Ingersoll Rand, the parent company for Augusta-based Club Car, posted first-quarter earnings Friday of $95.6 million and 31 cents earnings per share.
This compares with a net loss of $77.6 million for the first quarter of 2011. That loss was primarily caused by the sale of the company’s Hussman refrigeration business.
Club Car revenues increased by 2 percent compared with the first quarter of 2011, showing small gains in golf cars, utility vehicles and aftermarket activity.
“During the first quarter, we made progress toward our growth and operational excellence objectives, delivering revenue and earnings per share above forecast in a difficult economic environment,” said Michael W. Lamach, the chairman, president and CEO of Ingersoll Rand. “While we expect continued challenges throughout 2012 from a slow and uneven recovery in some key markets, our focus is on continuing to grow revenue, earnings and cash flow.”
Second-quarter 2012 revenues are expected to be in the range of $3.8 billion to $3.9 billion, and earnings per share from continuing operations are expected to be in the range of85 cents to90 cents. The second-quarter forecast reflects a tax rate of 25 percent for continuing operations and an average diluted share count of approximately 315 million shares.