IR Security and Safety Announces Increased 2Q Earnings
Second quarter financial results for 2004 show Ingersoll-Rand Co.’s Security and Safety sector up 16 percent with net earnings of $442.6 million.
IR Security and Safety attributes the 27-percent increase in electronic access control and solutions revenues to a growing demand market. Traditional hardware business revenues increased by 15 percent.
Operating margins of 14.1 percent declined from 2003, which Ingersoll-Rand attributes to new product investments and one-time charges of $18 million.
Overall, the company reported a 72-percent increase over the same period last year, with net earnings of $286.2 million or diluted earnings per share (EPS) of $1.63. Net earnings for the second quarter of 2003 totaled $139.3 million or EPS of 85 cents.
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