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Ingersoll-Rand adjusted 4Q results top Street

Ingersoll-Rand adjusted 4Q results top Street

Diversified industrial manufacturer Ingersoll-Rand Co. on Wednesday posted a loss in the fourth quarter on several one-time items, but adjusted results topped analyst expectations.
For the three months ended in December, the company lost $3.29 billion, or $10.27 per share, compared with a profit in the year-earlier period of $2.52 billion, or $9.06 per share.
The latest quarter included an asset impairment charge, restructuring costs and one-time acquisition costs totaling $3.4 billion. Excluding those, income from continuing operations was 53 cents per share.
Analysts polled by Thomson Reuters expected earnings per share of 28 cents.
Revenue in the fourth quarter rose 58 percent to $3.67 billion from $2.32 billion, largely on contributions from the recently acquired Trane business.
Analysts expected revenue of $3.75 billion.
For all of 2008, Ingersoll-Rand posted a loss of $2.62 billion, or $8.73 per share, compared with a profit of nearly $4 billion, or $13.43 per share, in 2007.
In premarket activity, shares of Ingersoll Rand rose $1.65, or 10.7 percent, to $17.06. The stock has ranged from $11.75 to $46.84 over the past year.