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IR · Ingersoll Rand

29 filings

10-Q

IR 10-Q Quarterly Reports

Ingersoll Rand - 29 quarterly reports

Filing record · 2017–202610-K910-Q298-K113

2026-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2026
Ingersoll Rand Inc. reported third-quarter 2026 revenues of $2,064.9 million, up from $1,955.0 million a year earlier, and net income attributable to Ingersoll Rand Inc. of $669.9 million, compared with $244.1 million in the prior-year quarter. The results were lifted by a $380.1 million recovery of acquisition-related losses, net, recorded in other operating expense (income), net, which relates to representations and warranties settlements tied to the ILC Dover transaction. Diluted EPS was $1.73 versus $0.61. Operating income rose to $782.5 million from $375.5 million, and the effective tax rate fell to 7.4% from 23.0%, partly reflecting a valuation allowance release and a nontaxable settlement. For the nine months, revenues were $5,960.9 million, up from $5,559.7 million, and net income attributable to the company was $1,118.8 million. Adjusted EBITDA was $584.4 million for the quarter, up from $544.6 million, and $1,573.4 million for the nine months, up from $1,513.7 million. Net cash provided by operating activities for the nine months was $1,143.4 million, and free cash flow was $1,055.6 million. Both figures include $187.5 million of representations and warranties settlement collections and $42.6 million of IEEPA tariff refunds. Management stated that these developments have not had a material impact on results to date. The balance sheet shows cash of $1,342.7 million and total debt of $4,736.5 million, with $700.2 million classified as current because the 5.197% notes due June 2027 were reclassified. The company had $2,600.0 million of unused revolver availability and reported compliance with its covenants. Treasury stock purchases were $689.1 million in the nine months. In a subsequent event on October 29, 2026, the Board authorized a $2.0 billion increase to the share repurchase program, on top of $312.6 million remaining under the existing authorization.
Oct 30, 2026
2026-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2026
Ingersoll Rand Inc. reported second-quarter 2026 revenues of $2,048.8 million, up from $1,887.9 million in the prior-year quarter, with the filing attributing the increase primarily to higher organic revenues of $77.5 million, acquisitions of $53.4 million, and favorable foreign currency of $30.0 million. Operating income rose to $380.3 million from $76.4 million, and net income attributable to Ingersoll Rand was $256.8 million, compared with a net loss of $115.3 million a year earlier. The prior-year period included goodwill and intangible impairments and a $120.9 million equity method investment loss that did not recur, so the year-over-year comparison is distorted. Adjusted EBITDA was $519.9 million, and the company reported Free Cash Flow of $268.9 million for the quarter. For the six months ended June 30, 2026, revenues were $3,896.0 million and net income attributable to Ingersoll Rand was $448.9 million. Cash from operations was $495.6 million and Free Cash Flow was $432.3 million, both roughly flat with the prior year. The company repurchased $338.8 million of treasury stock during the six-month period, and cash and cash equivalents ended the period at $1,173.5 million. Total debt was $4,768.5 million, with $699.8 million classified as current because the 5.197% Senior Notes due June 2027 move into the current portion. Subsequent to quarter-end, the company settled with insurers for an additional $162.5 million related to the ILC Dover transaction, which will be recorded in the third quarter. The company also recorded a $25.0 million recovery from the same matter in the second quarter, and $10.3 million of IEEPA tariff refunds in cost of sales. Management notes that tariff developments have not had a material impact to date but could be material in the future.
Jul 31, 2026
2026-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2026
Ingersoll Rand Inc. reported first-quarter 2026 revenues of $1,847.2 million, up from $1,716.8 million in the same period of 2025, with the filing attributing the increase primarily to favorable foreign currency impact of $72.4 million and acquisitions of $63.9 million, partially offset by lower organic revenues of $5.9 million. Net income attributable to Ingersoll Rand Inc. rose to $192.1 million from $186.5 million, and diluted earnings per share were $0.49 compared with $0.46. Gross profit margin fell to 42.9% from 44.6%, which management attributed to unfavorable cost leverage on lower organic revenues, unfavorable product mix, and tariff-related pricing. Adjusted EBITDA increased to $469.1 million from $459.7 million, although its margin declined to 25.4% from 26.8%. Cash generation weakened in the quarter. Operating cash flow was $199.7 million versus $256.4 million a year earlier, and Free Cash Flow was $163.4 million versus $222.7 million, driven by higher working capital use and tax payments. The company repurchased $89.5 million of treasury stock during the quarter. Cash and cash equivalents were $1,274.4 million at March 31, 2026, against total debt of $4,778.8 million, and the company reported $2,600.0 million of unused availability under its Revolving Credit Facility and Commercial Paper Program. Segment results diverged. Industrial Technologies and Services revenues grew 6.8% to $1,444.5 million, but its Segment Adjusted EBITDA declined 0.9% to $385.5 million as margin fell 210 basis points to 26.7%. Precision and Science Technologies revenues rose 10.4% to $402.7 million and Segment Adjusted EBITDA rose 14.8% to $121.9 million. The company also completed the acquisition of Scinomix, Inc. for $46.7 million cash consideration in January 2026, and management noted that tariffs have not had a material impact to date but could be material in the future.
Apr 29, 2026
2025-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2025
Ingersoll Rand Inc. reported third-quarter 2025 revenues of $1,955.0 million, up from $1,861.0 million a year earlier, with net income attributable to Ingersoll Rand Inc. of $244.1 million versus $221.6 million. Growth was driven primarily by acquisitions of $88.3 million and higher pricing of $49.4 million, partially offset by lower organic volumes of $73.7 million. Diluted EPS was $0.61 compared with $0.54. Adjusted EBITDA rose to $544.6 million from $532.7 million, though its margin declined to 27.9% from 28.6%, which management attributed to unfavorable cost leverage on lower organic volumes and tariff-related pricing. Nine-month results were weaker, reflecting non-cash impairments recorded in the second quarter of 2025. The company recognized goodwill impairments of $229.7 million, a $36.1 million impairment of an indefinite-lived tradename, and a $127.1 million loss on equity method investments tied to its HPS stake. Net income attributable to Ingersoll Rand Inc. fell to $315.3 million from $608.8 million, and nine-month operating income declined to $754.4 million from $921.3 million. Nine-month cash flow from operations was $856.7 million, and free cash flow was $758.6 million. Balance sheet capacity remains substantial. Cash and cash equivalents stood at $1,176.6 million, total debt at $4,788.1 million, and $2,600.0 million was available under the Revolving Credit Facility. Acquisitions consumed $459.8 million of cash in the nine months, including TMIC/Adicomp for $193.7 million. The company also bought $703.3 million of treasury stock during the period, and $2,201.5 million of treasury stock now sits on the balance sheet.
