Published on 4 May 2024 on Zacks via Yahoo Finance

Ingersoll Rand (IR) Q1 Earnings Top Estimates, Revenues Miss

Ingersoll Rand Inc. IR reported first-quarter 2024 adjusted earnings of 78 cents per share, surpassing the Zacks Consensus Estimate of 69 cents. The bottom line increased 20% year over year.Total revenues of $1.67 billion lagged the consensus estimate of $1.70 billion. However, the top line increased 2.5% year over year. Acquisitions contributed 3.4% to revenues, while organic revenues declined 0.8% and foreign currency movements had a negative impact of 0.1%.Orders totaled $1.71 billion, down 4% year over year. Organically, orders decreased 7%.

Segmental Discussion

The Industrial Technologies & Services segment generated revenues of $1.37 billion, accounting for 82% of net revenues. Sales increased 4.3% year over year. Acquisitions contributed 4.2% while movement in foreign currencies had a negative impact of 0.1%. The segment’s organic sales in the quarter inched up 0.2%. Our estimate for the segment’s sales was $1.4 billion.Segmental orders in the quarter were down 3.6%. Adjusted EBITDA increased 19% year over year to $411.1 million. Our estimate for adjusted EBITDA was $366.7 million.The Precision & Science Technologies segment’s revenues totaled $297 million, representing 18% of net revenues. Our estimate for segmental revenues was $320.5 million. On a year-over-year basis, the segment’s revenues declined 4.9%. Organic sales declined 5% while movement in foreign currencies had a positive impact of 0.1%.The segment’s orders declined 5.4% on a year-over-year basis. Adjusted EBITDA decreased 3.2% year over year to $91.4 million. Our estimate for adjusted EBITDA was $92.1 million.