Ingersoll Rand Tops Estimates

Ingersoll Rand's ( IR) second-quarter net rose 9% from a year ago and beat estimates on a continuing-operations basis. The industrial supplier guided full-year earnings above estimates.

Ingersoll Rand earned $313.5 million, or 95 cents a share, in the quarter, up from $285.4 million, or 83 cents a share, a year ago. From continuing operations, earnings were 97 cents a share, beating the Thomson First Call consensus by 2 cents. Sales rose 10% to $3.04 billion, beating estimates by $20 million.

The company reported revenue growth across its five business lines of climate control, compact vehicle technology, construction, industrial and security. In the biggest segment, revenue rose 10% in climate control to $798 million in the latest quarter. Revenue rose 8% in compact vehicle tech to $789.2 million.

Ingersoll-Rand expects to earn 82 cents to 87 cents a share from continuing operations in the third quarter and $3.57 to $3.67 a share in the full year. Analysts were forecasting 87 cents a share in the quarter and $3.52 a share for the year.

"We had a strong start in the first half of the year and we expect record revenues and earnings for 2006," the company said. "Full-year 2006 revenue growth should approximate 8% to 9% compared with 2005. "

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