Ingersoll Rand: Second-quarter earnings up, net debt down from 2010, balance sheet looks good

By Andrea Heisinger

New York, July 21 - Ingersoll Rand plc announced in a second-quarter earnings call on Thursday that its revenue was up and balance sheet in check, according to comments by chairman, president and chief executive officer Michael Lamach.

There was 12% revenue growth for the quarter compared to 2010, totaling $3.9 billion, and cash generation is on track for the year, Lamach said. The company reported earnings per share of 88 cents, an increase of 24% from the prior period in 2010.

He added later that Ingersoll's balance sheet "remains in good shape" and in early June the company began buying shares under a repurchase program.

The second quarter saw 1.3 million shares bought, and there is anticipation of 18 million to 20 million shares being purchased by year-end, Lamach said.

There was net debt of $2.375 billion at quarter end, down from $2.76 billion in the first quarter and $3.06 billion in the second quarter of 2010, he said.

Cash flow generated was $356 million in the second quarter - well ahead of last year, Lamach said.

"We continue to target available cash flow of $1.1 billion for the year," he said.

The diversified industrial company is based in Swords, Ireland.

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