DAVIDSON — Power tools and air compressor manufacturer Ingersoll Rand Inc. (IR) on Wednesday reported third-quarter net income of $208.3 million.
The Davidson-based company said it had net income of 51 cents per share. Earnings, adjusted for one-time gains and costs, came to 77 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The maker of flow control and compression equipment posted revenue of $1.74 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.69 billion.
Ingersoll expects full-year earnings in the range of $2.81 to $2.89 per share.