Oct 31, 2025
2025-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2025
Ingersoll Rand Inc. reported a net loss attributable to the company of $115.3 million for the three months ended June 30, 2025, compared with net income of $185.0 million a year earlier, as revenue rose to $1,887.9 million from $1,805.3 million. The decline was driven mainly by non-cash impairments: $229.7 million of goodwill and $36.1 million of other intangible assets in the Precision and Science Technologies segment, plus a $120.9 million impairment of its equity method investment in the legacy High Pressure Solutions business. For the six months ended June 30, 2025, revenue was $3,604.7 million and net income attributable to the company was $71.2 million, versus $387.2 million in the prior-year period. Adjusted EBITDA rose to $509.4 million for the quarter and $969.1 million for the six months, while Free Cash Flow was $433.1 million for the six months, up from $382.4 million. Acquisitions contributed $116.4 million to second-quarter revenue, offset by lower organic volumes of $94.7 million and higher pricing of $33.1 million. Interest expense increased to $62.7 million for the quarter from $50.8 million, reflecting debt raised to fund the ILC Dover acquisition. Cash and cash equivalents were $1,310.6 million at June 30, 2025, and the company had $2,600.0 million of unused availability under its Revolving Credit Facility and Commercial Paper Program. Management stated that the goodwill and intangible impairments were partly driven by higher discount rates and reduced forecasts for the Biopharma and Aerospace & Defense reporting units. After the quarter end, on July 1, 2025, the company completed the acquisition of Termomeccanica Industrial Compressors S.p.A. and Adicomp S.p.A. for approximately €160 million. The company also repurchased $510.2 million of treasury stock in the six-month period, and its board increased the share repurchase authorization by $1.0 billion on May 1, 2025.
Jul 31, 2025
2025-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2025
Ingersoll Rand Inc. reported first-quarter 2025 revenues of $1,716.8 million, up from $1,670.1 million in the prior-year quarter, with the filing attributing the increase primarily to acquisitions of $139.5 million and higher pricing of $23.8 million, partially offset by lower organic volumes of $88.9 million and unfavorable foreign currency impact of $27.7 million. Operating income rose to $302.5 million from $293.2 million, but net income attributable to Ingersoll Rand Inc. declined to $186.5 million from $202.2 million, mainly due to higher interest expense of $61.2 million versus $36.8 million, which the filing ties to debt issued to fund the ILC Dover acquisition. Diluted EPS was $0.46 versus $0.50. Cash generation improved meaningfully. Net cash provided by operating activities was $256.4 million compared with $161.6 million, and free cash flow, a non-GAAP measure defined by the company as operating cash flow less capital expenditures, was $222.7 million versus $99.3 million. Adjusted EBITDA was essentially flat at $459.7 million, and the company's Segment Adjusted EBITDA margin declined in both segments. Cash and cash equivalents were $1,612.8 million at March 31, 2025, and the company reported $2,600.0 million of unused availability under its Revolving Credit Facility and Commercial Paper Program. Management noted that U.S. tariff policy and reciprocal trade measures have not had a material impact to date but could be material in the future. The filing also discloses a subsequent event: on May 1, 2025, the Board authorized a $1.0 billion increase to the share repurchase program, incremental to the $993.0 million remaining under the existing authorization.
May 2, 2025
2024-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2024
Ingersoll Rand Inc. reported third-quarter 2024 revenues of $1,861.0 million, up from $1,738.9 million a year earlier, and net income attributable to Ingersoll Rand Inc. of $221.6 million versus $208.3 million. Diluted EPS was $0.54 compared with $0.51. The filing attributes the revenue increase primarily to acquisitions of $155.1 million and higher pricing of $32.3 million, partially offset by lower organic volumes of $73.2 million. Operating income rose to $356.3 million from $318.4 million, and Adjusted EBITDA increased to $532.7 million from $461.5 million, with Adjusted EBITDA margin of 28.6% versus 26.5%. The balance sheet changed materially during the first nine months of 2024, driven by the June 3, 2024 acquisition of ILC Dover for initial cash consideration of $2,349.7 million. Total debt rose to $4,785.4 million at September 30, 2024 from $2,723.6 million at December 31, 2023, following the issuance of $3,300.0 million of senior notes in May 2024. Goodwill increased to $8,206.2 million and other intangible assets to $4,445.8 million. Cash and cash equivalents declined to $1,376.9 million. Net cash used in investing activities was $2,872.8 million, reflecting $2,759.1 million in net cash paid for acquisitions. Other notable items include a $58.8 million pre-tax loss (or $51.2 million after tax) from the June 2024 divestiture of three subsidiaries holding asbestos liabilities, and free cash flow of $756.7 million for the nine months versus $720.2 million a year earlier. The company also reported a $2,600.0 million unused New Revolving Credit Facility and a commercial paper program established in August 2024. Subsequent to quarter-end, on October 1, 2024, the company completed the acquisition of Air Power Systems Co., LLC for an upfront cash price of $112 million.
