Ingersoll-Rand earnings impacted by spin-off
Ingersoll-Rand PLC revenues grew for the fourth quarter of 2013, but costs related to the sale of its security segment held earnings down.
Net earnings of $47.6 million, or 16 cents per share, for the quarter compared with $235.6 million, or 78 cents, for the 2012 fourth quarter. The results included a loss of $30.1 million from discontinued operations, related to the sale of the company's Allegion commercial and residential security operations.
Revenues increased 6 percent to $3.09 billion, compared with $2.92 billion for the 2012 fourth quarter.
Full-year 2013 net revenues were $12.35 billion, or $2.07 per share, an increase of 3 percent compared with $11.98 billion, or $3.28 per share, in 2012. Net earnings of $618.8 million for the year compared to $1.01 billion in 2012.
Fourth-quarter revenues for the Climate Segment were $2,328 million, an increase of 8 percent compared with the fourth quarter of 2012. The segment includes Trane and American Standard Heating and Air Conditioning, which provide heating, ventilation and air conditioning (HVAC) systems and commercial and residential building services, parts, support and controls; and Thermo King transport temperature control solutions.
Fourth-quarter revenues in the Industrial Segment were $771 million, a 1 percent increase compared with the fourth quarter of 2012 due to flat volume in the Americas and Asia, and gains in Europe. The segment includes Ingersoll Rand compressed air systems and services, power tools, material handling systems, ARO fluid management equipment, and Club Car golf, utility and rough terrain vehicles.
Revenues for air compressors and industrial products were up slightly overall, with flat year-over-year comparisons in the Americas, a low-single digit percentage decline in Europe and low-single digit percentage gains in Asia.
INDUSTRIAL SUPPLY MAGAZINE
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