Despite revenue growth and earnings in four business segments, Ingersoll-Rand`s Chairman says the third quarter results were disappointing by the company standards.
Third-quarter revenues and net earnings from operations for 2006 increased compared with the third quarter of 2005.
"Despite double-digit revenue growth and solid earnings in four of our business segments, our overall third quarter results were disappointing," says Herbert L. Henkel, chairman, president and CEO. "While we continue to make progress against many of our long-term strategic priorities, our overall performance was unsatisfactory by our standards. We will take immediate corrective actions in the fourth quarter to deliver the type of results that we expect on a consistent basis. We will drive a sharper focus on cost control, including restructuring actions where warranted. We expect to realize the full benefit of these corrective measures in 2007."
Ingersoll-Rand`s revenues increased by approximately 6 percent to $2,766.0 million. Operating income of $357.7 million for the third quarter of 2006 increased by 5 percent compared with the third quarter of 2005.
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