Ingersoll-Rand’s Security Sector Revenues Up 5% From 2001


Ingersoll-Rand Co. Ltd. announces second-quarter net earnings of $123 million, or diluted earnings per share (DEPS) of 72 cents, excluding charges related to restructuring and productivity investments. The company says the results were in line with its expectations. Total recurring revenues grew by 14 percent (12 percent organically) compared to the second quarter of 2001, and accounted for 20 percent of total revenues.

Second-quarter revenues in the Security and Safety Sector, which includes architectural hardware products, mechanical locks, and electronic and biometric access control technologies, increased by 5 percent (3 percent excluding acquisitions) to $364 million. The company says electronic access control revenues were particularly strong with an increase in second-quarter revenues of more than 20 percent compared to 2001.

The company expanded its presence in the electronic security business in the quarter by acquiring Electronic Technologies Corp. (ETC), a provider of specialty security systems integration, founded in 1987.

“Results for the first six months of 2002 indicate that many of our end markets are beginning to stabilize,” says Herbert Henkel, president and CEO of the company. However, “Our current expectation for the second half of 2002 is for continued sluggish order and sales activity, similar to what we experienced in the first half of the year,” he adds.

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