Posted February 12, 2010
Ingersoll-Rand reports 10% revenue decline
Ingersoll-Rand plc reported Q4 revenues decreased 10% to $3.3 billion, compared with $3.6 billion for the 2008 fourth quarter.
Operating income was $222.7 million compared with a loss of $3.5 billion for the fourth quarter of 2008. Full-year 2009 net revenues were $13.1 billion, a slight decline compared with reported net revenues of $13.2 billion in 2008. Operating income for 2009 totaled $841.6 million compared with a loss in 2008, due to a fourth-quarter asset impairment charge of $3.7 billion.
Total fourth quarter revenues in the Industrial Technologies segment of $591 million decreased by approximately 12%. Revenues in the Americas decreased by 20% compared with last year due to declines in major industrial, process and fluid handling end markets.
“While we continue to see challenges in some of our major end markets, we’re also beginning to see improvement in markets that lead the recovery," said Michael Lamach, president and CEO.
