Ingersoll-Rand Co. said Wednesday it fell to a loss in the first quarter but the diversified industrial manufacturer topped Wall Street's expectations, due in part to cost cutting.
The Bermuda-based company reported a loss of $26.7 million, or 8 cents per share, compared with a profit in the year-earlier period of $181.6 million, or 66 cents per share.
In the latest quarter, the company recorded a loss from continuing operations of 6 cents per share, or 4 cents per share excluding one-time restructuring costs.
Analysts polled by Thomson Reuters expected a loss of 12 cents per share. Analyst expectations typically exclude one-time items.
Revenue climbed to $2.93 billion from $2.16 billion, matching analyst expectations.
Ingersoll-Rand reduced its headcount by 2,700 and closed 34 facilities, including 12 factories and 14 warehouses. The restructuring is expected to generate $160 million of annual gross pretax savings in 2009 and about $200 million next year.
The company also reduced its full-year guidance, but it still exceeds Wall Street estimates.
Shares of Ingersoll-Rand advanced $1.21, or 7.2 percent, to $17.94 in premarket activity. The stock has ranged from $11.46 to $46.66 over the past year.
