Air compressor maker Ingersoll Rand misses sales estimates on muted demand

Ingersoll Rand

02/05/2024 23:37

May 2 (Reuters) - Ingersoll Rand  IR.N  reported
first-quarter revenue below analysts' estimates on Thursday,
hurt by lower demand for its air compressors and other products.
        The company's shares fell about 5% in extended trading. 
    Inflation-driven higher material costs and persistent supply
chain constraints battered company's performance.
    Orders for Ingersoll's industrial technologies and services
segment, its biggest, fell 4%. The segment covers compressors
vacuum pumps and blowers and contributed about $1.40 billion to
the total revenue.    
    Orders in company's precision and science technology
segment, which makes specialized fluid management solutions,
were also down 5%, compared with a year earlier. 
    In March, Ingersoll bought ILD Dover for about $2.33 billion
to bolster its presence in the life sciences market.  
    The company raised its expectations for full-year adjusted
earnings per share to between $3.20 and $3.30, while analysts
were expecting $3.21, as per LSEG data. 
    For the first quarter ended March 31, the company reported
an adjusted profit of 78 cents per share, compared with
estimates of 69 cents.    
    The Davidson, North Carolina-based company reported
quarterly revenue of $1.67 billion, below analysts' average
estimates of $1.70 billion.    

 (Reporting by Anandita Mehrotra in Bengaluru; Editing by
Mohammed Safi Shamsi)
 ((Anandita.Mehrotra@thomsonreuters.com;))