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Ingersoll-Rand plc (NYSE: IR), Swords, Ireland, reported sales for 2010 were $14.1 billion, up 7 percent compared to 2009. Profit increased 40 percent to $665.1 million.
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For the fourth quarter, sales were $3.7 billion, up 12 percent over the same period a year ago. Excluding the impact of currency exchange, sales increased 14 percent.
Fourth-quarter U.S. sales increased 13 percent. Revenues from international operations also increased 13 percent (15 percent excluding currency), primarily due to strong growth in Asia.
Climate Solutions revenues for the fourth quarter of 2010 were $2.1 billion, with operating income of $147 million. Total revenues for the fourth quarter increased 16 percent (16 percent excluding currency). Bookings increased 7 percent year-over-year primarily due to the commercial HVAC business.
Industrial Technologies fourth-quarter sales of $692 million increased 17 percent (19 percent excluding currency) compared with the fourth quarter of 2009. Bookings increased 22 percent year-over-year with substantial gains in the Americas and Asia.
Residential Solutions sales were $510 million, up 12 percent (up 14 percent excluding currency). Fourth-quarter bookings increased 22 percent year-over-year primarily due to substantial gains in the residential HVAC business.
Security Technologies fourth-quarter revenues of $448 million declined 1 percent (flat excluding currency) compared with the fourth quarter of 2009. Bookings were flat.
"The majority of Ingersoll Rand's major end-markets continued to recover in the fourth quarter of 2010, although some challenges remain, especially in the commercial building markets in North America and Europe," said Michael W. Lamach, president and CEO.