Air compressor maker Ingersoll Rand raises 2024 profit forecast on strong demand
July 31 (Reuters) -Ingersoll Rand IR.N raised its annual profit forecast on Wednesday, owing to a strong demand for its air compressors and other products amid improvements in non-residential construction and higher aerospace activity.
Despite inflationary pressures, the company's order book improved. Its precision and science technologies segment, reported a 14% increase in orders, helped by higher demand from life sciences and industrial businesses.
"Our results demonstrate that Ingersoll Rand continues to expand into durable, high-growth, sustainable end markets,” CEO Vicente Reynal said.
The company now expects its full-year adjusted earnings per share in the range of $3.27 to $3.37, compared with its previous forecast of $3.20 to $3.30.
For the quarter ended June 30, the company reported an adjusted profit of 83 cents per share, ahead of analysts' average estimates of 78 cents apiece, according to LSEG data.
The North Carolina-based company's quarterly revenue rose 7% to $1.81 billion, marginally above Wall Street expectations of $1.80 billion.
Reporting by Anandita Mehrotra and Shivansh Tiwary in Bengaluru; editing by Alan Barona
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