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INGERSOLL-RAND REPORTS IMPROVED SECOND-QUARTER RESULTS

 INGERSOLL-RAND REPORTS IMPROVED SECOND-QUARTER RESULTS
 WOODCLIFF LAKE, N.J., July 22 /PRNewswire/ -- Ingersoll-Rand (NYSE: IR) a New Jersey-based manufacturing company, today reported an 18-percent improvement in net earnings for the 1992 second quarter compared to the same quarter of 1991.
 Sales for the quarter were $927 million, slightly above the $923 million reported in last year's second quarter. Operating income totalled $69.5 million, approximately 20 percent higher than the $58.3 million reported in the second quarter of last year.
 Net earnings in the second quarter were $38.6 million, or 37 cents per share, versus $32.8 million, or 32 cents per share, for the prior year's comparable quarter. The per-share figures reflect the company's two-for-one stock split which was made in the form of a stock dividend, effective June 1, 1992.
 For the first half of the year, the company posted net earnings of $65.0 million, or 62 cents per share, on sales of $1.8 billion. This compares to last year's six-month net income of $61.2 million, or 59 cents per share, on a comparable sales level. The results for the six months of 1991 included a $7.1 million operating income benefit from a restructure of operations, which was recorded in the first quarter of the year.
 Sales for the Standard Machinery Segment in the second quarter of 1992 were up slightly from the same period of 1991. Volume improvements in the Air Compressor Group, combined with cost containment programs throughout the segment resulted in improved operating income.
 The Engineered Equipment Segment reported a 4-percent reduction in sales for the second quarter compared to the amount reported for the three months ended June 30, 1991. Operating income for the period was $5.1 million lower than 1991's second quarter. Pressure on domestic markets for pump products, together with the cyclical nature of the businesses served by the Process Systems Group, caused the deterioration in the segment's operating performance in the quarter.
 Sales in the Bearings, Locks and Tools Segment totalled $446.5 million, an improvement over the $431.7 million for the second quarter of 1991, with operating income more than 40 percent higher than last year's second quarter. Automotive production stability, a reasonable housing market and cost containment programs contributed to the operating income improvement.
 The company's portion of income from the Dresser-Rand joint venture was $7 million on a pretax basis for the quarter, compared to $10 million recorded in last year's second quarter. The reduction in quarterly income is attributed to a shipment delay on a major order, which slipped into the third quarter of the year.
 Unfavorable foreign currency transactions and translations in the quarter-to-quarter comparison more than offset the quarterly reduction in interest expense that the company experienced in the second quarter of 1992.
 Theodore H. Black, chief executive officer of the company, noted, "Incoming orders for the second quarter of 1992 totalled $883 million, which is approximately 6 percent higher than the 1991 second-quarter total of $835 million. Air Compressor, Production Equipment, Bearings and Components and Door Hardware were the primary groups which benefitted from the increased order activity.
 International orders reflect a 10-percent increase from last year's second quarter. Domestic business remains positive, except for some softness in construction and pump markets. A few known large projects, both domestically and internationally, continue to be delayed," Black concluded.
 INGERSOLL-RAND COMPANY
 Consolidated Income Statement
 (In thousands except per share figures)
 Three months ended June 30 1992 1991
 Net sales $926,900 $922,600
 Operating income before restructure 69,500 58,300
 Restructure of operations -- --
 Operating income after restructure 69,500 58,300
 Other income/(expense) (3,400) (1,600)
 Interest expense 18,200 15,500
 Dresser-Rand income 7,000 10,000
 Earnings before taxes 59,900 51,200
 Provision for income taxes 21,300 18,400
 Net earnings 38,600 32,800
 Net earnings per common share 0.37 0.32
 Average number of common shares 104,400 103,600
 Six months ended June 30 1992 1991
 Net sales $1,788,200 $1,786,800
 Operating income before restructure 117,300 103,100
 Restructure of operations -- 7,100
 Operating income after restructure 117,300 110,200
 Other income/(expense) (6,900) (200)
 Interest expense 25,400 32,700
 Dresser-Rand income 16,500 19,100
 Earnings before taxes 101,500 96,400
 Provision for income taxes 36,500 35,200
 Net earnings 65,000 61,200
 Net earnings per common share 0.62 0.59
 Average number of common share 104,200 103,600
 BUSINESS SEGMENT REVIEW
 Second quarter and Six months
 (In millions of dollars except percentages)
 Period ended Three months Six months
 June 30 1992 1991 1992 1991
 Standard Machinery
 Sales $358.4 $348.7 $684.0 $691.1
 Operating income excluding
 charge for restructure of
 operations 27.7 24.2 45.5 42.1
 Restructure of operations -- -- -- (16.7)
 Operating income from
 operations 27.7 24.2 45.5 25.4
 And as a percent of sales 7.7 6.9 6.7 3.7
 Engineered Equipment
 Sales 122.0 142.2 239.5 270.3
 Operating income excluding
 restructure of operations 7.4 12.5 13.2 22.4
 Restructure of operations -- -- -- --
 Operating income from operations 7.4 12.5 13.2 22.4
 And as a percent of sales 6.1 8.8 5.5 8.3
 Bearings, Locks and Tools
 Sales 446.5 431.7 864.7 825.4
 Operating income excluding
 income for restructure of
 operations 41.1 28.8 73.0 52.8
 Restructure of operations -- -- -- 23.8
 Operating income from opers. 41.1 28.8 73.0 76.6
 And as a percent of sales 9.2 6.7 8.4 9.3
 Total
 Sales 926.9 922.6 1,788.2 1,786.8
 Operating income excluding
 income for restructure of
 operations 76.2 65.5 131.7 117.3
 Restructure of operations -- -- -- 7.1
 Operating income from
 operations 76.2 65.5 131.7 124.4
 And as a percent of sales 8.2 7.1 7.4 7.0
 Unallocated corporate expense (6.7) (7.2) (14.4) (14.2)
 Consolidated operating income 69.5 58.3 117.3 110.2
 -0- 7/22/92
 /CONTACT: Richard D. Johnson, 201-573-3087, or Paul A. Dickard, 201-573-3120, both of Ingersoll-Rand/
 (IR) CO: Ingersoll-Rand ST: New Jersey IN: SU: ERN


TS-OS -- NY016 -- 1787 07/22/92 10:39 EDT
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Date:Jul 22, 1992
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