Ingersoll-Rand plc (NYSE: IR), Swords, Ireland, reported sales for the first quarter were $3.0 billion, an increase of 1 percent compared with the 2009 first quarter. Orders increased by 10 percent. Profit for the diversified industrial manufacturer was $1.4 million, compared to a year ago loss of $26.7 million.
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\”The significant increase in orders we saw in the first quarter and our growing backlog gives us confidence that we will achieve the revenue and earnings guidance we established for 2010,\” said Michael W. Lamach, president and CEO. \”We are seeing initial signs of improvement in several of our key markets including transport and stationary refrigeration, industrial, Club Car and the North American residential HVAC and security businesses.\”
Excluding currency impact, sales were down 1 percent. Sales in the U.S. also declined 1 percent, while international operations reported an increase in sales of about 4 percent.
