of our key markets including transport and stationary refrigeration, industrial, Club Car and the North American residential HVAC and security businesses."
The company expects second quarter earnings from continuing operations to be in the range of 62 cents to 72 cents a share. Analysts have forecast earnings 67 cents a share.
For the first quarter, the company reported net earnings of $1.4 million, compared with a $26.7 million the year before. Revenues were up 1% at $2.953 billion. Analysts surveyed by Thomson Reuters were expecting earnings of 18 cents a share on revenue of $3.02 billion.
-- Reported by Andrea Tse in New York
>>Ingersoll Rand Tanks on Dour Guidance
Follow TheStreet.com on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.