Ingersoll-Rand Lifts Profit Guidance

Ingersoll-Rand expects to report second-quarter earnings in the range of 74 cents to 76 cents a share from continuing operations, exceeding the company's prior forecast range.
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NEW YORK (TheStreet) -- Ingersoll-Rand (IR) - Get Report expects to report second-quarter earnings in the range of 74 cents to 76 cents a share from continuing operations, exceeding the company's prior forecast range of 62 cents to 72 cents a share.

The estimates factor in restructuring and productivity investments. In addition, second-quarter revenue is anticipated to be at about $3.7 billion, a 7% increase from the previous year and exceeding the company's prior revenue growth forecast range of 3% to 6%.

The company also announced plans to divest its European refrigerated display case business, which is sold under the KOXKA brand. The divestiture is expected to add about 2 cents to second-quarter per-share earnings from continuing operations and is reflected in the company's updated earnings guidance.

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The divestiture is expected to result in a loss of about $35 million, which will be reflected as an impairment charge to discontinued operations for the second quarter.

-- Reported by Andrea Tse in New York

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