Ingersoll Rand Reports Strong Financial Performance with Revenue and Profit Growth, Strategic Acquisitions

Ingersoll Rand Inc. reported strong financial performance for the three and nine-month periods ending September 30, 2024, with notable increases in revenue, profitability, and strategic acquisitions.

For the three-month period, total revenues reached $1,861.0 million, a 7.0% increase from $1,738.9 million in the same period of 2023. Gross profit also rose to $815.0 million, up 10.2% from $739.3 million, resulting in a gross profit margin of 43.8%. Operating income increased to $356.3 million from $318.4 million, while net income grew to $223.4 million compared to $209.6 million in the prior year. Basic earnings per share improved to $0.55 from $0.51.

For the nine-month period, revenues totaled $5,336.4 million, reflecting a 5.6% increase from $5,054.7 million. Gross profit for this period was $2,354.6 million, up 12.1% from $2,101.0 million. Operating income rose to $921.3 million from $831.1 million, and net income increased to $614.4 million from $553.6 million. Basic earnings per share for the nine months were $1.51, up from $1.36.

The company’s strategic initiatives included several acquisitions aimed at enhancing its product offerings and market presence. Notable acquisitions during the nine-month period included Friulair S.r.l. for $143.3 million, Controlled Fluidics, LLC for $49.9 million, and a significant acquisition of Astronaut Topco, LP for $2,349.7 million, which focuses on biopharmaceutical and medical device markets. The total cash paid for acquisitions in the nine months was $2,759.1 million, significantly higher than $923.8 million in the same period of 2023.

Ingersoll Rand also divested three subsidiaries holding asbestos liabilities, resulting in a pre-tax loss of $58.8 million. This strategic move is expected to mitigate future liabilities associated with asbestos claims.

Financially, the company reported total assets of $18,206.2 million as of September 30, 2024, up from $15,563.5 million at the end of 2023. Total liabilities increased to $7,872.0 million, primarily due to a rise in long-term debt, which reached $4,782.5 million, up from $2,693.0 million. The company maintained a strong cash position with cash and cash equivalents of $1,376.9 million.

Overall, Ingersoll Rand's performance reflects robust growth driven by strategic acquisitions and operational efficiencies, positioning the company favorably for future growth.