ENP Newswire -
Release date- 12022014 - Swords,
The company reported net earnings of
Fourth quarter 2012 net earnings included
Full-year 2013 net revenues were
The prior year included
The company reported full-year 2013 EPS of
The prior year included
'Our 2013 financial results demonstrate our consistent focus on delivering shareholder value and continuous improvement in our operating performance through the deliberate deployment of our business operating system,' said
Our recent 19 percent dividend increase and new share repurchase program continues our balanced capital allocation strategy focused on optimizing returns to shareholders. Our improving financial performance and solid financial strategy have created significant shareholder value and we have delivered a 378 percent total shareholder return since 2009 - almost triple the return of the S&P 500.'
Additional Highlights from the 2013 Fourth Quarter
Revenues: The company's reported revenues increased 6 percent to
Operating Margin: The fourth-quarter operating margin was 7 percent compared with 8.5 percent in 2012. Adjusted for restructuring and one-time charges, the operating margin for fourth-quarter 2013 was 8.5 percent, flat on a comparable basis with 2012. Increased volume and productivity savings were offset by inflation and an increase in investment spending.
Interest Expense and Other Income/Expense: Interest expense of
Taxes: Excluding restructuring and one-time items, the company had an effective tax rate of 11 percent for the fourth quarter of 2013. The comparable effective rate for the fourth quarter of 2012 was 15 percent.
Fourth-Quarter Business Review
[Note: The company realigned its reporting segments on
The Climate Segment delivers energy-efficient solutions globally and includes
On a year-over-year basis, total commercial HVAC revenues increased by a mid-single digit percentage with a mid-single digit percentage increase in equipment revenues and a high-single digit increase in revenues for parts, service and solutions. Commercial HVAC revenues increased by a mid-single digit percentage in the
Residential HVAC revenues increased by a mid-single digit percentage in the fourth quarter compared with 2012, with volume gains in all major product categories.
Fourth-quarter 2013 segment operating margin was 9 percent (excluding restructuring costs, adjusted operating margin was 10 percent). The adjusted margin improved by 0.6 percentage points on a comparable basis with 2012 due to higher volumes and productivity gains, partially offset by inflation.
The Industrial Segment delivers products and services that enhance energy efficiency, productivity and operations. It includes
Total revenues in the fourth quarter of 2013 were
Revenues for air compressors and industrial products were up slightly overall, with flat year-over-year comparisons in the
Club Car revenues increased a low-single digit percentage compared with the fourth quarter of 2012, with gains in both golf car and utility vehicle sales.
Fourth-quarter segment operating margin for
At the end of the fourth quarter, working capital was 2.1 percent of revenues, compared with 2.5 percent in 2012. Cash balances and total debt balances were
During the fourth quarter, the company repurchased approximately seven million shares for approximately
The company repurchased approximately 21 million shares for approximately
Spinoff of Commercial and Residential Security Businesses
Based on a forecast of slow-to-moderate growth in global industrial and construction markets for the year, the company expects revenues for full-year 2014 to increase in the range of 3 to 4 percent compared with 2013. Full-year adjusted EPS from continuing operations is expected to be in the range of
The forecast includes an ongoing tax rate of approximately 25 percent for continuing operations and an average diluted share count for the full year of approximately 275 million shares. Free cash flow for full-year 2014 is expected to approximate
First-quarter 2014 revenues are expected to increase in the range of 2 to 3 percent compared with 2013. Adjusted EPS from continuing operations for the first quarter of 2014 are expected to be in the range of
This news release includes 'forward-looking statements,' which are statements that are not historical facts, including statements that relate to the mix of and demand for our products, performance of the markets in which we operate, our share repurchase program including the amount of shares to be repurchased and timing of such repurchases, our projected 2014 first quarter and full-year financial performance and assumptions regarding our effective tax rate.
These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, our ability to fully realize the expected benefits of the completed spinoff and restructuring; global economic conditions, demand for our products and services and tax law changes.
Additional factors that could cause such differences can be found in our Form 10-K for the year ended
This news release also includes adjusted non-GAAP financial information which should be considered supplemental to, not a substitute for or superior to, the financial measure calculated in accordance with GAAP.
All amounts reported within the earnings release above related to net earnings (loss), earnings (loss) from continuing operations, earnings (loss) from discontinued operations, and per share amounts are attributed to
For more information, visit ingersollrand.com
Tel: (704) 655-5324
Tel: (704) 655-4721
Tel: (704) 655-5319
Most Popular Stories
- Herbalife Puts Off Meeting for Icahn Talks
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Senate Reaches Unemployment Benefits Deal
- Calumet Photo Files for Bankruptcy
- Navarro Celebrates 2 Years of Vida Mia
- Venezuela Death Toll Reaches 28
- Federal Gov't Deficit Continues to Decline
- Russia Holds Large Military Drills in South
- Ukraine Moves Closer to Joining E.U.
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna