Printer Friendly

INGERSOLL-RAND REPORTS INCREASED FOURTH QUARTER NET EARNINGS TO $1.06 PER SHARE

 INGERSOLL-RAND REPORTS INCREASED FOURTH QUARTER
 NET EARNINGS TO $1.06 PER SHARE
 WOODCLIFF LAKE, N.J., Jan. 22 /PRNewswire/ -- Ingersoll-Rand (NYSE: IR), a New Jersey-based manufacturing company, today announced results for the fourth quarter and 1991. Sales for the quarter were $933.9 million, three percent below the fourth quarter of 1990. Operating income totalled $100.5 million, an 8.6 percent increase from the comparable 1990 period.
 Net earnings for the three months ended Dec. 31, 1991, were $54.7 million, or $1.06 per share, compared to $45.7 million, or $.88 per share, for the 1990 fourth quarter. The company's operations, while still affected by the domestic recession, were helped by cost controls and operating efficiencies and a partial liquidation of LIFO (last-in, first-out) inventories.
 The company's 1991 net earnings were $150.6 million, or $2.91 per share, on sales of $3.6 billion. This compares to 1990 net income of $185.3 million, or $3.55 per share, on sales of $3.7 billion. The 1991 results include a $7.1 million operating income benefit from a restructure of operations, recorded in the first quarter of the year.
 Theodore H. Black, chairman and chief executive officer of the company, stated, "Worldwide incoming orders totalled $3.5 billion for the year, an eight percent decrease from the record level set in 1990. Fourth-quarter bookings of $856 million were only four percent below the 1990 fourth quarter but were three percent ahead of 1991's third-quarter level."
 Black noted, "Quarterly sales decreased approximately 10 percent in the Standard Machinery Segment, with operating income declining to $30.2 million, 18 percent below the 1990 fourth-quarter results. Operating income in the fourth quarter benefited from a partial liquidation of LIFO inventories, but continued pressure on margins, particularly in the Construction and Mining Group, and the effects of the domestic recession in industrial and automotive markets, more than offset this benefit."
 Sales for the Engineered Equipment Segment in the last quarter of the year were 11 percent higher than in 1990's fourth quarter, with a slight improvement in operating income. Pump Group sales for the fourth quarter and the year were significantly higher than the amounts reported in the prior year. Operating income for the Pump Group in 1991 was approximately double the results reported in 1990. The major industry served by the Process Systems Group continues to be in the lower end of its business cycle, which resulted in reduced sales and operating income when compared to the fourth quarter of 1990.
 Sales in the Bearings, Locks and Tools Segment totalled $421.2 million, three percent below last year's fourth quarter. Cost controls, expense reductions and a partial liquidation of LIFO inventories resulted in a $14.4 million increase in fourth-quarter operating income over the prior comparable period.
 Although sales in the Bearings and Components Group for the fourth quarter of 1991 approximated 1990's fourth quarter, operating income was significantly better. This was due to some stability in automotive production, a partial liquidation of LIFO inventories and internal cost reductions effected in the second quarter.
 Sales of door hardware were higher than last year's fourth quarter, and operating efficiencies, coupled with cost controls, resulted in significant improvements in operating income for the Door Hardware Group. As a result, the group achieved record operating income in 1991.
 Quarterly sales and operating income in the Production Equipment Group were lower than the amounts reported for the fourth quarter of 1990, due to a general weakness in the automotive and general industrial markets.
 Income in the fourth quarter of 1991 included $7 million for the company's share of the operations of the Dresser-Rand joint venture, compared to $9.1 million reported in 1990's fourth quarter. The company also benefited from lower interest expense in the 1991 fourth quarter and higher earnings from partially owned equity companies in a quarter- to-quarter comparison.
