2023-03-06 14:45:25 ET
Ingersoll Rand ( NYSE: IR ) on Monday rose as much as 1.5% to touch a 52-week high of $60.36 a share.
With the gain, the stock is up about 14% since the beginning of the year and 34% in the past 12 months. By comparison, the Standard & Poor's 500 stock index ( SP500 ) has declined 7% from a year ago.
The maker of compressors and pumps last month reported revenue growth of 14% from the prior year to $1.62 billion in Q4, beating the consensus estimate of $1.54 billion. Adjusted EPS of $0.72 was better than the estimated $0.62.
Ingersoll-Rand ( IR ) forecast that revenue in 2023 will expand 7% to 9%, or about $6.33 billion to $6.45 billion, ahead of the consensus estimate of $6.24 billion.
The company forecast that revenue growth will slow from 9% to 11% in the first half of the year to 4% to 6% in the second half. Converting overseas sales into dollars is estimated to reduce revenue by 2% to 4% during the first half, but expand it by 1% to 3% in the second half.
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Ingersoll Rand hits 52-week high for YTD gain of 14%