Bermuda-based Ingersoll-Rand Company Ltd., diversified industrial manufacturer, reported fourth quarter sales of $3.67 billion, an increase of 58% over fourth quarter 2007. Excluding the impact of currency, sales declined 8% for the quarter. The company reported a net loss of $3.29 billion, compared to profit of $2.52 billion in fourth quarter 2007.
Full-year 2008 sales were $13.23 billion, a 51% increase over 2007. A net loss of $2.62 billion was recorded for the year.
The company accelerated previously announced restructuring plans to streamline its manufacturing footprint and general and administrative costs. About $71 million of the estimated $110 million in costs associated with these actions were incurred in the fourth quarter.