Air compressor maker Ingersoll Rand raises 2024 profit forecast on strong demand

Ingersoll Rand

31/07/2024 22:51

July 31 (Reuters) - Ingersoll Rand  IR.N  raised its
annual profit forecast on Wednesday, owing to a strong demand
for its air compressors and other products amid improvements in
non-residential construction and higher aerospace activity.
        Despite inflationary pressures, the company's order book
improved. Its precision and science technologies segment,
reported a 14% increase in orders, helped by higher demand from
life sciences and industrial businesses. 
    "Our results demonstrate that Ingersoll Rand continues to
expand into durable, high-growth, sustainable end markets,” CEO
Vicente Reynal said. 
    The company now expects its full-year adjusted earnings per
share in the range of $3.27 to $3.37, compared with its previous
forecast of $3.20 to $3.30.
    For the quarter ended June 30, the company reported an
adjusted profit of 83 cents per share, ahead of analysts'
average estimates of 78 cents apiece, according to LSEG data. 
    The North Carolina-based company's quarterly revenue rose 7%
to $1.81 billion, marginally above Wall Street expectations of
$1.80 billion.

 (Reporting by Anandita Mehrotra and Shivansh Tiwary in
Bengaluru; editing by Alan Barona)
 ((Anandita.Mehrotra@thomsonreuters.com;))