Air compressor maker Ingersoll Rand misses sales estimates on muted demand
May 2 (Reuters) -Ingersoll Rand IR.N reported first-quarter revenue below analysts' estimates on Thursday, hurt by lower demand for its air compressors and other products.
Thecompany's shares fell about 5% in extended trading.
Inflation-driven higher material costs and persistent supply chain constraints battered company's performance.
Orders for Ingersoll's industrial technologies and services segment, its biggest, fell 4%. The segment covers compressors vacuum pumps and blowers and contributed about $1.40 billion to the total revenue.
Orders in company's precision and science technology segment, which makes specialized fluid management solutions, were also down 5%, compared with a year earlier.
In March, Ingersoll bought ILD Dover for about $2.33 billion to bolster its presence in the life sciences market.
The company raised its expectations for full-year adjusted earnings per share to between $3.20 and $3.30, while analysts were expecting $3.21, as per LSEG data.
For the first quarter ended March 31, the company reported an adjusted profit of 78 cents per share, compared with estimates of 69 cents.
The Davidson, North Carolina-based company reported quarterly revenue of $1.67 billion, below analysts' average estimates of $1.70 billion.
Reporting by Anandita Mehrotra in Bengaluru; Editing by Mohammed Safi Shamsi
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