Nov 1, 2024
2024-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2024
Ingersoll Rand Inc. reported second-quarter 2024 revenues of $1,805.3 million, up from $1,686.5 million a year earlier, with net income of $186.5 million compared with $180.8 million and diluted earnings per share of $0.45 versus $0.44. Growth was driven mainly by acquisitions of $117.0 million and higher pricing of $42.3 million, partially offset by lower organic volumes of $26.1 million. Operating income was roughly flat at $271.8 million versus $272.4 million, as a $58.8 million pre-tax loss on the sale of asbestos-related subsidiaries and higher acquisition-related expenses were recorded in other operating expense, net, which rose to $88.2 million. Adjusted EBITDA increased to $494.6 million from $424.7 million, and the company reported Adjusted EBITDA margin of 27.4% versus 25.2% in the prior-year quarter. The balance sheet changed substantially during the period. On June 3, 2024, the company completed the acquisition of ILC Dover for initial cash consideration of $2,360.2 million, funded in part by $3,300.0 million of new senior notes issued May 10, 2024. Total debt rose to $4,755.4 million from $2,723.6 million at year-end 2023, while cash and cash equivalents fell to $1,062.5 million from $1,595.5 million. Goodwill increased to $8,217.1 million and other intangible assets to $4,478.2 million. The company also entered a new $2,600.0 million unsecured revolving credit facility, of which none was drawn at June 30, 2024. Free cash flow for the six months was $382.4 million, compared with $351.5 million a year earlier, and the company repurchased treasury stock of $135.5 million in the period. Management stated it was in compliance with all debt covenants at June 30, 2024. Investors will likely focus on the integration of ILC Dover, the higher debt load and its interest cost, and whether organic volume weakness persists.
Aug 2, 2024
2024-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2024
Ingersoll Rand Inc. reported first-quarter 2024 revenues of $1,670.1 million, up from $1,629.3 million a year earlier, with the filing attributing the increase primarily to acquisitions of $55.7 million and higher pricing of $48.3 million, partially offset by lower organic volumes of $60.9 million. Gross profit rose to $746.3 million from $664.2 million, and gross margin expanded to 44.7% from 40.8%. Operating income increased to $293.2 million from $240.3 million, and net income attributable to Ingersoll Rand Inc. was $202.2 million, or $0.50 per diluted share, compared with $161.1 million, or $0.39, in the prior-year quarter. Adjusted EBITDA rose to $458.5 million from $400.1 million, and the Adjusted EBITDA margin was 27.5% versus 24.6%. Cash flow was weaker. Operating cash flow was $161.6 million versus $170.3 million, and free cash flow fell to $99.3 million from $147.9 million, reflecting higher capital expenditures of $62.3 million versus $22.4 million. Cash and cash equivalents ended the quarter at $1,452.3 million, and total debt was $2,718.3 million. The company repurchased $72.9 million of treasury stock during the quarter. Management stated it believes operating cash flow and revolver availability of $2,000.0 million will be sufficient for the foreseeable future. The most significant pending event is the March 25, 2024 agreement to acquire ILC Dover from New Mountain Capital, LLC for an upfront all-cash price of approximately $2.325 billion plus contingent consideration of up to $75.0 million, expected to close in the second quarter of 2024. In a subsequent event, the board authorized a $1.0 billion increase to the share repurchase program on April 25, 2024, incremental to the $750 million authorization remaining.
May 3, 2024
2023-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2023
Ingersoll Rand Inc. reported strong third-quarter 2023 results in its Form 10-Q. Revenues for the three months ended September 30, 2023 were $1,738.9 million, up from $1,515.7 million, and net income attributable to Ingersoll Rand Inc. was $208.3 million, compared with $145.1 million a year earlier. For the nine months, revenues reached $5,054.7 million and net income attributable to the company was $548.9 million. Management attributed the revenue increase mainly to higher pricing, acquisitions and organic volume. Adjusted EBITDA rose to $461.5 million for the quarter, with the margin expanding to 26.5% of revenues. Free cash flow from continuing operations for the nine months was $720.2 million, compared with $449.5 million in the prior-year period. The company made several significant acquisitions in 2023, most notably SPX FLOW's Air Treatment business for $519.0 million and Howden Roots LLC for $291.9 million, both within the Industrial Technologies and Services segment. Cash paid in acquisitions totaled $923.8 million for the nine months. To fund this activity, Ingersoll Rand issued $1,500.0 million of senior notes in August 2023 and used the proceeds to repay part of its senior secured term loan. The company ended the quarter with $1,197.5 million of cash and cash equivalents, total debt of $2,733.2 million, and $2,000.0 million of unused revolving credit availability. Interest expense rose sharply to $39.6 million in the quarter from $26.6 million, reflecting higher weighted-average interest rates. The company also disclosed a cybersecurity incident detected on April 27, 2023, which it said is not expected to have a material impact on its business, and it repurchased $133.3 million of treasury stock in the nine months.
Nov 3, 2023
2023-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2023
Ingersoll Rand Inc. reported strong second-quarter 2023 results, with revenues of $1,686.5 million, up $246.6 million or 17.1% from $1,439.9 million a year earlier, and net income of $180.8 million versus $139.3 million. For the six months, revenues were $3,315.8 million (up 19.4%) and net income was $344.0 million versus $243.8 million. Growth was driven mainly by higher pricing ($108.5 million in the quarter), acquisitions and higher organic volumes, partially offset by unfavorable foreign currency effects. Adjusted EBITDA rose to $424.7 million, or 25.2% of revenues, for the quarter, and free cash flow for the six months was $351.5 million. Balance sheet and capital activity was significant over the period. The company spent $615.8 million on acquisitions in the first six months, including the Air Treatment business from SPX FLOW for $519.0 million, and cash and cash equivalents declined to $1,178.1 million from $1,613.0 million at year-end 2022. Total debt was $2,729.8 million at June 30, 2023, and the company amended its Revolving Credit Facility to $2,000.0 million with a maturity extended to April 21, 2028. The company also repurchased $132.8 million of treasury stock in the first six months and had $373.0 million remaining under its share repurchase authorization at June 30, 2023. In a subsequent development, the company agreed on June 12, 2023 to acquire Howden Roots LLC for approximately $300 million, with closing expected in the third quarter of 2023. The filing also discloses a cybersecurity incident detected on April 27, 2023, which management does not expect to have a material impact on the business, results of operations or financial condition. Asbestos and silica-related litigation reserves totaled $133.0 million at June 30, 2023, and the company reported no material changes to its risk factors since its 2022 Form 10-K.
