Ingersoll-RandÃ¢â‚¬â„¢s four business units report revenue increases
October 23, 2003
HAMILTON, Bermuda - Ingersoll-RandÃ¢â‚¬â„¢s Security and Safety Sector saw its third quarter revenues increase by six percent to $417.4 million, with all four of the companyÃ¢â‚¬â„¢s different sectors reporting an increase in revenues.
Overall Ingersoll-Rand reported earnings of $154.6 million for the third quarter, a 73 percent increase when compared to earnings of $89.3 million for the third quarter of 2002.
The reason for the growth, said Herbert Henkel, chairman, president and chief executive officer of Ingersoll-Rand, are the strides the company has made over the past three years to enhance productivity, pursue new market opportunities and create innovative solutions for customers.
The company perhaps also saw revenues increase thanks to savings on taxes by incorporating the company here instead of in the United States. That move was made in late 2001.
On the Security and Safety Sector side of the business, Ingersoll-Rand said electronic access control product demand was strong in the third quarter, with revenue increasing 20 percent due to market demand. The companyÃ¢â‚¬â„¢s traditional hardware business, on the other hand, experienced a four percent revenue increase in both commercial and residential markets.