Ingersoll-Rand plc, based in Swords, Ireland, reported net earnings of $88.0 million in the first quarter of 2013.
Ingersoll-Rand heating, air-conditioning, ventilation, and refrigeration (HVAC/R) brands include:
* American Standard Heating and Air Conditioning
* Ingersoll-Rand Industrial Refrigeration
Ingersoll-Rand plc 1Q 2013 net earnings included $95.2 million from continuing operations and $7.2 million in costs from discontinued operations. 1Q 2012 net earnings were $95.6 million.
"We anticipate a continued macro-economic environment of low revenue growth throughout 2013," said Michael W. Lamach, chairman and CEO. "With that backdrop, we will continue to drive our operational excellence initiatives to improve margin, execute the planned new security company spinoff and make progress against our core initiatives."
Revenue declined 1%, to $3,112 million, from $3,151 million in 1Q 2012. Total U.S. revenues were up 1% compared to 2012, and revenues from international operations decreased by 4%.
Climate Solutions. The company's Climate Solutions business--which includes Trane as well as Thermo King, offering transport temperature control solutions, reported 1Q 2013 revenues of $1,616 million, down 3% from 1Q 2012. Bookings declined by 1% year-over-year.
Total commercial HVAC revenues were down slightly , year-over-year. A low-single-digit percentage decline in equipment revenues were offset by stronger revenues in parts and service.
Residential Solutions. Residential Solutions includes the Trane brands as well as the Schlage brand of electronic locks. 1Q 2013 revenues were $464 million, up 10% from 1Q 2012. 1Q 2013 results included about $18 million of revenues from a product line transferred from the Security Technologies segment. Excluding the product line transfer, 1Q 2013 revenues were up 6% on a comparable basis from 1Q 2012. First-quarter 2013 bookings increased by a low-single-digit percentage on a comparable basis with 2012.
Total residential security revenues were up by a low-single-digit percentage on a comparable basis with 2012 as a result of improved sales to the new builder markets in the United States. Residential HVAC revenues increased by a mid-single-digit percentage compared to 1Q 2012.
Based on expected 2013 market activity, the company reaffirmed its outlook for the year. Revenues for full-year 2013 are expected to be in the range of $14.2 billion to $14.6 billion.
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