Air compressor maker Ingersoll lifts annual profit forecast

(Reuters) – Ingersoll Rand on Wednesday reported a higher quarterly profit and raised its full-year earnings forecast as the air compressor maker’s biggest segment of industrial technologies and services benefits from higher pricing.

An improving non-residential construction market in the U.S. and growing domestic auto production has bolstered demand for the company’s products.

Ingersoll now sees full-year adjusted earnings per share to be between $2.81 and $2.89, up from a previous forecast of $2.70 and $2.80.

It reported a profit of 51 cents per share for the third quarter ended Sept. 30, compared with 36 cents per share a year earlier.

The Davidson, North Carolina-based company’s quarterly revenue jumped about 15% to $1.74 billion.

(Reporting by Amna Karimi and Abhinav Parmar in Bengaluru; Editing by Sriraj Kalluvila)