Ingersoll-Rand (IR) Tops Q2 EPS by 12c

Ingersoll-Rand (NYSE: IR) reported Q2 EPS of $0.31, $0.12 better than the analyst estimate of $0.19. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.17 billion.

“We are very pleased with the outperformance in the second quarter. Our employees continued to go above and beyond to deliver for our customers, accelerate synergy actions and execute additional discretionary cost controls, despite the challenging market conditions and the unprecedented impacts of the global COVID-19 pandemic,” said Vicente Reynal, Chief Executive Officer. “Our second quarter results have helped fortify a solid foundation. Our strong free cash flow, along with our liquidity position, will allow us to pivot to our growth strategies for the second half of the year and beyond.”

GUIDANCE:

Due to the uncertainty of current economic conditions associated with COVID-19 and its impact on end markets, Ingersoll Rand is not providing 2020 guidance at this time. The company will look to provide annual guidance at an appropriate time.

1 The company expects to incur approximately $450 million of expense in connection with both achieving these cost synergies and the associated stand-up of the combined company.
2 Prior year comparisons for Specialty Vehicle Technologies Segment not available on a reported basis
3 The company expects to incur approximately $450 million of expense in connection with both achieving these cost synergies and the associated stand-up of the combined company.

For earnings history and earnings-related data on Ingersoll-Rand (IR) click here.

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