Ingersoll-Rand HVAC Segments Show Quarterly Gains
Jul 30, 2013
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The Climate Solutions segment of Ingersoll-Rand plc (Swords, Ireland), which includes global HVAC maker Trane, reported second quarter 2013 revenues of $2,058 million, 5% higher than the second quarter of 2012. Bookings were up 4%.
Trane provides heating, ventilation and air-conditioning systems. The Climate Solutions segment also includes transport temperature control provider Thermo King.
Commercial HVAC revenues in 2Q 2013 were up slightly in the Americas and increased by a low-teens percentage in Europe and in Asia. 2Q 2013 HVAC bookings showed a slight increase from 2Q 2012.
Ingersoll-Rand's Residential Solutions includes the Trane brand, providing HVAC equipment, and Schlage brand security equipment.
Residential Solutions reported 2Q 2013 revenues of $713 million, up 9% from 2Q 2012.
Residential HVAC revenues increased by a mid-single digit percentage compared to 2Q 2012 with volume gains in all major product categories.
2Q 2013 segment operating margin was 11.2%, up from 7.9% in 2Q 2012.
Other Ingersoll-Rand company segments include Industrial Technologies and Security Technologies.
Ingersoll-Rand plc overall reported 2Q 2013 net earnings of $317.2 million, compared to net earnings of $365.8 million in 2Q 2012. Revenues in 2Q 2013 were $3.9 billion, up 3% from 2Q 2012.
"We delivered revenue growth and earnings above our commitment in the second quarter with solid operational execution across the company," said Michael W. Lamach, chairman and chief executive officer. "At the same time, we completed critical milestones related to the security business spinoff and concluded a successful debt offering that improved our liquidity and reduced our future interest costs. The quarter demonstrated our continued ability to successfully navigate challenging market environments and deliver operating leverage while still making strategic investments to support the company's long-term growth strategy."
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