Ingersoll-Rand Enjoys Double-Digit Earnings Increase
Ingersoll-Rand Co. Ltd. (IR) reports a 17-percent increase in earnings in its first quarter, including an 11-percent increase in revenue from its Security and Safety division. The earnings included an 83-percent increase in earnings from continuing operations.
In releasing its first quarter report April 20, IR says its net earnings topped $179.5 million in the three months ending March 31, up from $153.2 million in the same period a year ago. Security and Safety brought in $414.7 million in revenue, up from$374.7 million in the first quarter of 2003.
“Given that our first quarter results were much higher than our prior forecast … we believe that we are on track to deliver improved results for the second quarter and remainder of the year,” IR Chairman, President and CEO Herbert L. Henkel says.
IR says its access control sales were especially strong, going up 40 percent in the first quarter because of what IR says is increasing market demand.
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