Ingersoll Rand Raises FY Guidance, Plans to Acquire Industrial Filter Manufacturer

Dow Jones
07/31
 
 

Ingersoll Rand bumped up its full-year forecast after sales rose in its latest quarter, driven by growth in both its segments.

The company also said Thursday it plans to acquire Fai Filtri s.r.l., a manufacturer of industrial filters. It expects the deal to close in the fourth quarter. The company said it also expects to close an acquisition of a U.S.-based blower manufacturer on July 31.

For the full year, the company now projects revenue growth of 4.5% to 6.5%, compared with 2.5% to 4.5% previously. It now expects to finish near the end of its prior range for adjusted earnings per share of $3.45 to $3.57.

The updated guidance came as the company reported higher revenue in the second quarter, up 9% to $2.05 billion and topping analyst estimates of $1.96 billion, according to FactSet.

The growth was driven by higher sales for both its industrial technologies and services segment as well as its precision and science technologies division.

Quarterly profit came in at $256.8 million, or 66 cents a share, compared with a loss of $115.3 million, or 29 cents a share, a year earlier.

Adjusted earnings per share were 86 cents, compared with estimates of 83 cents a share according to analysts polled by FactSet.

 
 

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