ingersoll-rand plc (IR) Key Developments
Ingersoll Rand Declares Quarterly Dividend Payable March 31, 2015
Feb 4 15
Ingersoll-Rand plc announced that its board of directors declared a quarterly dividend of 29 cents per ordinary share. The previous quarterly dividend was 25 cents per share. The dividend is payable March 31, 2015, to shareholders of record on March 13, 2015.
Ingersoll-Rand plc Appoints Myles Lee to Serve as an Independent Director and Member of the Board's Audit Committee and Finance Committee
Feb 3 15
On February 3, 2015, the Board of Directors of Ingersoll-Rand plc elected Myles Lee to serve as an independent director on the Company's Board, effective immediately. The Board also appointed Mr. Lee to serve as a member of the Board's Audit Committee and Finance Committee.
Ingersoll-Rand plc Appoints Myles Lee as Board Member
Feb 3 15
Ingersoll-Rand Plc appointed Myles Lee as a member of the Board, effective immediately. Lee is the former chief executive officer of CRH plc. He served as chief executive officer of CRH from 2009 until his retirement in 2013. Lee joined CRH in 1982 and was appointed general manager of finance in 1988. In 2003, he was appointed finance director and member of the board of directors. Lee will serve on the Finance and Audit Committees.
Ingersoll-Rand plc Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015
Jan 30 15
Ingersoll-Rand Plc reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. The company reported net earnings of $255.5 million or EPS of $0.95 for the fourth quarter of 2014. Fourth-quarter net earnings included $212.2 million, or EPS of $0.79, from continuing operations, as well as $43.3 million, or EPS of $0.16, from discontinued operations. This compares with net earnings of $47.7 million, or EPS of $0.16, for the 2013 fourth quarter. The company’s reported revenues increased 5% (up 7% excluding the impact of currency) to $3,241 million, compared with revenues of $3,099 million for the 2013 fourth quarter. Operating income was $346.3 million against $218.0 million a year ago. Earnings before income taxes were $288.1 million against $163.8 million a year ago. Earnings from continuing operations were $216.9 million against $83.1 million a year ago. Net earnings attributable to Ingersoll-Rand plc were $255.5 million or $0.95 diluted per share against $47.7 million or $0.16 diluted per share a year ago.
Full-year 2014 net revenues were $12,891 million, an increase of 4% when compared with reported net revenues of $12,351 million in 2013. Operating income for 2014 totaled $1,405 million compared with $1,105 million for 2013. Results for full-year 2014 included $13 million of restructuring costs. The prior year included $83 million of restructuring costs. The company reported full-year 2014 EPS of $3.40. EPS from continuing operations were $3.27 with $0.13 of EPS from discontinued operations. The EPS from continuing operations included $17 million of after-tax cost, or EPS of $(0.06), related to restructuring, and the redemption premium expense for early debt retirement. The prior year included $177 million of after-tax costs, or EPS of $(0.59), related to restructuring, the one-time charge from the spinoff of the security business and costs related to the early debt retirement. Before these items, 2014 adjusted EPS from continuing operations were $3.33 per share and 2013 EPS were $2.67. Earnings before income taxes were $1,209.4 million against $829.6 million a year ago. Earnings from continuing operations were $915.7 million against $640.6 million a year ago. Net earnings attributable to Ingersoll-Rand plc were $931.7 million or $3.40 diluted per share against $618.8 million or $2.07 diluted per share a year ago. Net cash from operating activities was $973.2 million against $1,091.5 million a year ago. Capital expenditures were $233.5 million against $242.2 million a year ago.
First-quarter 2015 organic revenues are expected to increase in the range of 5% to 6% compared with 2014 with reported revenues expected to increase 4% to 5%. Adjusted EPS from continuing operations for the first quarter of 2015 are expected to be in the range of $0.29 to $0.33 with reported EPS of $0.26 to $0.30. The first-quarter forecast reflects an ongoing tax rate of 25% for continuing operations and an average diluted share count of approximately 270 million shares.
Based on a forecast of slow-to-moderate growth in global industrial and construction markets for the year, the company expects organic revenues, which exclude currency and acquisitions, for full-year 2015 to increase in the range of 4% to 5% compared with 2014. Full–year reported revenues are also forecasted to increase in the range of 4% to 5% compared with 2014. Full-year adjusted EPS from continuing operations is expected to be in the range of $3.66 to $3.81, with full-year reported continuing EPS expected to be $3.60 to $3.75. The forecast includes an ongoing tax rate of approximately 25% for continuing operations and an average diluted share count for the full year of approximately 270 million shares. Free cash flow for full-year 2015 is expected to be in a range of $950 million to $1 billion.
Ingersoll Rand Introduces EcoWise Portfolio of Products for its Climate and Industrial Refrigerant-Bearing Products
Jan 29 15
Ingersoll Rand has introduced the EcoWise portfolio of products for its climate and industrial refrigerant-bearing products. These products are compatible with and can use next generation low GWP refrigerants, reduce environmental impact by lowering greenhouse gas (GHG) emissions, and maintain or improve safety and energy efficiency through innovative design. The first products to earn the EcoWise endorsement are: Trane Sintesis air-cooled chiller is energy efficient and quiet, and offers customers the choice of operating with a next generation, low GWP refrigerant – DuPont Opteon XP10 (R-513A) or with R-134a. Product will be available in North America and Latin America with next generation refrigerant option in June 2015. Trane Series E CenTraVac is a large-capacity chiller that uses the same low-pressure design on which current CenTraVac chillers were based, and uses a next generation, low GWP refrigerant, Honeywell Solstice zd (R-1233zd(E)). It is up to 10% more energy efficient than the next available centrifugal chiller available now, and is available in Europe, the Middle East and other 50hz markets including Japan. Thermo King truck and trailer refrigeration products sold in Europe and global marine refrigeration units are safe, reliable and efficient, and use DuPont Opteon XP44 (R-452A) refrigerant which has about 50% less GWP than current refrigerant. New SLXe trailer units with next generation refrigerant will be available in February 2015.