Ingersoll-Rand plc (NYSE:IR) on Wednesday reported net earnings for its common shareholders of $291.3 million, or $1.07 per diluted share, for the third quarter.
That's a jump of roughly 76 percent from the $165.9 million, 56 cents per share, the company earned in the same period a year ago.
The company noted its per-share earnings were not materially affected by its $1.2 million in restructuring costs in the latest quarter, while its $46.9 million in restructuring and other one-time charges reduced its year-ago results by roughly 16 cents per share.
Revenue totaled $3.4 billion, up from $3.2 billion in last year's third quarter.
"Our focus on new product development, services and effective operational execution has enabled us to deliver another solid quarter," Michael Lamach, chairman and CEO, said in a news release. "We are pleased with what we've been able to accomplish through steady investment, productivity initiatives and a balanced, pragmatic approach to capital allocation. In addition, our bookings signal a solid Q4 as we look ahead to the end of a successful 2014."
Reuters reports that Ingersoll-Rand's results came in above expectations.
Ingersoll-Rand is based in Ireland, but most of its corporate operations are in Davidson. The company has nearly 2,000 employees in the Charlotte area, making it one of the largest local employers in manufacturing, according to Charlotte Business Journal research. The company designs, manufactures, sells and services industrial and commercial products. Its brands include Club Car, Ingersoll-Rand, Schlage, Thermo King and Trane.
During the quarter, it announced a deal to buy Cameron International Corp.'s (NYSE:CAM) centrifugal compression division for $850 million.