Aug 4, 2023
2023-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2023
Ingersoll Rand Inc. reported first-quarter 2023 revenues of $1,629.3 million, up from $1,337.0 million a year earlier, with operating income of $240.3 million versus $157.0 million and net income attributable to Ingersoll Rand Inc. of $161.1 million versus $103.7 million. Gross profit rose to $664.2 million, and the filing attributes the revenue increase primarily to higher pricing of $135.9 million, higher organic volumes of $136.3 million and acquisitions of $77.0 million, partially offset by unfavorable foreign currency of $56.9 million. Adjusted EBITDA increased to $400.1 million from $303.6 million, and Free Cash Flow was $147.9 million compared with $32.2 million. The quarter included significant acquisition activity, most notably the January 3, 2023 purchase of SPX FLOW's Air Treatment business for $519.0 million in cash, plus the Paragon Tank Truck Equipment acquisition for $42.3 million. Net cash paid in acquisitions was $566.4 million, and cash and cash equivalents fell to $1,119.3 million from $1,613.0 million at year-end 2022. Total debt was $2,742.7 million at March 31, 2023, and the company was in compliance with all covenants. After the quarter end, on April 21, 2023, the company entered into Amendment No. 9 to its Credit Agreement, extending the revolving credit maturity to April 21, 2028 and increasing commitments from $1,100.0 million to $2,000.0 million. The filing also disclosed a cybersecurity incident detected on April 27, 2023 that disrupted several information technology systems; the company stated it does not expect a material impact but could not yet determine the full extent of any impact.
May 5, 2023
2022-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2022
Ingersoll Rand Inc. reported third-quarter 2022 revenues of $1,515.7 million, up from $1,325.0 million in the prior-year quarter, with operating income of $190.0 million versus $163.9 million and net income attributable to Ingersoll Rand Inc. of $145.1 million versus $126.0 million. For the nine months ended September 30, 2022, revenues were $4,292.6 million (compared with $3,733.6 million), net income attributable to the company was $387.3 million (compared with $269.5 million), and cash provided by operating activities from continuing operations was $510.6 million (compared with $380.9 million). The filing attributes the revenue growth mainly to higher pricing, higher organic volumes and acquisitions, partially offset by unfavorable foreign currency effects. Adjusted EBITDA for the quarter was $376.1 million, and Free Cash Flow from continuing operations was $449.5 million for the nine months. The balance sheet shows cash and cash equivalents of $1,459.5 million at September 30, 2022, down from $2,109.6 million at December 31, 2021, reflecting the repayment of the Euro Term Loan of €589.1 million on June 30, 2022 and $257.8 million of treasury stock purchases over the nine months. Total debt was $2,752.9 million, and the company had $1,100.0 million of unused availability under its Revolving Credit Facility. Accumulated other comprehensive loss widened to $474.0 million, driven primarily by foreign currency translation adjustments of $(448.8) million for the nine months. Subsequent to quarter end, the company agreed to or completed several acquisitions, including Dosatron International for a base price of $90 million, SPX FLOW's Air Treatment business for approximately $525 million, and Everest Blowers for an upfront price of approximately $72 million.
Nov 4, 2022
2022-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2022
Ingersoll Rand Inc. reported second-quarter 2022 revenues of $1,439.9 million, up from $1,279.1 million in the prior-year quarter, with operating income of $197.4 million versus $140.1 million. Net income attributable to Ingersoll Rand Inc. was $138.5 million for the quarter, compared with $233.9 million a year earlier, a decline driven mainly by lower income from discontinued operations (the prior-year quarter included a gain on the Club Car sale) and a higher tax provision of $41.9 million. For the six months, revenues were $2,776.9 million and net income attributable to the company was $242.2 million. Adjusted EBITDA rose to $334.9 million for the quarter from $292.1 million, and Free Cash Flow from continuing operations was $164.7 million. The balance sheet shows meaningful deleveraging. Cash and cash equivalents fell to $1,309.2 million from $2,109.6 million at December 31, 2021, largely because the company repaid the Euro Term Loan (€589.1 million) on June 30, 2022, and made treasury stock purchases of $253.7 million for the six months. Total debt was $2,757.3 million at June 30, 2022, versus $3,440.6 million at year-end 2021. The company had $1,100.0 million of unused availability under its Revolving Credit Facility and stated it was in compliance with all covenants. Management cited pricing, organic volume and acquisitions as the primary revenue drivers, partly offset by unfavorable foreign currency effects of $68.6 million in the quarter. Cost inflation and product mix reduced Adjusted EBITDA by $64.6 million in the quarter. The filing also notes a Risk Factors update highlighting material cash balances in China, and that the company had limited physical operations and sales in Russia and Ukraine with no material adverse impact to date.
Aug 5, 2022
2022-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2022
Ingersoll Rand Inc. reported first-quarter 2022 revenues of $1,337.0 million, up $207.5 million, or 18.4%, from $1,129.5 million a year earlier. The increase reflected higher organic volumes of $90.1 million, acquisitions of $77.3 million and higher pricing of $66.4 million, partly offset by unfavorable foreign currency impacts of $26.3 million. Gross profit rose to $526.1 million, though gross margin declined to 39.3% from 40.0%. Operating income increased to $157.0 million from $121.3 million. Net income attributable to the company was $103.7 million, compared with a net loss of $90.4 million in the prior-year period, which included a loss from discontinued operations. Adjusted EBITDA increased to $303.6 million from $244.0 million, and diluted earnings per share were $0.25 versus a loss of $0.21. Cash generation weakened in the quarter. Cash flow from operating activities from continuing operations was $50.1 million, down from $87.5 million, and free cash flow fell to $32.2 million from $73.2 million, which management attributed to higher inventories and receivables. Cash and cash equivalents were $1,990.2 million at March 31, 2022, and total debt was $3,415.7 million. During the quarter the company repurchased $101.1 million of treasury stock and paid $8.2 million in dividends. Orders grew 24.0% in Industrial Technologies and Services to $1,292.8 million and 30.6% in Precision and Science Technologies to $337.1 million. The filing also covers the completed sale of Specialty Vehicle Technologies (Club Car) and High Pressure Solutions, whose results are presented as discontinued operations. It notes that the company remains in compliance with its debt covenants, and that a April 1, 2022 amendment to its credit agreement replaced LIBOR with SOFR as the benchmark rate. The company also updated its international operations risk factor to highlight material cash balances in China.
