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Ingersoll Rand lowers annual revenue growth forecast
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Ingersoll Rand lowers annual revenue growth forecast
Nov 4, 2024 11:48 AM

Oct 31 (Reuters) - Ingersoll Rand ( IR ) trimmed its

full-year forecast for revenue growth on Thursday, after missing

third-quarter revenue estimates on sluggish demand for its air

compressors.

Inflation-driven higher material costs and persistent supply

chain constraints have battered the company's performance.

North Carolina-based Ingersoll now expects full-year

revenue growth between 5% and 7%, compared with its earlier

forecast range of 6% to 8%.

Third-quarter revenue of $1.86 billion, came below analysts'

average estimate of $1.87 billion, as per data compiled by LSEG.

The company also narrowed its annual adjusted profit

forecast to range between $3.28 and $3.34 per share, from a

range of $3.27 to $3.37 apiece earlier.

Quarterly adjusted profit of 84 cents per share was ahead of

estimates of 81 cents per share.

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