Ingersoll Rand lowers annual revenue growth forecast

Ingersoll Rand

31/10/2024 21:47

Oct 31 (Reuters) - Ingersoll Rand  IR.N  trimmed its
full-year forecast for revenue growth on Thursday, after missing
third-quarter revenue estimates on sluggish demand for its air
compressors.
    Inflation-driven higher material costs and persistent supply
chain constraints have battered the company's performance.
     North Carolina-based Ingersoll now expects full-year
revenue growth between 5% and 7%, compared with its earlier
forecast range of 6% to 8%.
    Third-quarter revenue of $1.86 billion, came below analysts'
average estimate of $1.87 billion, as per data compiled by LSEG.
    The company also narrowed its annual adjusted profit
forecast to range between $3.28 and $3.34 per share, from a
range of $3.27 to $3.37 apiece earlier.
    Quarterly adjusted profit of 84 cents per share was ahead of
estimates of 81 cents per share.

(Reporting by Anshuman Tripathy in Bengaluru; editing by Alan
Barona)
((mailto:Anshuman.Tripathy@thomsonreuters.com))