Ingersoll-Rand business up 83%

News AED January 29, 2003
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Ingersoll-Rand Co

Ingersoll-Rand Co. reported an 83% boost in fourth-quarter net income, amid a 7.4% growth in revenue.

The company posted a net income of $183.3 million compared with $100.1 million last year. Excluding restructuring charges, earnings came to $202.9 million.

Ingersoll-Rand, which had fourth-quarter earnings of $93.4 million in 2001, said all four of its business sectors experienced revenue growth in fourth quarter 2002 compared to the following year. Activity in the company's industrial and construction markets, however, remain sluggish, and the recent order pattern doesn't indicate any quick, near-term improvement in most of its major North American markets and shows increasing weakness in Europe.

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