As Chief Operating Officer of ILC Dover, Scott Watson’s track record and operational expertise positions Ingersoll Rand for the next level of growth within life sciencesThoughtful succession plan positions company for seamless leadership transition DAVIDSON, N.C., June 25, 2024 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, today announced Scott Watson, former chief operating officer of ILC Dover (“ILC”), to ...

Investment Thesis - Ingersoll Rand Inc. is expected to see a recovery in organic revenue growth in the upcoming quarters, supported by an acceleration in organic orders and Marketing Qualified Leads (MQL) [2][7] - Megatrends such as reshoring and sustainability are anticipated to drive demand for the company's products, contributing to revenue growth [2][7] - The company's focus on digital initiatives and increasing recurring revenues is projected to enhance revenue growth in the medium to long term [2][13] - A healthy balance sheet provides financial flexibility for pursuing bolt-on M&A, which is expected to complement organic growth [2][15] - Margin improvements are expected from operating leverage, price increases, and moderating inflationary pressures, along with contributions from recent acquisitions [2][20] Revenue Analysis and Outlook - In Q1 2024, Ingersoll Rand's revenue increased by 2.5% year-over-year to $1.67 billion, with organic revenues declining by 0.8% year-over-year after adjusting for acquisitions and foreign exchange impacts [3] - The Industrial Technologies & Services (ITS) segment saw a revenue increase of 4.3% year-over-year, driven by acquisitions and slight organic growth [3] - The Precision & Science Technologies (PST) segment experienced a revenue decline of 4.9% year-over-year, primarily due to lower organic volumes [4][5] Orders and Backlog - Total orders in the TTS segment decreased by 3.6% year-over-year, with a book-to-bill ratio of 1.02x, indicating a stable backlog [4] - Organic orders in the PST segment were down 5.4% year-over-year, reflecting weaknesses in specific markets, although short cycle orders remained strong [5] Margin Analysis and Outlook - The company's adjusted EBITDA margin expanded by 290 basis points year-over-year to 27.5% in Q1 2024, benefiting from pricing increases and favorable product mix [16][20] - Future margin growth is expected from operating leverage, continued price increases, and a shift towards higher-margin aftermarket business [20] Valuation - Ingersoll Rand is currently trading at 28.38x FY24 consensus EPS estimate of $3.28, with a potential for upward revisions in revenue and EPS estimates due to improving organic growth [21][23] - The company is tracking above its inorganic growth targets, with management targeting a 400 to 500 basis points annual contribution from M&A [15][23] Conclusion - The company has strong growth potential driven by a healthy backlog, demand momentum from megatrends, and increasing recurring revenues, alongside favorable margin outlooks [25]

Ingersoll Rand Inc. (IR) is poised to gain from strength in the Industrial Technologies & Services segment, acquired assets and shareholder-friendly moves.Let’s delve into the factors that make this Zacks Rank #2 (Buy) company a smart investment choice at the moment.Business Strength: Exposure to various end markets, including industrial manufacturing, mining & construction, energy, transportation, medical and laboratory sciences, food and beverage packaging, as well as chemical processing, should help Inge ...

Ingersoll Rand Inc. (IR) recently completed the acquisition of ILC Dover for $2.325 billion in cash upfront. This deal was announced in March 2024. Concurrently, the company acquired Complete Air and Power Solutions (“CAPS”), Del PD Pumps & Gear Pvt Ltd. (Del Pumps) and Fruvac Ltd. (Fruitland Manufacturing) for a total price of around $150 million.ILC Dover is engaged in designing and manufacturing advanced solutions for the biopharmaceutical, pharmaceutical, aerospace and medical device end markets. The co ...

Core Insights - Ingersoll Rand Inc. has completed the acquisition of ILC Dover for approximately $2.325 billion, expanding its addressable market to about $65 billion in fragmented segments with sustainable growth opportunities [2] - The company also acquired Complete Air and Power Solutions, Del PD Pumps & Gear Pvt Ltd, and Fruvac Ltd for a combined price of around $150 million, demonstrating its commitment to capital allocation and achieving mid-teens return on invested capital three years post-acquisition [1][2] Acquisition Details - The acquisition of ILC adds new technologies for life science applications, including innovative single-use solutions for biopharma and gene therapy markets [2] - Del Pumps, based in India, manufactures various gear pumps and will enhance Ingersoll Rand's portfolio in life sciences, food and beverage, and wastewater treatment [2][3] - CAPS, based in Australia, provides compressed air and power generation services and will expand its offerings with Ingersoll Rand products [3] - Fruitland Manufacturing, located in Canada, specializes in mobile vacuum pumps and will enhance Ingersoll Rand's capabilities in low flow applications [3] Strategic Commitment - The acquisitions reflect Ingersoll Rand's ongoing commitment to inorganic growth and its ability to execute on its acquisition pipeline [3] - The company aims to achieve significant synergies and enhance its product offerings across various high-growth markets [2][3]

DAVIDSON, N.C., May 14, 2024 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and industrial solutions, announced that Vik Kini, chief financial officer, and Matthew Fort, vice president, Investor Relations and Corporate FP&A, will participate in a fireside chat at the Wolfe 17th Annual Global Transportation and Industrials Conference on Wednesday, May 22, 2024, at 8:00 a.m. Eastern Time. A real-time audio webcast of the fireside chat can be accessed vi ...