May 6, 2022
2021-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2021
Ingersoll Rand Inc. reported third-quarter 2021 revenues of $1,325.0 million, up from $1,112.5 million a year earlier, with net income attributable to Ingersoll Rand Inc. of $126.0 million versus $29.5 million. For the nine months ended September 30, 2021, revenues were $3,733.6 million and net income attributable to the company was $269.5 million, compared with a net loss of $184.9 million in the prior-year period. Adjusted EBITDA for the nine months was $849.8 million, and Free Cash Flow from continuing operations was $339.7 million. The nine-month results were shaped by the sales of Club Car (Specialty Vehicle Technologies), which generated a pre-tax gain of $252.8 million, and High Pressure Solutions, which carried a pre-tax loss of $211.7 million, both presented as discontinued operations. Balance sheet and capital allocation activity was significant in the period. Cash and cash equivalents rose to $2,033.0 million at September 30, 2021, while total debt declined to $3,462.3 million from $3,899.5 million at year-end 2020, following a $396.0 million prepayment of the Dollar Term Loan Series A. The company repurchased 14,894,317 shares from KKR in August 2021 and bought back $736.5 million of treasury stock in the nine months, under a newly approved $750.0 million repurchase program. Acquisitions totaled $809.3 million in net cash paid in the nine months, including Seepex GmbH ($481.5 million) and Maximus Solutions ($110.5 million), with further acquisitions and an agreement to buy Tuthill Pumps for $84.6 million announced after quarter-end. Operating momentum was strong, with Industrial Technologies and Services orders of $1,231.3 million in the third quarter, up 36.5%, and Precision and Science Technologies orders of $266.3 million, up 37.0%. Management noted continuing supply chain challenges and inflationary cost pressures, which it is addressing through price increases and supplier coordination. The company also disclosed a litigation reserve of $125.0 million for asbestos and silica-related matters at September 30, 2021.
Nov 5, 2021
2021-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2021
Ingersoll Rand Inc. reported second-quarter 2021 revenues of $1,279.1 million, up from $1,025.4 million a year earlier, with operating income of $140.1 million versus an operating loss of $45.0 million in the prior-year quarter. Net income attributable to Ingersoll Rand Inc. was $233.9 million for the quarter, compared with a net loss of $177.6 million in the second quarter of 2020, driven largely by gains on the sale of Specialty Vehicle Technologies (Club Car) and results from discontinued operations. For the six months, revenues were $2,408.6 million and net income attributable to the company was $143.5 million, with the six-month figures reflecting a $211.7 million pre-tax loss on the sale of High Pressure Solutions. The company's balance sheet strengthened significantly, with cash and cash equivalents rising to $3,669.9 million at June 30, 2021 from $1,750.9 million at December 31, 2020, while total debt was $3,864.0 million. Adjusted EBITDA was $292.1 million for the quarter and $536.1 million for the six months, and Free Cash Flow from continuing operations was $208.9 million for the six months. Subsequent to quarter end, the company completed the acquisition of Maximus Solutions on July 30, 2021 for approximately C$135.4 million, and it had agreed to acquire Seepex GmbH for €431.5 million, expected to close in the third quarter of 2021. The filing also notes that Industrial Technologies and Services orders in the second quarter were $1,204.0 million, up 52.8% over the prior-year quarter, and Precision and Science Technologies orders were $255.2 million, up 26.8%. Management described the COVID-19 pandemic as still creating uncertainty, although demand accelerated in the first half of 2021.
Jul 30, 2021
2021-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2021
Ingersoll Rand Inc. reported first-quarter 2021 revenues of $1,369.8 million, up from $703.5 million a year earlier, driven primarily by the acquisition of Ingersoll Rand Industrial completed on February 29, 2020. Gross profit rose to $515.4 million (37.6% of revenues versus 30.9%), and operating income was $149.7 million compared with an operating loss of $76.1 million. The company reported a net loss attributable to Ingersoll Rand Inc. of $90.4 million, driven by a $203.3 million loss on disposal group tied to the High Pressure Solutions business, which is now presented as discontinued operations. Income from continuing operations was $111.6 million. Adjusted EBITDA increased to $292.8 million from $125.9 million, and free cash flow was $107.6 million versus $30.4 million. The company closed the sale of a 55% majority interest in High Pressure Solutions to American Industrial Partners on April 1, 2021, receiving $300.0 million in cash and retaining a 45% common equity interest. On April 12, 2021, it agreed to sell its Specialty Vehicle Technologies (Club Car) business to Platinum Equity Advisors, LLC for an aggregate purchase price of $1.68 billion, with closing expected by the third quarter of 2021. As of March 31, 2021, cash and cash equivalents were $1,639.6 million, total debt was $3,863.8 million, and the company had $994.6 million of unused revolver availability. Orders were strong across segments, with Industrial Technologies and Services orders of $1,042.4 million, up 83.7%, and Precision and Science Technologies orders of $258.2 million, up 97.4%. The filing notes that the COVID-19 pandemic continues to create uncertainty, though management believes first-quarter order strength partly reflects deferred demand from 2020.
