Q1 2024 Ingersoll Rand Inc Earnings Call Transcript
Key Points
- Ingersoll Rand Inc reported another record quarter, demonstrating strong execution and resilience in a changing macroeconomic environment.
- The company raised its full-year 2024 guidance based on solid Q1 performance, reflecting confidence in continued growth.
- Ingersoll Rand Inc successfully closed two strategic acquisitions, Ethafilter and Controlled Fluidics, enhancing its technology offerings and market reach.
- The acquisition of ILC Dover, expected to close later in the quarter, has already exceeded the company's annualized inorganic revenue target, highlighting effective M&A strategy.
- Ingersoll Rand Inc's Industrial Technologies and Service segment delivered solid year-over-year revenue growth and significant margin improvement.
- Total organic orders in Q1 were down 7%, primarily due to the timing of large project orders, indicating potential volatility in order flow.
- The company experienced a $15 million revenue shift from Q1 to Q2 due to customer site readiness issues, suggesting some execution risks.
- Despite overall growth, the PST segment saw a decline in orders, driven by softness in life sciences and declines in China wastewater end markets.
- Foreign exchange rates posed a headwind, impacting financial performance and contributing to a 1% negative effect as compared to initial guidance.
- Free cash flow for the quarter declined by $49 million year-over-year, driven by higher CapEx timing and interest payment timing.
Thank you for standing by, and welcome to the Ingersoll Rand First Quarter 2024 Earnings Conference Call. (Operator Instructions) I'd now like to turn the call over to your host, Matthew Fort, Vice President of Investor Relations. You may begin.
Thank you, and welcome to the Ingersoll Rand 2024 First Quarter Earnings Call. I'm Matthew Fort, Vice President of Investor Relations. And joining me this morning are Vicente Reynal, Chairman and CEO; and Vik Kini, Chief Financial Officer.
We issued our earnings release and presentation yesterday, and we will reference these during the call. Both are available on the Investor Relations section of our website. In addition, a replay of this conference call will be available later today.
Before we start, I want to remind everyone that certain statements on this call are forward-looking in nature and are subject to the risks and uncertainties discussed in our previous SEC filings, which you should read in conjunction with the information provided on this call.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
