Air compressor maker Ingersoll beats quarterly estimates on strong demand
investing.com(Reuters) — Ingersoll Rand (NYSE:IR) on Thursday beat fourth-quarter estimates on strong demand for its air compressors, pumps and power tools, sending shares up 4.8% in extended trading. An advancing non-residential construction market in the U.S. has bolstered the demand for the company's products.
Despite inflationary pressures, a continuing demand for goods has encouraged businesses to rebuild inventories on back of increased investment under the U.S. Inflation Reduction Act. In the quarter, Ingersoll received orders worth $1.67 billion, and backlog was up 8%.
The Davidson, North Carolina-based company expects full-year adjusted earnings per share between $3.14 and $3.24, compared with market expectations of $3.17, according to LSEG data. It also expects annual revenue growth of 5% to 7%. The company reported an adjusted profit of 86 cents per share, ahead of analysts average estimate of 77 cents per share, according to LSEG data.
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