Ingersoll-Rand posts loss

Ingersoll-Rand said its revenues of $3.1 billion in the first quarter of 2011 were up 13 percent compared with 2010.

The company reported a net loss of $77.6 million for the quarter. First-quarter net income included $121.0 million from continuing operations, as well as $198.6 million of after-tax loss from discontinued operations.

This compares with net earnings for the 2010 first quarter of $1.4 million.

"During the first quarter we made additional progress toward achieving our long-term revenue growth, operating margin and earnings objectives," said Michael W. Lamach, chairman, president and chief executive officer of Ingersoll Rand. "First-quarter revenues increased by 13 percent, and we leveraged these gains to improve operating income by 66 percent and to increase our operating margins by more than our 2 percentage point goal. We continued to build a culture in which our activities exceed customers' expectations and improve our efficiency."

The company announced its plans to divest the Hussmann North American refrigerated display case equipment business, as well as the equipment, service and installation businesses outside of North America.

The Industrial Technologies segment, which makes compressed air systems, tools, fluid power products, posted total revenues in the first quarter of $641 million, 18 percent higher than in the first quarter of 2010. Air and Productivity revenues increased 22 percent, with volume increases in all major geographic regions. Revenues in the Americas increased 23 percent compared with 2010, as industrial and commercial markets for both air compressors and tools continued to improve. Air and Productivity Solutions revenues outside the Americas increased approximately 21 percent (up 20 percent excluding currency) compared with 2010, from strong activity in Asia.

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