Ingersoll-Rand Posts Q3 Sales & Profit Gain, Appoints Two Executives

Along with the positive quarter news, the company has appointed a new president of its Compressed Air Systems and Service Business, and senior vice president of global operations and integrated supply chain.

Swords, Ireland-based manufacturer Ingersoll-Rand reported its 2015 third quarter financial earnings on Tuesday for the period ended Sept. 30.

The company posted Q3 sales of $3.49 billion, a 3 percent increase over last year. Excluding the impact of acquisitions and currency, organic sales increased 6 percent from last year. Growth in the U.S. was up 9 percent excluding acquisitions, and down 7 percent internationally.

Q3 profit of $300.9 million was a 3.3 percent increase over Q3 2014.

Ingersoll-Rand's Climate segment – comprising 79 percent of its total business – had Q3 sales of $2.76 billion, up 4 percent over last year.

The company's Industrial segment had Q3 sales of $728.7 million, down 2 percent from last year. Organic sales decreased approximately 2 percent and organic bookings declined by 4 percent compared with last year.

"We exceeded our EPS forecast, improved operating performance and delivered profitable growth in the third quarter through a series of actions that offset more expected headwinds in the global economic environment, particularly in Asia and Latin America," said Michael Lamach, Ingersoll-Rand chairman and chief executive officer. "While we expect continuing challenges from slow industrial markets for the remainder of the year, we will continue to grow revenue, earnings and cash flow as well as increase productivity, particularly in our businesses where we see market weakness."

Also on Tuesday, Ingersoll-Rand appointed Todd Wyman as senior vice president and president of the Compressed Air Systems and Services business, and named Keith Sultana to succeed Wyman as senior vice president of global operations and integrated supply chain, effective immediately.

Wyman succeeds Manlio Valdes who will assume leadership for product management and marketing in the company’s commercial heating, ventilation and air conditioning (HVAC) business. Wyman has been with the company since 2009.

Sultana joined Ingersoll Rand in 2008 and most recently served as vice president of global procurement. Previously, he led the global integrated supply chain for the company’s commercial HVAC business in North America and EMEA as well as globally for the Climate Solutions and Industrial Technologies sectors.

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