Apr 30, 2021
2020-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2020
Ingersoll Rand Inc. (formerly Gardner Denver Holdings, Inc.) reported third-quarter 2020 revenues of $1,335.2 million, up from $596.7 million a year earlier, driven primarily by the February 29, 2020 acquisition of Ingersoll Rand Industrial. Third-quarter net income attributable to Ingersoll Rand Inc. was $29.5 million, versus $41.3 million in the prior-year quarter, and Adjusted EBITDA rose to $284.2 million from $141.8 million, though Adjusted EBITDA margin fell to 21.3% from 23.8%. For the nine months, the company posted a net loss attributable to Ingersoll Rand Inc. of $184.9 million, reflecting $42.3 million of acquisition-related costs, restructuring charges of $84.4 million, and amortization of intangible assets of $284.0 million. The balance sheet expanded substantially: total assets rose to $15,610.5 million from $4,628.4 million at December 31, 2019, goodwill to $6,205.7 million, and total debt to $3,877.3 million. Cash and cash equivalents were $1,313.3 million at September 30, 2020. Nine-month operating cash flow was $502.5 million and Free Cash Flow was $469.0 million. The company describes the COVID-19 pandemic as having reduced demand, particularly in the High Pressure Solutions segment, which had third-quarter revenue of $31.7 million versus $100.0 million a year earlier. Management's 2020 Plan targets approximately $350.0 million of total restructuring-related expenses through 2022 and approximately $250.0 million of annualized cost synergies by the end of 2022. The company also recorded a $19.9 million impairment of two tradenames in the Industrial Technologies and Services segment and reported that it was in compliance with all debt covenants as of September 30, 2020.
Nov 3, 2020
2020-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2020
Ingersoll Rand Inc. (formerly Gardner Denver Holdings, Inc.) reported a second quarter 2020 net loss attributable to Ingersoll Rand Inc. of $177.6 million, or $(0.43) per diluted share, on revenues of $1,264.4 million, compared with net income of $44.9 million, or $0.21 per diluted share, on revenues of $629.1 million in the same period of 2019. Results reflect the February 29, 2020 acquisition of Ingersoll Rand Industrial, which contributed $826.5 million of revenue and a net loss of $36.4 million in the quarter. Operating loss was $52.2 million, compared with operating income of $74.6 million a year earlier, driven by amortization of intangibles of $114.6 million, other operating expense of $49.9 million (including $30.6 million of restructuring charges), and purchase accounting inventory adjustments. Adjusted EBITDA rose to $241.2 million from $146.3 million, although its margin fell to 19.1% from 23.3%. The filing attributes the pandemic's effect to lower volumes in Industrial Technologies and Services and High Pressure Solutions, the latter also hit by lower oil prices. Balance sheet and liquidity changed substantially. Total assets rose to $15,433.3 million from $4,628.4 million, goodwill to $6,055.1 million, and total debt to $3,856.5 million from $1,611.4 million. Cash and cash equivalents were $1,173.6 million, and the company reported $1,014.7 million of unused availability under its Revolving Credit Facility, which was increased to $1,100.0 million in June 2020. Operating cash flow for the six months was $315.8 million, and free cash flow was $290.4 million. The company initiated a restructuring program targeting approximately $350.0 million of total expenses through 2022 and about $250.0 million of annualized cost synergies by the end of 2022. Management stated that the company was in compliance with all debt covenants as of June 30, 2020.
Aug 4, 2020
2020-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2020
Ingersoll Rand Inc. filed this Form 10-Q for the quarter ended March 31, 2020, on a delayed basis under SEC COVID-19 relief, citing the complexity of its first periodic report after completing its merger with the Industrial business of Ingersoll-Rand PLC on February 29, 2020. The Company, formerly Gardner Denver Holdings, Inc., reported first-quarter revenues of $799.9 million, up from $620.3 million, with the increase driven mainly by acquisitions, including $294.9 million from Ingersoll Rand Industrial. However, the company posted an operating loss of $66.8 million and a net loss of $36.8 million, compared with net income of $47.1 million a year earlier. The results were weighed down by $100.7 million of other operating expense, net, including $41.6 million of restructuring charges and $55.0 million of acquisition-related expenses and non-cash charges. The balance sheet changed substantially with the merger: total assets rose to $15,358.3 million from $4,628.4 million, goodwill to $5,503.4 million, and long-term debt to $3,427.1 million from $1,603.8 million, following a $1,900.0 million Dollar Term Loan B. Adjusted EBITDA was $147.8 million, or 18.5% of revenues, versus $139.0 million a year earlier, and free cash flow was $60.1 million. Management stated it was in compliance with all debt covenants and expects its cash flow and revolver availability to provide sufficient liquidity, while noting that COVID-19 has limited near-term visibility, particularly in the High Pressure Solutions segment, where orders fell 25.8%. The company launched a 2020 restructuring program targeting about $350.0 million of total expenses and roughly $250.0 million of annualized cost synergies by the end of 2022, and it expects about $100.0 million of stand-up costs related to the acquisition.
May 15, 2020
2019-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2019
Gardner Denver Holdings, Inc. (now Ingersoll Rand Inc.) reported third-quarter 2019 revenues of $596.7 million, down from $689.3 million a year earlier, with net income of $41.3 million versus $72.2 million. For the nine months ended September 30, 2019, revenues were $1,846.1 million, a decrease of $131.0 million, or 6.6%, and net income was $133.4 million versus $174.9 million. The decline was driven mainly by lower revenue from upstream energy-exposed markets, which fell $85.9 million in the quarter, along with unfavorable foreign currency effects. Adjusted EBITDA fell to $142.2 million in the quarter from $182.2 million, and operating income declined to $72.9 million from $117.7 million. Other operating expense rose to $22.9 million, reflecting acquisition-related expenses and non-cash charges tied to the pending Ingersoll Rand transaction. The pending Merger with Ingersoll-Rand plc's Industrial business is a central item in the filing. Under the April 30, 2019 agreement, Ingersoll Rand will receive $1.9 billion in cash funded by newly issued debt assumed by the Company, and existing Ingersoll Rand shareholders will receive 50.1% of the combined company on a fully diluted basis. The Merger is expected to close in early 2020, subject to stockholder and regulatory approvals, and the Company may owe a termination fee of approximately $176 million in certain circumstances. Liquidity was stronger at period end, with cash and cash equivalents of $406.4 million, total debt of $1,601.5 million, and free cash flow of $210.5 million for the nine months, down from $266.2 million. The Company also refinanced its revolving credit facility into a $450.0 million facility maturing in June 2024, and the CFO, Neil Snyder, agreed to a transition agreement with a termination date no later than December 13, 2019.
