Ingersoll-Rand Reports Spike in Earnings
The Ingersoll-Rand Co. (IR) — which includes such security subsidiaries as Recognition Systems, LCN and Schlage — reports a 73-percent increase in net income from the 2003 third quarter from the same period in 2002.
IR reports earnings of $154.6 million for the third quarter, including a 14-percent increase in revenue. “Our results for the second and third quarters of 2003 reflect the progress we have made during the past three years to enhance productivity, pursue new market opportunities, and create innovative, differentiated solutions for our customers,” said Herbert L. Henkel, chairman, president and CEO of IR in a statement. “We regard these results as evidence that our efforts to position our business for long-term, high-value growth are beginning to generate the financial returns we expect from our considerable brand strength and competitive advantages.”
A key acquisition during the third quarter was that of Parsippany, N.J.,-based Integrated Access Systems (IAS), which provides specialty security systems integration solutions, including access control, CCTV and alarm monitoring systems.
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