2/8/2012 7:52 AM ET
(RTTNews) - Diversified industrial company Ingersoll-Rand Co. Ltd. (IR: News ) reported Wednesday a profit for the fourth quarter that increased from last year, reflecting improved margins and revenue growth. Adjusted earnings per share from continuing operations topped analysts' expectations, while quarterly revenues came in below their estimates. The company also provided earnings and revenue guidance for the first quarter and full-year 2012, both below Street view.
The Dublin, Ireland-based company posted net earnings of $242.2 million or $0.76 per share for the fourth quarter, up from $212.1 million or $0.62 per share in the prior-year quarter.
Earnings from continuing operations for the quarter rose to $249.4 million or $0.79 per share from $219.0 million or $0.62 per share in the year-ago quarter.
Excluding items, adjusted earnings from continuing operations grew to $0.76 per share from $0.62 per share last year. On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter decreased 5 percent to $3.51 billion from $3.69 billion in the same quarter last year. Fifteen Wall Street analysts' consensus estimate of $3.58 billion.
Operating margin for the fourth quarter expanded 120 basis points to 9.7 percent from last year, driven by higher pricing and gross productivity, partially offset by inflation and unfavorable revenue mix.
For fiscal 2011, the company posted net earnings of $343.2 million or $1.01 per share, down from $642.2 million or $1.89 per share in the prior year.
Earnings from continuing operations for the year dropped to $400.0 million or $1.18 per share from $782.6 million or $2.24 per share in the year ago.
Excluding impairment charge/loss on sale from Hussmann divestiture, adjusted earnings from continuing operations for the year grew to $2.82 per share from last year's $2.36 per share. Analysts expected the company to report earnings of $2.71 per share for fiscal 2011.
Net revenues for the full year grew to $14.78 billion from $14.0 billion in the previous year. Street was looking for full-year 2011 revenues of $14.78 billion.
"In 2011, we improved the strength of our business operations, driving increased operating margins, and a 19 percent improvement in earnings per share despite a challenging economic backdrop in a number of our key residential and commercial building end markets," Chairman, President and CEO Michael Lamach said in a statement.
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