Ingersoll-Rand Net Income Soars In 2Q

NEW YORK (AP) -- Ingersoll-Rand PLC said Friday that its net income rose 61 percent on higher revenue from its work that included climate control for businesses and homes.

The industrial company, which makes air conditioning systems, security tools and golf carts, reported net income attributable to shareholders of $196.4 million, or 58 cents per share. That was up from $122.1 million, or 38 cents per share, in the year-ago quarter.

Revenue increased 7 percent to $3.7 billion, up from $3.5 billion.

On a continuing operations basis, earnings were 76 cents per share.

Analysts surveyed by Thomson Reuters expected the Ireland-based company to earn 72 cents per share on revenue of $3.67 billion.

Company CEO Michael Lamach said Ingersoll-Rand has had a better first half of the year than it anticipated, and that key markets like refrigerated transport and North American heating and air conditioning are improving.

"The increase in orders we saw in the first half, coupled with a growing backlog and key new product introductions give us increased confidence that we will achieve better revenue and earnings growth than we anticipated when we began 2010," Lamach said.

For all of 2010, Ingersoll-Rand expects earnings per share of $2.06 to $2.26 on a continuing operations basis. Its full-year revenue forecast ranges between $13.7 billion to $13.9 billion. Analysts expect $2.28 per share on revenue of $13.76 billion.

The company also gave a third-quarter forecast of 70 cents to 80 cents for continuing operations and revenue of $3.65 billion to $3.75 billion. Analysts foresee 78 cents per share of earnings and $3.67 billion in revenue.

Company shares fell 7 cents to $36.73 in afternoon trading.

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