Global HVAC company Ingersoll-Rand plc first-quarter 2014 net earnings of $79.0 million, compared to net earnings of $88.0 million, in the first quarter of 2013. Excluding restructuring costs, 1Q 2014 adjusted earnings per share (EPS) from continuing operations were up 32% from 1Q 2013.
Reported revenues were up 3% to $2,723 million, from $2,639 million in 1Q 2013. Total revenues in the United States were up 3%. Revenues from international operations also increased 3%, or 4% excluding currency adjustments.
Ingersoll-Rand's Climate business segment includes commercial/residential HVAC brands Trane and American Standard Heating and Air Conditioning as well as Thermo King transport temperature control solutions. The Climate segment had 1Q 2014 revenues of $2,040.8 million, up 4% from $1,958.7 million in 1Q 2013. Bookings were up 7% year-over-year.
Climate segment operating income in 1Q 2014 was $131.0 million, or 6.4% of net revenues, up from 1Q 2013's $71.5 million, or 4.7% of net revenues.
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