Ingersoll-Rand Profits Impress

Saturday, July 25, 2009 1:54 AM

(Source: Irish Times) tracking

Ingersoll-Rand, the maker of ThermoKing and Hussmann refrigeration equipment, reported second-quarter profit that beat analysts' estimates after paring costs through job cuts and plant closings. Excluding some costs, profit was 50 US cents a share, the Swords-based company said in a statement.

That topped the 40-cent average estimate of 16 analysts in a Bloomberg survey. Chief executive Herbert Henkel boosted liquidity with $1 billion (703 million) in new financing to help pay off debt from the $9.95 billion acquisition of air-conditioner maker Trane in 2008. The company has reduced the dividend since the fourth quarter, trimmed 2,700 jobs and closed 34 facilities. - (Bloomberg)

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