 Black concluded, "All the company's employees and assets are dedicated to making the company stronger, and we remain optimistic that most of the markets we serve will continue to improve in 1992."
 INGERSOLL-RAND COMPANY
 Consolidated Income Statement
 (In thousands, except per share figures)
 Three months ended Dec. 31: 1991 1990
 Net sales $933,900 $967,000
 Operating income before restructure 100,500 92,600
 Restructure of operations -- --
 Operating income after restructure 100,500 92,600
 Other income/(expense) (10,400) (16,100)
 Interest expense 12,900 17,000
 Dresser-Rand income 7,000 9,100
 Earnings before taxes 84,200 68,600
 Provision for income taxes 29,500 22,900
 Net earnings 54,700 45,700
 Net earnings per common share $1.06 $0.88
 Average number of common shares 51,900 51,700
 Twelve months ended Dec. 31 1991 1990
 Net sales $3,586,200 $3,737,800
 Operating income before restructure 266,400 357,400
 Restructure of operations 7,100 --
 Operating income after restructure 273,500 357,400
 Other income/(expense) (19,000) (35,100)
 Interest expense 59,300 67,300
 Dresser-Rand income 40,000 30,100
 Earnings before taxes 235,200 285,100
 Provision for income taxes 84,600 99,800
 Net earnings 150,600 185,300
 Net earnings per common share $2.91 $3.55
 Average number of common shares 51,800 51,700
 INGERSOLL-RAND COMPANY
 Business Segment Review Fourth Quarter And Year
 (In millions of dollars except percentages)
 Period ended Three months Twelve months
 Dec. 31: 1991 1990 1991 1990
 Standard Machinery
 Sales $341.4 $380.1 $1,363.2 $1,444.7
 Operating income excluding
 charge for restructure
 of operations 30.2 36.9 86.8 143.5
 Restructure of opers. -- -- (16.7) --
 Operating income from
 operations 30.2 36.9 70.1 143.5
 and as a percent of sales 8.8 9.7 5.1 9.9
 Engineered Equipment
 Sales 171.3 154.2 575.7 510.6
 Operating income excluding
 restructure of opers. 22.1 21.7 55.7 47.0
 Restructure of opers. -- -- -- --
 Operating income from
 operations 22.1 21.7 55.7 47.0
 and as a percent
 of sales 12.9 14.1 9.7 9.2
 Bearings, Locks and Tools
 Sales 421.2 432.7 1,647.3 1,782.5
 Operating income excluding
 income for restructure
 of operations 58.4 44.0 155.3 197.2
 Restructure of opers. -- -- 23.8 --
 Operating income from
 operations 58.4 44.0 179.1 197.2
 and as a percent
 of sales 13.9 10.2 10.9 11.1
 Total
 Sales 933.9 967.0 3,586.2 3,737.8
 Operating income excluding
 income for restructure
 of operations 110.7 102.6 297.8 387.7
 Restructure of opers. -- -- 7.1 --
 Operating income from
 operations 110.7 102.6 304.9 387.7
 and as a percent
 of sales 11.9 10.6 8.5 10.4
 Unallocated corporate
 expense (10.2) (10.0) (31.4) (30.3)
 Consolidated operating
 income 100.5 92.6 273.5 357.4
 -0- 1/22/92
 /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 -- NY021 -- 2182 01/22/92 10:30 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1992
Words:1194
Previous Article:HOUGHTON MIFFLIN REPORTS RECORD 1991 SALES AND EARNINGS
Next Article:CARNIVAL CRUISE LINES POSTS RECORD CRUISE EARNINGS AND REVENUES FOR 1991 AND INCREASES DIVIDEND; WRITES DOWN CRYSTAL PALACE
Topics:


Related Articles
INGERSOLL-RAND REPORTS IMPROVED OPERATIONS FOR FIRST QUARTER
INGERSOLL-RAND REPORTS THIRD QUARTER RESULTS
INGERSOLL-RAND REPORTS IMPROVEMENT IN FOURTH QUARTER RESULTS BEFORE RESTRUCTURING CHARGE AND ACCOUNTING CHANGES
INGERSOLL-RAND REPORTS A 20 PERCENT IMPROVEMENT IN FIRST-QUARTER RESULTS
DRESSER INDUSTRIES, INC. REPORTS STRONGER THIRD QUARTER RESULTS
GELMAN SCIENCES REPORTS RECORD SALES AND EARNINGS FOR FISCAL YEAR ENDED JULY 31
INGERSOLL-RAND REPORTS A 38-PERCENT INCREASE IN NET EARNINGS FOR THE QUARTER
INGERSOLL-RAND REPORTS 40-PERCENT GAIN IN NET EARNINGS FOR THE QUARTER OF 1995
Ingersoll-Rand to Report Record Second-Quarter Earnings of 85 Cents Per Share
Halliburton to Sell Two Joint Ventures, Announces Earnings Outlook.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters