NEW YORK - Industrial company Ingersoll-Rand PLC said Wednesday its profit rose 52 percent in the fourth quarter on greater sales of air conditioning, heating, and transportation products.
The Ireland-based company said its net income grew to $212.1 million, or 62 cents per share, from $139.4 million, or 42 cents per share. Revenue rose 13 percent, to $3.71 billion from $3.28 billion.
Analysts expected a profit of 64 cents per share and $3.58 billion in revenue, according to estimates compiled by FactSet.
"The majority of Ingersoll Rand's major end-markets continued to recover in the fourth quarter of 2010, although some challenges remain, especially in the commercial building markets in North America and Europe," said Michael W. Lamach, chairman and CEO.
Ingersoll-Rand's products include air conditioning systems, security tools and golf carts. It said sales were strong in the U.S. and in Asia.
Revenue from the company's climate solutions business, which makes air conditioning and heating systems for commercial buildings and climate-controlled transportation vehicles, grew 16 percent to $2.06 billion. Revenue from the industrial technologies business rose 17 percent to $692 million as air system and productivity revenue increased.
The company reported $510 million in revenue, up 12 percent, for its residential solutions business, which sells air conditioning systems and locks for homes. Revenue from the security technologies business slipped 1 percent to $448 million because of sluggish home construction in the U.S. and Europe.
The Swords, Ireland, company said its profit increased 42 percent in 2010, to $642.2 million, or $1.89 per share. Ingersoll-Rand earned $451.3 million, or $1.37 per share, in 2009. Its revenue grew 7 percent, to $14.08 billion from $13.1 billion.
The company forecast a profit of $2.90 to $3.10 per share in 2011, on $15 billion to $15.3 billion in revenue. Analysts currently expect a profit of $3.09 per share and revenue of $14.9 billion.