Ingersoll Rand Announces 2009 Fourth-Quarter Earnings
Total revenues decreased by 10 percent for Q4 2009 compared to Q4 2008.
SWORDS, Ireland — Ingersoll-Rand plc (NYSE:IR), today announced that total reported revenues decreased by 10 percent for the fourth quarter of 2009, compared with the 2008 fourth quarter, and adjusted earnings per share (EPS) from continuing operations were in the mid-range of prior guidance.
- Adjusted earnings per share from continuing operations was $0.48, excluding $0.11 of restructuring costs, compared with prior guidance of $0.44 to $0.54. Fourth quarter EPS included $(0.04) of discrete items.
- Fourth quarter revenues of $3.3 billion decreased by 10% (down by 13% excluding currency effects) compared with 2008; at mid-range of prior guidance of $3.2 to $3.4 billion.
- Gross productivity of 5.9% in the fourth quarter drove an increase in operating earnings and margins. Full year productivity savings of $681 million exceeded prior target.
- Total financing reduced by $1.1 billion for full year and by $2.0 billion since completion of Trane acquisition. Generated $1.6 billion of available cash flow for full-year 2009.
- Full-year 2010 earnings per share from continuing operations forecast of $1.95 to $2.35 including $0.25 of restructuring costs. Excluding restructuring, forecast $2.20 to $2.60 earnings per share compared to prior framework of $2.00 to $2.40.
The company reported net earnings of $139.4 million, or EPS of $0.42, for the fourth quarter of 2009. Fourth-quarter net income included $124.7 million, or EPS of $0.37, from continuing operations, as well as $14.7 million of income, equal to EPS of $0.05, from discontinued operations.
Fourth-quarter 2009 EPS from continuing operations, excluding approximately $50 million of pre-tax restructuring costs, was $0.48. This compares to a net loss of $3,290 million, or EPS of ($10.27), for the fourth quarter of 2008.
The fourth-quarter 2008 net loss included $3,275 million, or EPS of ($10.22), from continuing operations, as well as ($15.0) million of expense, or EPS of ($0.05), from discontinued operations. Fourth-quarter 2008 continuing earnings include a non-cash impairment charge for goodwill and intangible assets, one-time acquisition costs and restructuring costs which totaled EPS of ($10.75). Excluding these items, fourth-quarter earnings from continuing operations were $0.53 per share.
PR Newswire
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