Research Desk Line-up: Rockwell Automation Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Ingersoll-Rand PLC (NYSE: IR), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=IR, following the Company's announcement of its financial results on October 25, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Swords, Ireland-based Company's adjusted continuing EPS rose 2% y-o-y, beating market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Diversified Machinery industry. Pro-TD has currently selected Rockwell Automation Inc. (NYSE: ROK) for due-diligence and potential coverage as the Company reported on November 08, 2017, its financial results for Q4 FY17 and full year FY17. Register for a free membership today, and be among the early birds that get access to our report on Rockwell Automation when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on IR; also brushing on ROK. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/'symbol=IR
http://protraderdaily.com/optin/'symbol=ROK
Earnings Reviewed
During the quarter ended on September 30, 2017, Ingersoll-Rand reported net revenues of $3.67 billion compared to $3.57 billion recorded at the end of Q3 FY16. However, net revenues numbers for the reported quarter lagged behind market expectations of $3.71 billion.
The electrical equipment maker reported earnings from continuing operations attributable to Ingersoll-Rand of $363.3 million, or $1.41 per diluted share in Q3 FY17, compared to $363.2 million, or $1.39 per diluted share, in Q3 FY16. The Company posted earnings from continuing operations attributable to Ingersoll-Rand of $369.3 million, or $1.44 per diluted share, in Q3 FY17 compared to $368.1 million, or $1.41 per diluted share, in Q3 FY16. Meanwhile, Wall Street had expected the Company to reported net income of $1.43 per diluted share in Q3 FY17.
Operating Metrics
In Q3 FY17, the Company's cost of goods sold was $2.49 billion compared to $2.41 billion in the prior year's same quarter. The Company's selling, general, and administrative (SG&A) expenses came in at $674.5 million during Q3 FY17 versus $643.2 million in Q3 FY16. Ingersoll-Rand's Q3 FY17 operating income was down to $506.1 million from $511.7 million in Q3 FY16. Furthermore, the Company's adjusted operating income stood at $516.1 million, or 14.1% of net revenues, in Q3 FY17 compared to $519.0 million, or 14.5% of net revenues, in the year-ago comparable quarter.
Bookings rose 6.0% during Q3 FY17 to $3.65 billion from $3.45 billion in the prior year's same quarter. Additionally, the Company's organic bookings in the industrial and Climate segment grew 5% y-o-y.
Segment Performance
During Q3 FY17, the Climate segment's net revenue came in at $2.94 billion compared to $2.84 billion in the year-ago comparable period. The segment's operating income came in at $480.1 million, or 16.3% of the segment's revenue, for Q3 FY17 compared to $474.7 million, or 16.7% of the segment's revenue, in Q3 FY16.
The Industrial segment's revenues increased during Q3 FY17 to $731.2 million from $729.7 million reported in the last year's same quarter. The segment's reported operating income rose to $89.0 million in Q3 FY17 from $80.9 million in Q3 FY16. Furthermore, the segment's operating income as a percentage of the segment's revenues improved to 12.2% in Q3 FY17 from 11.1% in the same period last year.
Cash Flow & Balance Sheet
For the nine months ended on September 30, 2017, Ingersoll-Rand reported net cash flow from operations of $873.2 million compared to $1.12 billion in the year ago comparable period. The Company's free cash flow was $748.5 million in the first nine months of FY17 versus $1.01 billion in the last year's comparable period.
The Company had cash and cash equivalents balance of $1.26 billion as on September 30, 2017, compared to $1.72 billion at the close of books on December 31, 2016. Furthermore, the Company ended the quarter with total long-term debt of $2.96 billion compared to $3.71 billion as on December 31, 2016.
Outlook
In its guidance for full-year FY17, the Company expects revenues to grow by approximately 4.5% y-o-y. The Company has forecasted continuing EPS to be approximately $4.22 during FY17. Furthermore, cash flow from operation and free cash flow for FY17 is anticipated to be approximately $1.5 billion and $1.2 billion, respectively.
Stock Performance
On Monday, November 13, 2017, the stock closed the trading session at $84.76, marginally down 0.24% from its previous closing price of $84.96. A total volume of 1.65 million shares have exchanged hands. Ingersoll-Rand's stock price surged 11.78% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 12.95%. The stock is trading at a PE ratio of 21.21 and has a dividend yield of 2.12%. At Monday's closing price, the stock's net capitalization stands at $21.47 billion.
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