Ingersoll Rand Lifts FY21 Outlook

Industrial equipment supplier Ingersoll Rand Plc (IR) on Wednesday raised its annual 2021 revenue growth and adjusted EBITDA outlook.

The company now expects revenue growth up in Mid-Teens from the earlier LDD. Adjusted EBITDA is now expected between $1.15-$1.18 billion from the earlier $1.12-$1.15 billion.

In the second quarter, the company posted earnings of $233.9 million or $0.55 per share, compared to a loss of $177.6 million or $0.43 per share in the same period last year.

Excluding items, Ingersoll-Rand reported adjusted earnings of $194.8 million or $0.46 per share for the period while analysts were looking for earnings per share of $0.42.

Quarterly revenues rose to $1.28 billion from $1.03 billion a year ago.

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