Ingersoll Sees Profit at Low End of Forecasts

Ingersoll-Rand Co., said it expects third-quarter earnings at the low end of its previous forecast due to slow sales and orders in September. The company, whose products range from Bobcat construction vehicles and Schlage residential locks, had forecast earnings of 44 cents to 55 cents a share. The outlook excludes one-time charges for a restructuring program, but includes a tax benefit of 8 cents a share.

Analysts were expecting a profit of 46 cents.

The company, which had 2000 revenue of $8.6 billion, said sales fell 10% and orders fell 15% in the last three weeks of September from a year earlier. July and August revenue, excluding those from its Dresser-Rand unit, declined about 4%.

Ingersoll-Rand, based in Woodcliff Lake, N.J., said its safety and security sector was the strongest performer during the third quarter, with revenue off only slightly from a year earlier.

For 2001, Ingersoll-Rand forecast earnings of $2 to $2.25 a share before charges. Analysts’ estimates range from $1.85 to $2.40, with an average of $2.13, First Call said.

Ingersoll-Rand shares fell 50 cents to $35.92 on the Big Board.