Ingersoll Rand quarterly profit beats Street's view

Ingersoll Rand Plc reported higher-than-expected second- quarter profit on Friday, helped by stronger sales and margins in its industrial segment, but the conglomerate said some markets were slowing and its shares dipped 3 percent.

The maker of Trane air conditioners, Schlage locks and Club Car golf carts recorded lower costs and interest expenses than in the year-ago period, which also included a large loss on the sale of its Hussmann refrigeration business.

Margins improved at its industrial and residential units, which also helped lift profits even though sales were down from a year ago. A tax benefit boosted both the quarterly numbers and the company's outlook above Wall Street expectations.

Ingersoll shares fell 3 percent to $40.22.

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- Posted: 2012-07-22 06:11:17

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