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INGERSOLL-RAND REPORTS IMPROVED OPERATIONS FOR FIRST QUARTER

 INGERSOLL-RAND REPORTS IMPROVED OPERATIONS FOR FIRST QUARTER
 WOODCLIFF LAKE, N.J., April 21 /PRNewswire/ -- Ingersoll-Rand


Company (NYSE: IR), a New Jersey-based manufacturing company, today reported improved 1992 first-quarter results from operations compared to the previous year.
 Sales for the quarter were $861.2 million, only slightly lower than the $864.2 million reported in last year's first quarter. Comparable income from operations totalled $47.8 million, 7 percent higher than the $44.8 million reported in the 1991 first quarter. Last year's first quarter also contained a benefit of $7.1 million from a restructure of operations, including the sale of Schlage Electronics, which brought operating income for the first quarter of 1991 to a total of $51.9 million.
 Net earnings for the quarter were $26.4 million, or 51 cents per share, compared to net earnings of $28.4 million, or 55 cents per share, for the first quarter of 1991, including the 10 cents per share benefit from restructuring.
 In discussing the first-quarter results, Theodore H. Black, chairman and chief executive officer, stated that the combination of improvements in some domestic markets and cost containment programs instituted over the last few years were important factors in the improved operations.
 Sales in the Standard Machinery Segment were 5 percent below last year's first quarter, but operating income was almost level with the prior year, excluding the special charge from the restructure of operations. The operating income ratio for the segment was slightly improved, compared to the first quarter of 1991. Increased sales in domestic markets were offset by sales declines in international markets.
 Engineered Equipment Segment sales were 8 percent lower than in the first quarter of 1991, while operating income was significantly below last year's results. Pump Group sales and operating income for the first quarter of 1992 were down somewhat from the prior year, whilressed.
 Sales in the Bearings, Locks and Tools Segment were 6 percent higher then in last year's first quarter, and operating income was significantly higher than in the prior year. Operating income improvements from continuing operations were reported by the Door Hardware and Bearings and Components groups. The Production Equipment Group experienced a decline in its first-quarter operating income because of continuing inventory reduction programs and some pricing pressures in international markets.
 In addition to primary business results in the first quarter, the company's performance benefited from an increase in pretax contributions from the operations of the Dresser-Rand joint venture.
 Foreign currency transactions had no financial effect on operations in the first quarter of 1992. In the first three months of 1991 pretax income included approximately $3.8 million (or 5 cents per share on an after-tax basis) of favorable currency results.
 The company's ongoing program of debt reduction, asset management and the benefit of lower interest rates produced a reduction in the company's interest expense of approximately $5 million for the first quarter of 1992 when compared to the amount reported for the first three months of last year.
 According to Black, "Incoming orders for the first quarter of 1992 totalled $985 million, 4 percent higher than the $949 million reported for the first quarter of 1991. Bookings in the Engineered Equipment Segment were below last year but were more than offset by the increased orders reported in the Bearings, Locks and Tools Segment. Overall, domestic markets improved significantly to offset declines in international bookings," Black concluded.
 INGERSOLL-RAND COMPANY
 Consolidated Income Statement
 (In thousands except per share figures)
 Three months ended March 31 1992 1991
 Net sales $861,200 $864,200
 Operating income before restructure 47,800 44,800
 Restructure of operations -- 7,100
 Operating income after restructure 47,800 51,900
 Other income/(expense) (3,500) 1,300
 Interest expense 12,200 17,200
 Dresser-Rand income 9,500 9,100
 Earnings before taxes 41,600 45,100
 Provision for income taxes 15,200 16,700
 Net earnings $ 26,400 $ 28,400
 Net earnings per common share $0.51 $0.55
 Average number of common shares 52,100 51,800
 INGERSOLL-RAND COMPANY
 Business Segment Review
 First Quarter
 (In millions of dollars except percentages)
 Three months ended March 31 1992 1991
 Standard Machinery
 Sales $325.6 $342.4
 Operating income excluding charge
 for restructure of operations 17.8 17.9
 Restructure of operations -- (16.7)
 Operating income from operations $ 17.8 $ 1.2
 and as a percent of sales 5.5 0.4
 Engineered Equipment
 Sales $117.4 $128.1
 Operating income excluding
 restructure of operations 5.8 9.9
 Restructure of operations -- --
 Operating income from operations $ 5.8 $ 9.9
 and as a percent of sales 4.9 7.7
 Bearings, Locks and Tools
 Sales $418.2 $393.7
 Operating income excluding income
 for restructure of operations 31.9 24.0
 Restructure of operations -- 23.8
 Operating income from operations $ 31.9 $ 47.8
 and as a percent of sales 7.6 12.1
 Total
 Sales $861.2 $864.2
 Operating income excluding income
 for restructure of operations 55.5 51.8
 Restructure of operations -- 7.1
 Operating income from operations $ 55.5 $ 58.9
 and as a percent of sales 6.4 6.8
 Unallocated corporate expense $ (7.7) $ (7.0)
 Consolidated operating income $ 47.8 $ 51.9
 -0- 4/21/92
 /CONTACT: Richard D. Johnson, 201-573-3087, or Paul A. Dickard, 201-573-3120, both of Ingersoll-Rand/
 (IR) CO: Ingersoll-Rand Company ST: New Jersey IN: MAC SU: ERN


GK-SM -- NY045 -- 0610 04/21/92 11:43 EDT
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