Diversified industrial manufacturer Ingersoll-Rand Co. (IR:) said Wednesday that it swung to a first-quarter net loss of $26.7 million, or 8 cents a share, from a profit of $181.6 million, or 66 cents a share, a year earlier as it also cuts its dividend payout.
The group said revenue for the quarter rose 36% to $2.93 billion due to the inclusion of $1.4 billion of revenue from the acquisition of Trane. On a pro forma basis, revenue fell 24%. It added that, excluding discontinued operations and an $11 million restructuring charge, it would have lost 4 cents a share.
Analysts polled by FactSet had been expecting a loss of 14 cents a share. Earnings for 2009 from continuing operations are expected to be in the range of $1.40 to $1.90 a share. Ingersoll-Rand said it will cut its quarterly common dividend to 7 cents a share from 18 cents a share, effective from the September 2009 payment.
Disclosure I do not IR shares.
Ingersoll has had a ruff year.
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