Ingersoll Rand profits up, but notes ‘weakness’ in industrial markets

Ingersoll Rand reported an upturn in its latest financial report, covering the three months ended 30 June 2016.

Net revenue for Q2 reached $3.68 billion, up from $3.6 billion. Profit was up too, at $747.6 million from $78.9 million.

However, due to what Ingersoll Rand described as “continued weakness in the industrial markets”, the company saw a fall in the Industrial segment of the business – including power tools. Industrial revenues hit $753.4 million in Q2 – a 4% drop from $784.7 million, like-for-like with Q2 in the previous financial year.

The company said: “The primary driver of the decrease related to lower overall volumes in the majority of our businesses due to continued weakness in the industrial markets. Segment results were also negatively impacted by foreign currency exchange rate movements. However, the decline was partially offset by slight improvements in pricing within the majority of our businesses.”

 

 

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