Ingersoll Rand reported higher sales and profit totals in the first quarter of the year, but earnings slipped compared to early 2024.
The company also reduced its earnings and organic revenue projections for the full year.
Ingersoll Rand’s first-quarter revenue of $1.72 billion was up 3% from the $1.67 billion reported in the first quarter of 2024. Gross profit rose from $746.3 million to $765.5 million over that span, while net income fell from $204.5 million to $188.4 million year-over-year. Diluted earnings came in at $0.46 per share, down from $0.50.
“Our positive organic orders growth, solid book-to-bill, and record first quarter free cash flow are encouraging signs as we start off the year,” Vicente Reynal, the company’s chairman and CEO, said in a statement. “We recognize the dynamic nature of the current environment, and remain focused on staying agile, controlling what we can control, and delivering long-term shareholder value.”
Ingersoll Rand still expects full-year revenue growth of between 3% and 5%, but officials revised its organic revenue forecast down from February’s 1%-3% growth estimate to between a 1% decline and 1% growth. Expectations for adjusted earnings also fell from 3% to 6% growth down to between flat and 3% growth.