Oct 30, 2019
2019-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2019
Gardner Denver Holdings, Inc. reported second-quarter 2019 revenues of $629.1 million, down from $668.2 million a year earlier, with net income of $44.9 million versus $60.3 million. Revenue weakness was driven mainly by lower sales from upstream energy-exposed markets, which the filing cites as a $42.7 million reduction in the quarter, and by unfavorable foreign currency effects of $18.8 million. Operating income fell to $74.6 million from $101.4 million, reflected in higher other operating expense of $25.3 million, which included $17.1 million of acquisition-related expenses and non-cash charges tied to the pending Ingersoll Rand transaction. Adjusted EBITDA declined to $147.6 million from $161.6 million. The company's Energy segment was the main drag: revenues fell 18.4% to $222.8 million and Segment Adjusted EBITDA fell 29.4% to $56.3 million, while Energy orders dropped 31.8% to $207.1 million. Industrials revenue rose 1.7% to $334.3 million and Medical rose 8.4% to $72.0 million. Liquidity remained solid, with cash of $317.5 million and total debt of $1,631.5 million at June 30, 2019, and the company refinanced its revolver into a $450.0 million facility maturing in 2024, with a planned increase to $1.0 billion upon merger closing. The pending Reverse Morris Trust merger with Ingersoll-Rand plc's Industrial segment, expected to close in early 2020, is the dominant strategic event. Ingersoll Rand will receive $1.9 billion in cash funded by new debt, and existing Ingersoll Rand shareholders will receive 50.1% of the combined company on a fully diluted basis. The filing notes a potential termination fee of approximately $176 million under certain circumstances.
Aug 2, 2019
2019-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2019
Gardner Denver Holdings, Inc. reported first-quarter 2019 revenues of $620.3 million, essentially flat versus $619.6 million a year earlier, as higher volume outside upstream energy markets and acquisitions (contributing $44.2 million) and improved pricing ($9.1 million) offset lower upstream energy revenue ($27.4 million) and a $25.2 million unfavorable currency impact. Net income rose to $47.1 million ($0.23 diluted EPS) from $42.4 million ($0.20), driven mainly by lower interest expense ($22.4 million versus $26.0 million) and a lower tax provision (20.3% effective rate versus 35.6%), while operating income fell to $80.2 million from $89.8 million. Adjusted EBITDA declined to $140.1 million from $148.2 million, and the Energy segment was the weakest performer, with segment revenues down 3.8% and segment Adjusted EBITDA down 11.8%. Cash generation was stronger, with operating cash flow of $68.8 million and free cash flow of $54.7 million, up from $50.1 million. Total debt was reduced to $1,630.2 million from $1,672.1 million, including a $25.0 million voluntary repayment on the dollar term loan in March 2019. The company also disclosed a Lender waiver of a receivables financing covenant (days' sales outstanding) as of March 31, 2019. The most significant development is the April 30, 2019 definitive agreement with Ingersoll-Rand plc to combine Ingersoll Rand's Industrial business with the company through a Reverse Morris Trust transaction. Ingersoll Rand will receive $1.9 billion in cash funded by new debt assumed by the company, existing Ingersoll Rand shareholders will own 50.1% of the combined company on a fully diluted basis, and closing is expected by early 2020, subject to stockholder and regulatory approvals. A termination fee of approximately $176 million may be payable under certain circumstances.
Apr 30, 2019
2018-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2018
Gardner Denver Holdings, Inc. reported third-quarter 2018 revenues of $689.3 million, up from $649.6 million in the prior-year quarter, with net income of $72.2 million (diluted EPS of $0.35) versus $28.0 million ($0.13) a year earlier. For the nine months ended September 30, 2018, revenues were $1,977.1 million, up from $1,710.4 million, and net income was $174.9 million compared with a net loss of $125.1 million in the prior-year period, which had included $166.0 million of stock-based compensation tied to the May 2017 initial public offering. Adjusted EBITDA rose to $182.2 million for the quarter and $492.1 million for the nine months, with the filing attributing the increase to higher volume including acquisitions, improved pricing, and upstream energy demand. Cash generation strengthened materially. Operating cash flow for the nine months was $298.3 million versus $83.9 million a year earlier, producing free cash flow of $266.2 million. The company used cash to repay $262.4 million of long-term debt, reducing total debt to $1,755.3 million from $2,040.2 million at December 31, 2017. Cash fell to $269.0 million at quarter-end. On August 1, 2018, the Board authorized a $250.0 million share repurchase program through July 31, 2020; 223,911 shares were repurchased in September 2018 at $24.86 per share, leaving about $244.4 million available. Management cited continued strength in upstream energy markets, with U.S. land rig count rising to 1,034 in September 2018, and orders grew 6.5% in Industrials, 3.8% in Energy and 20.3% in Medical in the third quarter. The filing also discloses ongoing asbestos and silica-related lawsuits, with a litigation reserve of $98.3 million and an insurance recovery receivable of $95.9 million, and it notes that the company has not completed its accounting for certain Tax Act effects under SAB 118.
Oct 29, 2018
2018-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2018
Gardner Denver Holdings, Inc. reported second-quarter 2018 revenues of $668.2 million, up from $579.1 million a year earlier, and net income of $60.3 million compared with a net loss of $146.3 million in the second quarter of 2017. The prior-year loss was driven largely by $156.2 million of stock-based compensation and a $50.4 million loss on debt extinguishment tied to the May 2017 IPO and related transactions. Operating income for the quarter was $101.4 million versus an operating loss of $101.6 million in 2017. Adjusted EBITDA rose to $161.6 million (24.2% of revenues) from $132.1 million. For the six months ended June 30, 2018, revenues were $1,287.7 million, up from $1,060.8 million, and net income was $102.7 million. Growth was led by the Energy segment, where upstream energy-exposed revenues rose $79.8 million in the six-month period, and by acquisitions including Runtech Systems Oy. Segment Adjusted EBITDA for Energy reached $147.6 million for the six months, with a margin of 28.6%. Operating cash flow was $194.5 million and free cash flow was $173.6 million for the six-month period, compared with $20.0 million and negative $6.8 million a year earlier. Debt declined to $1,911.4 million at June 30, 2018 from $2,040.2 million at December 31, 2017, after $110.5 million of principal payments, including a $100.0 million voluntary prepayment of the Dollar Term Loan in June 2018. The company also authorized a $250 million share repurchase program on August 1, 2018, and it is no longer a controlled company after KKR's May 2018 secondary offering.
