NEW YORK (AP) -- Ingersoll-Rand, a global industrial company with operations in manufacturing, agriculture and transportation, said Friday it had returned to a fourth-quarter profit though revenues slid 10 percent.
Last year's final quarter was weighted by huge charges related to restructuring and acquisitions and the company said Friday it expects continued restructuring to knock a quarter off earnings per share for 2010.
There are, the company said, some signs of recovery in some markets, though U.S. and European commercial construction markets will likely continue to be challenging for much of the year.
Ingersoll-Rand earned $139.4 million, or 42 cents per share, for the quarter. It lost $3.29 billion, or $10.27 per share, in the prior-year period. Results for the year-ago period included a goodwill impairment charge, one-time acquisition costs and restructuring costs totaling $10.75 per share.
Taking out restructuring charges, profit was 48 cents per share.
Analysts surveyed by Thomson Reuters, whose estimates usually remove one-time items, expected higher earnings of 53 cents per share.
Ingersoll-Rand had previously forecast profit in a range of 44 cents to 54 cents per share.
Revenue for the period ended Dec. 31 fell 10 percent to $3.31 billion from $3.67 billion on declining revenue in its industrial technologies, security technologies and climate solutions segments.
Ingersoll-Rand is based in Swords, Ireland.
For the year, the company posted a profit of $451.3 million, or $1.37 per share. That compares with a loss of $2.62 billion, or $8.73 per share, in the previous year.
Adjusted earnings were $1.65 per share.
Annual revenue was nearly flat at $13.2 billion.
Ingersoll-Rand PLC anticipates 2010 adjusted profit between $2.20 to $2.60 per share on revenue of $13.5 billion to $13.8 billion.
Analysts predict full-year earnings of $2.30 per share on revenue of $13.52 billion.
