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Investing.com -- Ingersoll Rand Inc. (NYSE:IR) reported third-quarter earnings that met Wall Street expectations but issued disappointing full-year guidance, sending shares down 2.2% in after-hours trading on Thursday.
The global provider of mission-critical flow creation and industrial solutions reported adjusted earnings of $0.86 per share for the third quarter, matching analyst estimates. Revenue came in at $1.96 billion, slightly above the consensus estimate of $1.95 billion and up 5% from the same period last year.
Despite meeting earnings expectations, Ingersoll Rand lowered its full-year outlook, now projecting adjusted earnings of $3.25 to $3.31 per share, below the analyst consensus of $3.37. The company maintained its revenue growth forecast of 4-6% for the year.
"We delivered positive organic orders growth in the third quarter across both segments," said Vicente Reynal, chairman and CEO of Ingersoll Rand. "Our performance demonstrates the resilience of our business, which combined with our strong balance sheet, enables durable long-term growth."
The company’s Industrial Technologies and Services segment saw orders increase 7%, or 0.3% organically, while revenue grew 5% but declined 2% on an organic basis. The segment’s adjusted EBITDA margin fell 170 basis points to 29.0%.
Meanwhile, the Precision and Science Technologies segment delivered stronger results with orders up 11%, or 7% organically, and revenue increasing 5%, or 2% organically. This segment’s adjusted EBITDA margin improved 80 basis points to 30.8%.
Ingersoll Rand generated $355 million in operating cash flow and $326 million in free cash flow during the quarter. The company maintained its financial strength with $3.8 billion in liquidity, including $1.2 billion in cash.
During the quarter, the company deployed $249 million for acquisitions and returned $201 million to shareholders through $193 million in share repurchases and an $8 million dividend payment.
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