Sector: Industrials|Industry: Specialty Industrial Machinery|Market Cap: $37.43B|Employees: 18K
Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products and industrial solutions. They manufacture a broad range of compressors, pumps, vacuums, and blowers, along with related services and aftermarket parts. The company is a market leader with a strong global presence across various end-markets, including industrial manufacturing, clean energy, and life sciences.
Q1 2024 revenue increased 2.5% YoY to $1,670.1 million, driven by $55.7 million from acquisitions and $48.3 million from higher pricing, partially offset by a $60.9 million decrease in organic volumes and a $2.3 million negative impact from foreign currencies.
Gross profit margin increased to 44.7% in Q1 2024 from 40.8% in Q1 2023, driven by increased pricing and input cost productivity improvements. Gross profit reached $746.3 million, up 12.4% YoY.
Net income increased to $204.5 million in Q1 2024, up from $163.2 million in Q1 2023, primarily due to higher gross profit, partially offset by higher selling and administrative expenses, higher loss on equity method investments, and higher provision for income taxes.