Ingersoll-Rand (IR) Announces $1B In New Financing, Cuts Dividend and Guidance
Ingersoll-Rand Company Limited (NYSE: IR) announces $1 billion in new financing, lowered their dividend and reduced their guidance.
Ingersoll Rand’s Board of Directors authorized a reduction in the quarterly common stock dividend to $0.07 per share from $0.18 per share, effective with the September 2009 dividend payment.
The company expects estimated first-quarter adjusted diluted earnings per share (EPS) to be at the low end of its previously forecasted range of $(0.15) to breakeven. First-quarter revenues are projected to be in the range of $2.9 billion, a decrease of approximately 25% to 27% compared with proforma 2008 results of $3.9 billion. The company’s original forecast for the quarter was for proforma revenues to decrease by 19%, in the $3.1 to $3.2 billion range.
For the full year, assuming current business conditions, revenues would be in the range of $13.6 billion, down approximately 17% from 2008 on a proforma basis, versus previous guidance of down by 8% to 9%. Earnings per share from continuing operations would be approximately $0.45 below the bottom end of the previous guidance range of $1.85 to $2.25 per share.
Ingersoll Rand’s Board of Directors authorized a reduction in the quarterly common stock dividend to $0.07 per share from $0.18 per share, effective with the September 2009 dividend payment.
The company expects estimated first-quarter adjusted diluted earnings per share (EPS) to be at the low end of its previously forecasted range of $(0.15) to breakeven. First-quarter revenues are projected to be in the range of $2.9 billion, a decrease of approximately 25% to 27% compared with proforma 2008 results of $3.9 billion. The company’s original forecast for the quarter was for proforma revenues to decrease by 19%, in the $3.1 to $3.2 billion range.
For the full year, assuming current business conditions, revenues would be in the range of $13.6 billion, down approximately 17% from 2008 on a proforma basis, versus previous guidance of down by 8% to 9%. Earnings per share from continuing operations would be approximately $0.45 below the bottom end of the previous guidance range of $1.85 to $2.25 per share.
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