Diversified industrial company Ingersoll Rand Plc (IR) reported lower first-quarter net earnings of $88.0 million, or $0.29 per share, compared with $95.6 million, or $0.31 per share, a year back. The recent quarter's results included $37.7 million, or $0.11 per share, of restructuring and one-time charges, while the prior year included $23.3 million of restructuring costs equal to $0.06 per share.
Excluding items, 2013 adjusted earnings per share from continuing operations were $0.42 this quarter. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.40 for the quarter. Analysts' estimates typically exclude one-time items.
The company's reported revenues slid 1 percent to $3.11 billion, from $3.15 billion for the 2012 first quarter. Analysts estimated revenues of $3.17 billion for the quarter.
Looking ahead, second-quarter 2013 revenues are expected in the range of $3.8 billion - $3.9 billion, and adjusted earnings per share from continuing operations of $1.05 - $1.10, with reported earnings per share of $0.99 - $1.04, including security business spinoff and restructuring costs equal to some $0.06 per share. Analysts project earnings of $1.13 per share and revenue of $3.98 billion for the second quarter.
The company reaffirmed its 2013 outlook, by still expecting revenues in the range of $14.2 billion - $14.6 billion with adjusted EPS from continuing operations likely to be in the range of $3.45 - $3.65. Analysts project annual earnings of $3.61 per share and revenue of $14.54 billion.
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