Ingersoll-Rand slashes 4th quarter profit outlook

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Story Published: Dec 18, 2008 at 7:54 AM EST

Story Updated: Dec 18, 2008 at 7:54 AM EST

NEW YORK (AP) - Ingersoll-Rand Co. is cutting its fourth quarter earnings forecast by more than half due to a sharp drop-off in revenue, particularly in Western Europe, as the dollar strengthened.

The Bermuda-based manufacturer said Thursday it expects earnings
of 20 cents to 30 cents per share in the quarter on revenue of $3.7
billion. That's down from previous expectations of 55 cents to 75
cents per share in profit on revenue of $4.1 billion.

Analysts expect earnings of 60 cents per share on revenue of
$4.03 billion.

The company expects earnings of $3 to $3.10 per share for the year, down from an earlier forecast of $3.35 to $3.55 per share. Analysts expect a profit of $3.38 per share.

The company is speeding up restructuring and cost cutting programs to offset the sales decline.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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