Ingersoll-Rand ( IR ) Tuesday reported sharply higher first-quarter earnings and offered bullish guidance well above analysts' expectations. The manufacturer had net income of $165 million, or 94 cents a share, based on continuing operations, vs. $90 million, or 53 cents a share, a year ago. The consensus estimate of analysts was for 87 cents a share, according to Thomson First Call. Revenue rose from $2.12 billion to $2.29 billion as the company saw strength in all of its businesses, driven by a strong performance in March. Including discontinued operations, net income was $179.5 million, or $1.02 a share, compared with $153.2 million, or 90 cents a share, a year ago. The company said it expects second-quarter earnings of $1.20 to $1.30 a share, vs. 81 cents a year ago. Ingersoll-Rand also increased its full-year EPS to $4.35 to $4.50, vs. $3.34 in 2003. The consensus estimates for the two periods are for $1.05 and $4.17 a share, respectively. Shares rose $1.75, or 2.4%, to $73.75 in premaket trading.