DAVIDSON, N.C. (AP) — Ingersoll Rand Inc. (IR) on Monday reported fourth-quarter net income of $151.6 million.
The Davidson, North Carolina-based company said it had profit of 36 cents per share. Earnings, adjusted for non-recurring costs, came to 53 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The maker of flow control and compression equipment posted revenue of $1.51 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $1.47 billion.
For the year, the company reported a loss of $33.3 million, or 9 cents per share, swinging to a loss in the period. Revenue was reported as $4.91 billion.
Ingersoll shares have fallen almost 4% since the beginning of the year, while the Standard & Poor's 500 index has risen 3%. In the final minutes of trading on Monday, shares hit $43.77, a climb of 13% in the last 12 months.