Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, today reported diluted earnings per share (EPS) from continuing operations of $1.03 for the second quarter of 2013. The company reported net earnings of $317.2 million, or EPS of $1.05, for the second quarter of 2013. Second-quarter net earnings included $311.6 million, or EPS of $1.03, from continuing operations, as well as $5.6 million, or EPS of $0.02 of income from discontinued operations. This compares with net earnings of $365.8 million, or EPS of $1.16, for the 2012 second quarter. Results for the second quarter of 2013 included $31 million, or $0.11 per share, of restructuring and one-time charges related to the spinoff of the security business. The prior year’s quarter included $14 million of restructuring and one-time costs equal to $0.04 per share. Before these items, 2013 adjusted EPS from continuing operations was $1.14 (see attached tables for additional details). “We delivered revenue growth and earnings above our commitment in the second quarter with solid operational execution across the company,” said Michael W. Lamach, chairman and chief executive officer. “At the same time, we completed critical milestones related to the security business spinoff and concluded a successful debt offering that improved our liquidity and reduced our future interest costs. The quarter demonstrated our continued ability to successfully navigate challenging market environments and deliver operating leverage while still making strategic investments to support the company’s long-term growth strategy.” Additional Highlights from the 2013 Second Quarter Revenues: The company’s reported revenues increased by 3 percent to $3,933 million, compared with revenues of $3,821 million for the 2012 second quarter. Total U.S. revenues were up by 4 percent compared to 2012, and revenues from international operations increased by 1 percent. Operating Margin: The second-quarter operating margin was 12.3 percent compared with 12.5 percent in 2012. Adjusted for restructuring and one-time items, the operating margin for the second quarter of 2013 was 13.0 percent, up by 20 basis points compared with the adjusted margin for the second quarter of 2012 of 12.8 percent. The year-over-year margin improvement was due to increased volume, productivity initiatives and improved pricing, which was partially offset by inflation and an increase in investment spending. Interest Expense and Other Income/Expense: Interest expense of $62.4 million for the second quarter of 2013 was essentially flat compared with the same period last year. Other expense totaled $(1.7) million for the second quarter of 2013, compared with $4.1 million of income for the 2012 second quarter. The year-over-year change was due to higher currency losses. Taxes: The company had an effective tax rate of 24 percent in the second quarter of 2013. The effective rate for the second quarter of 2012 was 13 percent. During the second quarter of 2012, the company recorded a discrete tax benefit of $47 million, primarily related to a tax law change in a non-U.S. jurisdiction. Second-Quarter Business Review [ Note: Adjusted margins for 2012 and 2013 exclude restructuring and other one-time costs – see attached tables for additional details] Climate Solutions delivers energy-efficient solutions globally and includes Trane, which provides heating, ventilation and air conditioning (HVAC) systems and commercial building services, parts, support and controls; and Thermo King, the leader in transport temperature control solutions. Revenues for the second quarter of 2013 were $2,058 million and increased by 5 percent compared with the second quarter of 2012. Bookings increased by 4 percent year-over-year. On a year-over-year basis, total commercial HVAC revenues increased by a low-single digit percentage with a mid-single digit percentage increase in equipment revenues partially offset by a slight decline in revenues in parts, service and solutions. Commercial HVAC revenues increased slightly in the Americas and increased by a low-teens percentage in both Europe and Asia during the quarter compared with last year. Second-quarter 2013 HVAC bookings reflect a slight increase compared with last year.