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 $0.27 for the first quarter of 2014. The company reported net earnings of $79.0 million, or EPS of $0.28, for the first quarter of 2014. First-quarter net earnings included $76.1 million, or EPS of $0.27, from continuing operations, as well as net earnings of $2.9 million, or EPS of $0.01 from discontinued operations. Results for the first quarter of 2014 included $8.9 million, or ($0.02) per share, of restructuring charges. This compares with net earnings of $88.0 million, or EPS of $0.29, for the 2013 first quarter. First-quarter 2013 net earnings included $50.5 million, or EPS of $0.17, from continuing operations, as well as net earnings of $37.5 million, or EPS of $0.12, from discontinued operations. The first quarter of 2013 included $22.1 million of restructuring costs equal to ($0.05) per share. Excluding restructuring, 2014 adjusted EPS from continuing operations was $0.29 and increased by $0.07, or 32 percent year-over-year (see attached tables for additional details). “We delivered strong operating performance in the first quarter, achieving adjusted EPS above the top end of our guidance range with a 32 percent year-over-year increase,” said Michael W. Lamach, chairman and chief executive officer. “The effective application of our growth strategy and continuing use of our business operating system to guide our operational excellence efforts contributed to the first quarter year-over-year margin expansion of 60 basis points. These results, coupled with our balanced capital allocation strategy, further demonstrate our efforts to enhance shareholder returns while continuing to invest in the long-term success of our business.” Additional Highlights from the 2014 First Quarter Revenues: The company’s reported revenues increased by 3 percent to $2,723 million, compared with revenues of $2,639 million for the 2013 first quarter. Total U.S. revenues were up 3 percent compared to 2013, and revenues from international operations also increased 3 percent (up 4 percent excluding currency). Operating Margin: The first-quarter operating margin was 5.7 percent compared with 4.5 percent in 2013. Adjusted for restructuring, the operating margin for the first quarter of 2014 was 6 percent, compared with the adjusted margin for the first quarter of 2013 of 5.4 percent. The year-over-year 60 basis point margin improvement was due to higher volume, gains from productivity initiatives and pricing, partially offset by inflation and an increase in investment spending. Interest Expense and Other Income/Expense: Interest expense of $52 million for the first quarter of 2014 declined by $8.6 million compared with the same period last year. Other income totaled $2.2 million for the first quarter of 2014, compared with $0.5 million of income for the 2013 first quarter. Taxes: The company had an effective tax rate of 23.3 percent in the first quarter of 2014. The effective rate for the first quarter of 2013 was 7.5 percent. First-Quarter Business Review [ Note: Adjusted margins for 2013 and 2014 exclude restructuring costs – see attached tables for additional details] The Climate Segment delivers energy-efficient solutions globally and includes Trane ® and American Standard ® Heating and Air Conditioning which provides heating, ventilation and air conditioning (HVAC) systems and commercial and residential building services, parts, support and controls; and Thermo King ®, the leader in transport temperature control solutions. Revenues for the first quarter of 2014 were $2,041 million and increased 4 percent compared with the first quarter of 2013. Bookings increased 7 percent year-over-year. On a year-over-year basis, total commercial HVAC revenues increased by a low-single digit percentage with low-single digit percentage year-over-year gains in equipment revenues and a mid-single digit revenue increase in parts, service and solutions. Commercial HVAC revenues in North America were flat in the quarter compared with last year and increased by a mid-single digit percentage in overseas operations. First-quarter 2014 commercial HVAC bookings reflect a low-single digit percentage increase compared with last year.