DAVIDSON, N.C., May 14, 2024 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and industrial solutions, announced that Vik Kini, chief financial officer, and Matthew Fort, vice president, Investor Relations and Corporate FP&A, will participate in a fireside chat at the Wolfe 17th Annual Global Transportation and Industrials Conference on Wednesday, May 22, 2024, at 8:00 a.m. Eastern Time. A real-time audio webcast of the fireside chat can be accessed vi ...

Ingersoll Rand Inc. (IR) has been benefiting from strong orders for industrial vacuum and blower within the Industrial Technologies & Services unit. Also, stable orders for compressors have been proving beneficial for the segment. Going forward, growth in short-cycle orders along with strong book-and-ship orders is likely to be a tailwind for the Precision and Science Technologies segment.For 2024, IR expects revenues to increase 4-6% from the year-ago levels. Management forecasts adjusted earnings in the r ...

Core Insights - Inkbit has successfully closed a $19 million financing round led by Ingersoll Rand, with participation from various investors, indicating strong market interest in its technology [1][2] - The company’s Vision-Controlled Jetting (VCJ) technology aims to transform traditional manufacturing processes by enabling rapid prototyping and production on a single platform [1][2][5] Company Overview - Inkbit is an additive manufacturing company based in Medford, Massachusetts, focusing on multi-material manufacturing solutions [6] - The Inkbit Vista™ system is designed for high-volume production of complex polymer 3D printed parts, utilizing VCJ technology [6] Technology and Innovation - VCJ technology combines the scalability and reliability of traditional assembly lines with the flexibility of 3D machine vision-based feedback control, allowing for multifunctional products to be built in one pass [2][5] - The technology is particularly beneficial for industries requiring complex supply chains and multi-step assembly processes, such as robotics, healthcare, and industrial automation [5] Strategic Partnerships - The partnership with Ingersoll Rand marks a significant milestone for Inkbit, as it transitions from being an equipment provider to collaborating with manufacturers to develop new materials and processes [4] - The involvement of industry leaders like Henry Ford III on the board is expected to enhance Inkbit's strategic direction and innovation capabilities [3][4]

