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Ingersoll-Rand raises 2019 EPS guidance

Ingersoll-Rand PLC raised its full-year 2019 EPS outlook as the company reported a year-over-year increase in second-quarter net revenues and EPS.

The company now expects 2019 EPS of $6.40, up from earlier guidance of $6.35. "We continue to see strong [heating, ventilation and air conditioning markets] globally with 2019 shaping up largely as we anticipated when we gave guidance at the beginning of the year," Chairman and CEO Michael Lamach said in a statement. "This gives us confidence to increase our fiscal 2019 adjusted continuing EPS guidance."

In the quarter ended June 30, 2019, the company booked net earnings attributable to Ingersoll-Rand of $456.1 million, or $1.86 per share, compared to $448.1 million, or $1.79 per share, in the year-earlier period.

Ingersoll-Rand reported net revenues of $4.53 billion in the second quarter, up from $4.36 billion in the year-ago period.