Club Car parent company posts $365 million profit

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NEW YORK — Ingersoll-Rand PLC’s net income more than doubled in its second quarter compared with year-ago results that were depressed by a big charge for the sale of a business.

The maker of air conditioning systems for homes and businesses, security systems and locks and other products boosted its full-year earnings guidance but lowered the high end of its revenue outlook.

Ingersoll-Rand, whose brands include Club Car, Thermo King and its namesake, reported net income of $365.8 million, or $1.16 per share, for the three months ended June 30. That’s up sharply from $92.3 million, or 26 cents per share, a year earlier.

Adjusted earnings from continuing operations were $1.15 per share, excluding a penny per share related to the sale of its Hussmann refrigeration business. The prior-year period included an impairment charge of 57 cents per share tied to that sale.

Revenue for the industrial technologies division, which includes Club Car, gained about 2 percent to $790 million, while the residential solutions segment reported an approximately 3 percent revenue increase.

For 2012, the Irish company expects earnings from continuing operations of $3.15 to $3.25 per shares. Its previous forecast called for earnings between $2.90 and $3.10 per share.

Ingersoll-Rand now foresees full-year revenue in a range of $14 billion to $14.2 billion. Its prior guidance was for $14 billion to $14.4 billion.


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