Aug 3, 2018
2018-Q1
Ingersoll Rand Quarterly Report for Q1 Ended Mar 31, 2018
Gardner Denver Holdings, Inc. reported first-quarter 2018 revenues of $619.6 million, an increase of $137.9 million, or 28.6%, from $481.7 million a year earlier. Operating income rose to $89.8 million from $36.8 million, and net income attributable to the company was $42.4 million, compared with a net loss of $7.1 million in the prior-year quarter. The filing attributes the revenue growth mainly to higher revenues from upstream energy exposed markets in the Energy segment, higher volume in Industrials including acquisitions, favorable foreign currency effects, and improved pricing. Adjusted EBITDA increased $56.1 million to $148.2 million, and the Adjusted EBITDA margin rose to 23.9% from 19.1%. The Energy segment was the main driver of profitability, with segment revenues of $242.2 million (up 35.8%) and segment Adjusted EBITDA of $68.0 million (up 76.6%), at a 28.1% margin. Industrials segment revenues were $316.9 million and Medical segment revenues were $60.5 million. Interest expense fell to $26.0 million from $45.9 million, reflecting debt repaid with IPO proceeds. Operating cash flow was $60.2 million and free cash flow was $50.1 million, compared with a use of $2.6 million and negative free cash flow of $19.0 million a year earlier. Total debt was $2,055.1 million at March 31, 2018, against cash of $353.8 million. The quarter included the February 2018 acquisition of Runtech Systems Oy for $94.9 million net of cash acquired, and a $69.0 million benefit and $89.6 million benefit recognized in 2017 related to the Tax Act, with a $7.9 million additional Transition Tax charge in the quarter that raised the effective tax rate by 12.0%. The company states it was in compliance with all debt covenants.
Apr 27, 2018
2017-Q3
Ingersoll Rand Quarterly Report for Q3 Ended Sep 30, 2017
Gardner Denver Holdings, Inc. reported third-quarter 2017 revenues of $649.6 million, up $187.0 million, or 40.4%, from $462.6 million a year earlier, with net income of $28.0 million versus a net loss of $13.0 million. Growth was driven mainly by upstream energy-exposed markets, which contributed $126.1 million of the increase. Segment Adjusted EBITDA rose to $178.5 million from $94.2 million, and consolidated Adjusted EBITDA reached $164.7 million versus $89.0 million. For the nine months, revenues were $1,710.4 million and the company posted a net loss of $125.1 million, driven largely by one-time costs tied to its May 2017 initial public offering, including $166.0 million of stock-based compensation and $84.5 million of loss on extinguishment of debt. The IPO was a major balance sheet event. The company sold 47,495,000 shares at $20.00 per share, netting approximately $897.7 million, which was used to redeem its $575.0 million Senior Notes and repay $276.8 million of term loan borrowings. Total debt fell to $2,028.0 million at September 30, 2017 from $2,778.3 million at December 31, 2016, and cash rose to $303.0 million. Stockholders' equity increased to $1,271.8 million from $271.8 million at year-end 2016. In August 2017, the company also refinanced its term loans, extending maturities to July 2024. Operating working capital increased $92.5 million to $704.2 million, and operating cash flow for the nine months fell to $83.9 million from $106.8 million, leaving free cash flow of $47.5 million. Management described Industrials and Energy orders as growing sharply in the quarter, and the company said it expects to remain in compliance with its debt covenants. Asbestos and silica litigation remains an ongoing item, with a litigation reserve of $102.8 million recorded.
Oct 27, 2017
2017-Q2
Ingersoll Rand Quarterly Report for Q2 Ended Jun 30, 2017
Gardner Denver Holdings, Inc. reported a sharp swing to a larger net loss for the three months ended June 30, 2017, driven mainly by one-time costs tied to its May 2017 initial public offering. Revenues rose to $579.1 million from $462.0 million, and the filing attributes the increase primarily to higher revenues from upstream energy exposed markets. Gross profit increased to $215.9 million, but operating loss was $(101.6) million versus operating income of $26.0 million a year earlier, as other operating expense reached $161.4 million, including $156.2 million of stock-based compensation recognized in connection with the offering. Net loss was $(146.3) million, compared with $(4.1) million in the prior-year quarter. Adjusted EBITDA rose to $132.1 million from $86.6 million, and Energy segment revenues nearly doubled to $239.5 million. For the six months ended June 30, 2017, revenues were $1,060.8 million versus $899.0 million, and net loss attributable to the company was $(153.3) million. Operating cash flow fell to $20.0 million from $69.0 million, and free cash flow was negative $(6.8) million compared with $43.0 million in the prior-year period. The IPO generated net proceeds of approximately $897.7 million, which were used to redeem all $575.0 million of 6.875% senior notes, repay $276.8 million of the U.S. dollar term loan, and pay related fees. Total debt declined to $1,982.5 million at June 30, 2017 from $2,778.3 million at December 31, 2016, and cash and cash equivalents were $245.7 million. The company remains controlled by affiliates of Kohlberg Kravis Roberts & Co. L.P. and reported that it was in compliance with all debt covenants. Management stated that it believes cash flow from operations, together with availability under the Revolving Credit Facility and the Receivables Financing Agreement, will provide sufficient liquidity for the foreseeable future. The filing also notes ongoing asbestos and silica-related litigation, with a total litigation reserve of $104.3 million, and a pending insurance coverage action in which the company prevailed on the first phase.
Aug 4, 2017