July 31 (Reuters) - Air compressor maker Ingersoll Rand ( IR )
raised its annual profit forecast on Thursday, betting on
resilient demand for its air compressors and other industrial
equipment.
The company now expects its full-year adjusted earnings per
share between $3.34 and $3.46 per share, up from its prior
forecast of $3.28 to $3.40 per share.
The company's industrial unit - which produces air
compressors, air treatment solutions, power tools and lifting
equipment - benefited from higher orders in the second quarter.
Peers in the industrial sector have also flagged similar
strength. Last week, Dover raised its annual profit
outlook, citing strong demand across aerospace, defense, and
data center markets.
Ingersoll Rand ( IR ) reported an adjusted second-quarter profit of
80 cents per share, in line with analysts' expectations,
according to LSEG data.
Revenue rose 4.6% at $1.88 billion in the quarter ended June
30, beating estimates of $1.84 billion.