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=7&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2024 show **$1,670.1 million** revenue (up 2.5%) and **$202.2 million** net income (up 25.5%) Condensed Consolidated Statements of Operations (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Revenues** | $1,670.1 million | $1,629.3 million | | **Gross Profit** | $746.3 million | $664.2 million | | **Operating Income** | $293.2 million | $240.3 million | | **Net Income Attributable to Ingersoll Rand Inc.** | $202.2 million | $161.1 million | | **Diluted Earnings Per Share** | $0.50 | $0.39 | Condensed Consolidated Balance Sheets (as of March 31, 2024) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $4,006.8 million | $4,050.4 million | | **Total Assets** | $15,529.0 million | $15,563.5 million | | **Total Current Liabilities** | $1,724.6 million | $1,827.3 million | | **Total Liabilities** | $5,609.3 million | $5,716.8 million | | **Total Stockholders' Equity** | $9,919.7 million | $9,846.7 million | Condensed Consolidated Statements of Cash Flows (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $161.6 million | $170.3 million | | **Net cash used in investing activities** | ($205.6) million | ($581.5) million | | **Net cash used in financing activities** | ($79.6) million | ($89.3) million | | **Net decrease in cash and cash equivalents** | ($143.2) million | ($493.7) million | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes support financial statements, covering accounting policies, acquisitions, restructuring, debt, and segment results - On February 1, 2024, the Company acquired Friulair S.r.l. for initial cash consideration of **$142.2 million**, enhancing its air dryer business and adding new chiller production capabilities[27](index=27&type=chunk) - The Company entered into an agreement to acquire ILC Dover for an upfront all-cash purchase price of approximately **$2.325 billion**, expected to close in Q2 2024 and be reported in the Precision and Science Technologies segment[32](index=32&type=chunk) - Restructuring charges for Q1 2024 were **$9.7 million**, a significant increase from **$2.9 million** in Q1 2023, primarily driven by actions in the Industrial Technologies and Services and Precision and Science Technologies segments[40](index=40&type=chunk) Total Debt Summary | Debt Component | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Short-term borrowings and current maturities | $31.3 million | $30.6 million | | Long-term debt | $2,687.0 million | $2,693.0 million | | **Total Debt** | **$2,718.3 million** | **$2,723.6 million** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights Q1 2024 financial results, with **2.5% revenue growth**, expanded gross margin to **44.7%**, and improved Adjusted EBITDA margin to **27.5%** [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q1 2024 revenues grew **2.5%** to **$1,670.1 million**, with gross profit margin at **44.7%** and Adjusted EBITDA at **$458.5 million** (up **14.6%**) Key Financial Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $1,670.1 M | $1,629.3 M | +2.5% | | **Gross Profit Margin** | 44.7% | 40.8% | +390 bps | | **Operating Income Margin** | 17.6% | 14.7% | +290 bps | | **Net Income** | $204.5 M | $163.2 M | +25.3% | | **Adjusted EBITDA** | $458.5 M | $400.1 M | +14.6% | | **Adjusted EBITDA Margin** | 27.5% | 24.6% | +290 bps | - The increase in gross profit and margin was primarily due to higher pricing and input cost productivity improvements[162](index=162&type=chunk) - Selling and administrative expenses increased by **8.1%** to **$336.3 million**, mainly due to recent acquisitions[163](index=163&type=chunk) [Segment Results](index=35&type=section&id=Segment%20Results) ITS segment revenue increased **4.3%** to **$1,373.4 million** with **29.9%** Adjusted EBITDA margin, while PST revenue decreased **4.9%** to **$296.7 million** Industrial Technologies and Services Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Segment Orders** | $1,398.4 M | $1,450.3 M | -3.6% | | **Segment Revenues** | $1,373.4 M | $1,317.2 M | +4.3% | | **Segment Adjusted EBITDA** | $411.1 M | $345.6 M | +19.0% | | **Segment Adjusted EBITDA Margin** | 29.9% | 26.2% | +370 bps | Precision and Science Technologies Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Segment Orders** | $309.0 M | $326.5 M | -5.4% | | **Segment Revenues** | $296.7 M | $312.1 M | -4.9% | | **Segment Adjusted EBITDA** | $91.4 M | $94.5 M | -3.3% | | **Segment Adjusted EBITDA Margin** | 30.8% | 30.3% | +50 bps | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$1.45 billion** cash and **$2.0 billion** credit availability, despite lower free cash flow of **$99.3 million** in Q1 2024 - The company had **$1,452.3 million** in cash and cash equivalents and total debt of **$2,718.3 million** as of March 31, 2024[190](index=190&type=chunk) - Free cash flow decreased to **$99.3 million** in Q1 2024 from **$147.9 million** in Q1 2023, driven by higher capital expenditures (**$62.3 million** vs **$22.4 million**) and slightly lower cash from operations[197](index=197&type=chunk)[202](index=202&type=chunk) - Operating working capital increased by **$166.5 million** from year-end 2023, primarily due to lower accounts payable and higher inventories[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rates and foreign currency fluctuations using derivative instruments, with no material changes from the 2023 Annual Report - The company manages interest rate risk on variable-rate borrowings through the use of interest rate swap and cap contracts[207](index=207&type=chunk) - Foreign currency risks arise from global operations, affecting translation of foreign subsidiary balances and transactions in non-functional currencies, mitigated by cross-currency swaps and forward contracts[208](index=208&type=chunk)[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[211](index=211&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[212](index=212&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company maintains a **$124.7 million** litigation reserve for asbestos-related liabilities, offset by a **$151.4 million** insurance recovery receivable - As of March 31, 2024, the total litigation reserve for potential asbestos-related liability was **$124.7 million**[127](index=127&type=chunk) - The company has an insurance recovery receivable for probable asbestos-related recoveries of approximately **$151.4 million**[128](index=128&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the 2023 Annual Report on Form 10-K - As of March 31, 2024, no material changes have been made to the risk factors included in the 2023 Annual Report[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **811,774** shares in Q1 2024, and the Board authorized a **$1.0 billion** increase to the share repurchase program Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 2024 | — | — | | Feb 2024 | 444,449 | $88.95 | | Mar 2024 | 367,325 | $90.88 | | **Total** | **811,774** | **N/A** | - On April 25, 2024, the Board of Directors authorized a **$1.0 billion** increase to the company's share repurchase program, which is incremental to the existing authorization[217](index=217&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) CEO Vicente Reynal adopted a Rule 10b5-1 trading plan for the potential sale of up to **456,974** shares in early June 2024 - The company's CEO, Vicente Reynal, adopted a 10b5-1 trading plan for the potential sale of up to **456,974** shares in early June 2024[219](index=219&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and Inline XBRL documents