Ingersoll-Rand first-quarter profits rise

HAMILTON, Bermuda, April 18 Reuters reported that diversified manufacturer Ingersoll-Rand Co. on Thursday said its first-quarter profit before items rose, helped by acquisitions and improved results at its Dresser-Rand unit.

The company, whose products include Bobcat construction vehicles, Schlage locks, and Thermo King truck refrigeration units, had income before items of $97.9 million, or 58 cents a share, compared with $81.9 million, or 51 cents a share, earned a year earlier.

Revenue increased to $2.31 billion from $2.29 billion.

Analysts' earnings estimates ranged from 52 cents to 65 cents, in line with the company's Jan. 24 forecast. The average estimate was for 58 cents, according to market researcher Thomson Financial/First Call.

After a charge of $17 million, or 10 cents a share, for restructuring, the company had net earnings of $80.9 million, or 48 cents. Year-ago net was $49.3 million, or 31 cents.

Ingersoll-Rand shares closed Wednesday at $51.17, below the 52-week high of $54.15.