Ingersoll-Rand Misses Guidance on Higher Corporate Costs
February 01 2017 - 8:05AM
Dow Jones News
By Austen Hufford
Ingersoll-Rand PLC (IR) said profit in the latest quarter fell
short of its own guidance due to higher-than-expected corporate
costs and a higher-than-forecast tax rate.
The maker of Trane air-conditioning equipment forecast 2017
adjusted earnings of $4.30 to $4.50 a share, and expects revenue
growth of 2%. Analysts surveyed by Thomson Reuters expect earnings
per share of $4.50.
The higher-than-anticipated corporate costs were related to
stock-based incentive compensation and increased information
technology infrastructure and security spending.
In all for the fourth quarter ended Dec. 31, the Irish company
reported a profit of $198.8 million, or 75 cents a share, up from
$233.5 million, or 88 cents a share, a year earlier. Excluding
certain items, earnings were 84 cents.
Revenue rose 1% to $3.36 billion.
Analysts polled by Thomson Reuters had forecast earnings of 92
cents on $3.35 billion in revenue.
Selling and administrative expenses rose 5.6%.
Shares were inactive in premarket trading and are up 18% in the
last three months.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 01, 2017 08:50 ET (13:50 GMT)
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