Climate control and security products maker Ingersoll-Rand Co. (IR) on Friday posted mixed third quarter earnings results and updated its full-year outlook.
The Ireland-based company reported third quarter net income of $321.6 million, or $1.03 per share, compared with $86.2 million, or 25 cents per share, in the year-ago period. Excluding special items, adjusted profit was $1.07 per share.
Revenue fell 8% from last year to $3.59 billion.
On average, Wall Street analysts expected a much smaller profit of 98 cents per share, albeit on higher revenue of on $3.65 billion.
Looking ahead, IR narrowed its full-year earnings outlook to a range of $3.17 to $3.23 per share compared with a prior forecast of $3.15 to $3.25.
Ingersoll-Rand shares were mostly flat in premarket trading Friday.
The Bottom Line
Shares of Ingersoll-Rand (IR) have a 1.40% dividend yield, based on last night’s closing stock price of $45.66. The stock has technical support in the $40-$41 price area. If the shares can firm up, we see overhead resistance around the $48-$50 price levels.
Ingersoll-Rand Co. (IR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.