UPDATE: Ingersoll Rand Posts Rise In Q3 Profit, Issues Weak Q4 Forecast
Ingersoll Rand Plc (NYSE: IR) reported a rise in its third-quarter earnings, but issued a weak fourth-quarter forecast.
Ingersoll Rand expects Q4 earnings of $0.64 to $0.70 per share on sales of $3.4 billion to $3.5 billion. However, analysts were expecting earnings of $0.79 per share on revenue of $3.51 billion.
Ingersoll Rand's quarterly earnings climbed to $321.6 million, or $1.03 per share, from $86.2 million, or $0.25 per share, in the year-ago period. Excluding items, the company earned $1.07 per share, versus analysts' estimates of $0.98 per share.
Its sales declined 8% to $3.59 billion, versus analysts' estimates of $3.65 billion.
Ingersoll Rand shares gained 0.42% to $45.85 in after-hours trading.
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