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INGERSOLL-RAND REPORTS THIRD QUARTER RESULTS

 INGERSOLL-RAND REPORTS THIRD QUARTER RESULTS
 WOODCLIFF LAKE, N.J., Oct. 21 /PRNewswire/ -- Ingersoll-Rand Company


(NYSE: IR), a New Jersey-based manufacturing company, today reported an improvement in net earnings for the 1992 third quarter compared to the same quarter of 1991.
 Sale for the quarter were $904 million, compared to $866 million reported in last year's third quarter. Operating income, before a $10 million restructure of operations charge, totalled $57.5 million, which was $5.2 million lower than the amount reported for the third quarter last year.
 The restructure of operations charge relates to the company's decision to realign its aerospace bearings business given the depressed conditions in the industry and to recognize the costs associated with such a decision.
 The company also reported an improvement in the quarterly comparison of "other income" resulting from the sale of a minority interest in one of its partially-owned equity companies for a pretax gain of $15 million. This gain was partially offset by an $8 million charge related to the settlement of a retained liability associated with another joint venture which was in excess of previously established reserves.
 Net earnings in the third quarter were $35.9 million, or 35 cents per share versus $34.7 million, or 33 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 nine months of the year, the company posted net earnings of $100.8 million, or 97 cents per share, on sales of $2.7 billion. This compares to last year's nine-month net income of $95.9 million, or 92 cents per share, on slightly lower sales. The results for the first three quarters of 1991 included a $7.1 million operating income benefit from a restructure of operations, which was recorded in the first quarter of last year.
 Sales of the Standard Machinery Segment in the third quarter of 1992 were approximately 6 percent over the same period of 1991. However, an unstable European economy and resulting price pressure caused a slight decline in the segment's operating income for the quarter.
 The Engineered Equipment Segment reported a 7 percent reduction in sales for the third quarter compared to the amount reported for the three months ended Sept. 30, 1991. Operating income for the period was $4.3 million lower than 1991s third quarter. The cyclical nature of the businesses served by the Process Systems Group caused the deterioration in the segment's operating performance in the quarter.
 Sale in the Bearings, Locks and Tools Segment totalled $429.8 million, an improvement over the $400.8 million reported for the third quarter of 1991. Operating income, before the third quarter restructure of operations charge, totalled $44.5 million and reflected a slight improvement over the amount reported for the third quarter of 1991. The $10 million restructure of operations charge relates to costs associated with the company's decision to realign its aerospace bearings business.
 The company's portion of income from the Dresser-Rand joint venture was $15.3 million on a pretax basis for the quarter, compared to $13.9 million recorded in last year's third quarter.
 Theodore H. Black, chairman and chief executive officer of the company, noted "Incoming order for the third quarter of 1992 totalled $891 million, which is approximately 8 percent higher than the 1991 third-quarter total of $829 million. The improvement in incoming orders was broad based, with virtually all groups reporting favorable quarterly comparisons."
 INGERSOLL-RAND COMPANY
 Consolidated Income Statement
 (In thousands, except per share figures)
 Three months ended Sept. 30 1992 1991
 Net sales $904,000 $865,500
 Operating income before restructure 57,500 62,700
 Restructure of operations (charge) benefit (10,000) ---
 Operating income after restructure 47,500 62,700
 Other income/(expense) 8,300 (8,400)
 Interest expense 15,100 13,600
 Dresser-Rand income 15,300 13,900
 Earnings before taxes 56,000 54,600
 Provision for income taxes 20,100 19,900
 Net earnings 35,900 34,700
 Net earnings per common share $.35 $.33
 Average number of common shares 104,400 103,700
 INGERSOLL-RAND COMPANY
 Consolidated Income Statement
 (In thousands, except per share figures)
 Nine months ended Sept. 30 1992 1991
 Net sales $2,692,200 $2,652,300
 Operating income before restructure 174,800 165,800
 Restructure of operations (charge) benefit (10,000) 7,100
 Operating income after restructure 164,800 172,900
 Other income/(expense) 1,400 (8,500)
 Interest expense 40,500 46,400
 Dresser-Rand income 31,800 33,000
 Earnings before taxes 157,500 151,000
 Provision for income taxes 56,700 55,100
 Net earnings 100,800 95,900
 Net earnings per common share $.97 $.92
 Average number of common shares 104,300 103,600
 INGERSOLL-RAND COMPANY
 Business Segment Review
 Third Quarter and Nine Months
 (In millions of dollars, except percentages)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Standard machinery
 Sales $349.7 $330.7 $1,033.7 $1,021.8
 Operating income before
 restructure 14.0 14.5 59.5 56.6
 Restructure of operations
 (charge) benefit --- --- --- (16.7)
 Operating income after restructure 14.0 14.5 59.5 56.6
 and as a percent of sales 4.0 4.4 5.8 3.9
 Engineered Equipment
 Sales $124.5 $134.0 $364.0 $404.4
 Operating income before
 restructure 6.9 11.2 20.1 33.6
 Restructure of operations
 (charge) benefit --- --- --- ---
 Operating income after restructure 6.9 11.2 20.1 33.6
 and as a percent of sales 5.5 8.4 5.5 8.3
 Bearings, Locks and Tools
 Sales $429.8 $400.8 $1,294.5 $1,226.1
 Operating income before
 restructure 44.5 44.0 117.5 96.9
 Restructure of operations
 (charge) benefit (10.0) --- (10.0) 23.8
 Operating income after restructure 34.5 44.0 107.5 120.7
 and as a percent of sales 8.0 11.0 8.3 9.8
 Total
 Sales $904.0 $865.5 $2,692.2 $2,652.3
 Operating income before
 restructure 65.4 69.7 197.1 187.1
 Restructure of operations
 (charge) benefit (10.0) --- (10.0) 7.1
 Operating income after restructure 55.4 69.7 187.1 194.2
 and as a percent of sales 6.1 8.1 6.9 7.3
 Unallocated corporate expense (7.9) (7.0) (22.3) (21.3)
 Consolidated operating income $47.5 $62.7 $164.8 $172.9
 -0- 10/21/92
 /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


PS-HD -- NY025 -- 2767 10/21/92 10:14 EDT
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Date:Oct 21, 1992
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