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Ingersoll Rand 8-K Report, Financial Results (Feb 13, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 13, 2025
Period End
February 13, 2025
Security
IR
In the record · 2017–202610-K910-Q298-K113

IR filed 9 annual reports (10-K), 29 quarterly reports (10-Q) and 113 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · Dec ’18Dec ’18
  2. Material agreement8-K · May ’21May ’21
  3. Material agreement8-K · Apr ’23Apr ’23
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed February 13, 2025. Cited figures are marked; the original filing is the authoritative source.

Ingersoll Rand Inc. (NYSE: IR) reported record results for the fourth quarter and full year ended December 31, 2024, according to a press release furnished as Exhibit 99.1 to this Form 8-K.

For the full year 2024, reported orders were $7,106 milliona, up 4%; reported revenues were $7,235 million, up 5%; and net income attributable to Ingersoll Rand Inc. was $839 million, or $2.06 per share. Adjusted net income was $1,349 million, or $3.29 per share, up 11%, and Adjusted EBITDA was $2,018 million, up 13%, with a margin of 27.9%. Reported operating cash flow was $1,397 million and free cash flow was $1,248 million, a free cash flow margin of 17%.

The company returned $293 millionb to shareholders through share repurchases and dividends during 2024. For the fourth quarter, reported revenues were $1,899 million, up 4%, and Adjusted EBITDA was $532 million, up 6%. Fourth-quarter organic revenue declined in both segments, with Industrial Technologies and Services flat and Precision and Science Technologies down 5% organically.

Net debt to Adjusted EBITDA leverage was 1.6x at quarter end, up 1.0x from the prior year, which the company attributed to the ILC Dover acquisition completed in the second quarter of 2024. Liquidity was $4.1 billionc, including $1.5 billion of cash and $2.6 billion of undrawn credit capacity.

For 2025, management guides to total revenue growth of 3% to 5%, including organic growth of 1% to 3%, Adjusted EBITDA of $2,130 million to $2,190 milliond (up 6% to 9%), and Adjusted EPS of $3.38 to $3.50 (up 3% to 6%). The guidance reflects an expected FX impact of about 2% on revenue and approximately $300 million, or about 4%, from completed M&A, with M&A revenue expected mainly in the first half of the year.

02—Key points

Key Highlights

  1. Full-year 2024 reported revenues of $7,235 million, up 5%, and reported orders of $7,106 million, up 4%.
  2. Full-year 2024 Adjusted Diluted EPS of $3.29, up 11%; reported diluted EPS of $2.06.
  3. Full-year 2024 Adjusted EBITDA of $2,018 million, up 13%, with a 27.9% margin, up 190 basis points.
  4. Full-year 2024 free cash flow of $1,248 million, a 17% margin, on operating cash flow of $1,397 million.
  5. Fourth-quarter organic revenue declined 2.8%, with Precision and Science Technologies down 5.0% organically, while acquisitions contributed 7.8% to revenue growth.
  6. Net debt to Adjusted EBITDA leverage rose to 1.6x in the fourth quarter, up 1.0x year over year after the ILC Dover acquisition; liquidity stood at $4.1 billion.
  7. 2025 guidance calls for revenue growth of 3% to 5%, Adjusted EBITDA of $2,130 million to $2,190 million, and Adjusted EPS of $3.38 to $3.50.

03—Questions

Frequently Asked Questions

  1. How did Ingersoll Rand perform in the fourth quarter of 2024?

    Reported orders were $1,800 million, up 8%, and reported revenues were $1,899 million, up 4%. Reported net income attributable to Ingersoll Rand Inc. was $230 million, or $0.57 per share, and Adjusted EBITDA was $532 million, up 6%, with a 28.0% margin. Organic revenue declined 2.8% in the quarter, offset by acquisitions.

  2. What drove the increase in leverage and what acquisitions did the company complete?

    Net debt to Adjusted EBITDA leverage was 1.6x in the fourth quarter, up 1.0x from the prior year, which the company attributed to the ILC Dover acquisition closed in the second quarter of 2024. After December 2024 the company closed SSI Aeration, Excelsior Blower Systems, and Toshniwal Industries Pvt. Ltd. In the fourth quarter it deployed $200 million to M&A.

  3. What is the 2025 outlook?

    Management expects total revenue growth of 3% to 5%, with organic growth of 1% to 3% for the company and for each segment, an FX impact of about 2% on revenue, and about $300 million (about 4%) from completed M&A. Adjusted EBITDA is expected at $2,130 million to $2,190 million and Adjusted EPS at $3.38 to $3.50. Corporate costs are expected to be about $165 million.

  4. How much did the company return to shareholders in 2024?

    The company returned $293 million to shareholders through share repurchases and dividends in 2024. In the fourth quarter alone, it returned $71 million, comprising $63 million in share repurchases and $8 million in dividends.

  5. Are the Adjusted metrics reconciled to GAAP for 2025 guidance?

    No. The company states that reconciliations of non-GAAP measures related to full-year 2025 guidance have not been provided due to the high variability, complexity and uncertainty of forecasting certain amounts needed for those reconciliations, such as net income and acquisition-related, restructuring, and foreign currency adjustments.

04—Continue

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