Led by double-digit percentage increase in revenue from its security division, Ingersoll-Rand (IR) is reporting a net gain in earnings for its 2003 fourth quarter. Exceeding previous forecasts, IR earned $197.4 million – up from the $183.4 million earned in the 2002 fourth quarter.
Each of IR’s four sectors experienced revenue growth, including Security and Safety, which saw revenues go up 13 percent to $431.8 million. The security division saw an especially marked increase in the sales of its access control products, where revenue was up 23 percent.
“During the past 12 months, we continued to develop innovative solutions for our customers, increased market share across our businesses, improved operating efficiency and significantly strengthened our balance sheet,” says Herbert Henkel, IR chairman, president and CEO.
IR is the parent company of such electronic security companies as Recognition Systems, Schlage and Cobra CM.
