Air compressor maker Ingersoll lifts annual profit forecast

Ingersoll Rand

01/11/2023 21:59

Nov 1 (Reuters) - Ingersoll Rand  IR.N  on Wednesday
reported a higher quarterly profit and raised its full-year
earnings forecast as the air compressor maker's biggest segment
of industrial technologies and services benefits from higher
pricing. 
    An improving non-residential construction market in the U.S.
 and growing domestic auto production has bolstered demand for
the company's products.
    Ingersoll now sees full-year adjusted earnings per share to
be between $2.81 and $2.89, up from a previous forecast of $2.70
and $2.80. 
    It reported a profit of 51 cents per share for the third
quarter ended Sept. 30, compared with 36 cents per share a year
earlier.
    The Davidson, North Carolina-based company's quarterly
revenue jumped about 15% to $1.74 billion.

 (Reporting by Amna Karimi and Abhinav Parmar in Bengaluru;
Editing by Sriraj Kalluvila)
 ((Amna.karimi@thomsonreuters.com;
Abhinav.Parmar@thomsonreuters.com;))