Climate control giant Ingersoll-Rand (IR) on Friday posted adjusted second quarter earnings that beat Wall Street’s view and lifted its full-year outlook.
The Dublin, Ireland-based company reported second quarter net income of $365.8 million, or $1.16 per share, compared with $92.3 million, or 26 cents per share, in the year-ago period. Excluding one-time benefits, adjusted profit was $1.14 per share.
Revenue fell 6.6% from last year to $3.82 billion.
On average, Wall Street analysts expected a much lower profit of 91 cents per share, albeit on higher revenue of $3.88 billion.
Looking ahead, IR raised its full-year earnings outlook to a range of $3.15 to $3.25 per share, up from a prior estimate of $2.90 to $3.10.
Ingersoll-Rand shares fell 47 cents, or -1.1%, in premarket trading Friday.
The Bottom Line
Shares of Ingersoll-Rand (IR) have a 1.54% dividend yield, based on last night’s closing stock price of $41.47. The stock has technical support in the $38 price area. If the shares can firm up, we see overhead resistance around the $44-$45 price levels.
Ingersoll-Rand (IR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.