Ingersoll-Rand PLC (NYSE:IR) stock was up on Wednesday following the release of a positive earnings report for the first quarter of the year.
Ingersoll-Rand PLC reported earnings per share of 70 cents for the first quarter of 2018. This is up from its earnings per share of 57 cents reported in the first quarter of 2017. It was also a boon to IR stock by beating out Wall Street’s earnings per share estimate of 62 cents for the period.
Net income reported by Ingersoll-Rand PLC for the first quarter of the year was $124.10 million. The Irish manufacturing company’s net income reported in the same period of the year prior was $121.10 million.
During the first quarter of 2018, Ingersoll-Rand PLC reported operating income of $243.40 million. This is an increase over the company’s operating income of $215.00 million reported for the same quarter of the previous year.
Ingersoll-Rand PLC’s revenue of $3.38 billion for the first quarter of the year was also good news for IR stock today. It’s an increase over IR’s revenue of $3.00 billion reported during the same time last year. It also comes in above analysts’ revenue estimate of $3.19 billion for the quarter.
Ingersoll-Rand PLC notes that it won’t be providing its guidance for the full year of 2018 until it releases its earnings report for the second quarter of the year. However, it did still provide some insight for investors. This includes saying that it expects earnings per share for the year to exceed the high end of its guidance range for 2018. Wall Street’s earnings per share estimate for 2018 is $5.19.
IR stock was up 5% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.