Ir Profits Leap 54 Per Cent
IR is a big player in the electronic security industry and its Security and Safety Sector includes architectural hardware products, mechanical locks, and electronic and biometric access-control technologies, including Schlage locks.
Ingersoll-Rand had net income of $237.8 million, or $1.36 a share, for the latest quarter, compared with $154.6 million, or 88 cents a share, a year ago. Excluding divested businesses and gains on their sale, the company had third-quarter income of $205.6 million, or $1.18 a share.
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The average estimate of analysts surveyed by Thomson Financial was for earnings, excluding items, of $1.16 a share. In July, Ingersoll-Rand forecast third-quarter earnings of $1.10 to $1.15 a share, excluding a gain from the sale of parts of its drilling business. Third-quarter revenue rose to $2.37 billion from $2.06 billion.
The company increased its estimate for 2004 earnings from total operations to $4.80 to $4.90 a share, up from a July projection of $4.75 to $4.85 a share. First Call, which generally excludes items, expects 2004 earnings of $4.90 a share. In 2003, Ingersoll-Rand earned $3.34 a share.
The company is incorporated in <?xml:namespace prefix = st1 ns = “urn:schemas-microsoft-com:office:smarttags” />Hamilton, Bermuda, but has executive offices in Montvale, N.J. Shares of Ingersoll-Rand closed Thursday down $1.88, or 2.8 percent, at $66.22 on the New York Stock Exchange. It has offices in Australia and New Zealand distributing a wide range of access control solutions. In 2003 the company’s Security and Safety Sector, which has been flagged by IR as one of 4 global growth areas on which it will focus, took revenues of $US1.6 billion.