A blowout performance in its energy conversion segment and generally improved results across its business lines helped
post second-quarter earnings that blew away the analyst consensus. The weakening dollar didn't hurt, either.
Bermuda-based IR, a member of the
TSC 21 index, earned $139.3 million, or 81 cents a share, compared with $107.4 million, or 63 cents, a year ago. Revenue rose to $2.53 billion from $2.27 billion, with about half the increase coming from currency swings.
The biggest revenue gain came at the company's Dresser Rand unit, which provides oilfield services to the energy industry. The division had second-quarter revenue of $337.1 million, up from $234.7 million last year. IR's industrial solutions unit also had a good quarter, posting revenue of $690 million, up from $557 million last year.
The company, which is expected to earn 68 cents in the third quarter and $1.07 a share in the fourth, was cautious about its near future.
"Activity in IR's end markets was mixed as we completed the quarter," it said. "Although our recent activity improved during the month of June, we remain cautious and do not expect any rapid near-term improvement in most of our major construction and industrial markets for the balance of 2003."