Ingersoll Rand Reports First-Quarter 2021 Results

Rhea-AI Summary

Ingersoll Rand (NYSE: IR) reported robust first-quarter results for 2021, with significant double-digit organic orders and revenue growth. CEO Vicente Reynal attributed this success to the company’s strategic focus and the transformative IRX initiative. Key achievements include the sale of a majority interest in its High Pressure Solutions business and an agreement to sell Club Car for around $2 billion, which will enable further investment in core segments. The company also set ambitious diversity goals, reflecting its commitment to creating a positive workplace culture.

Positive

• Record double-digit organic orders and revenue growth in Q1 2021.
• Sale of majority interest in High Pressure Solutions and agreement to sell Club Car for approximately $2 billion.
• Proceeds will support significant investments into core business segments.

Negative

• None.

Ingersoll Rand Inc. (NYSE: IR) reported record double-digit organic orders and organic revenue growth in the first quarter of 2021.

Vicente Reynal, chief executive officer, stated, “Our strong first-quarter performance demonstrates our continued focus on executing our strategy, enabled by the transformative power of IRX. We continue to successfully navigate the rapidly changing landscape – from cautionary mode to growth mode as the economy and our markets recover. I want to thank our employees, who are shareholders, for their steadfast dedication to serving our customers, living our core values every day, and creating a culture of accountability and collaboration. This quarter, we substantially accelerated our portfolio transformation with the sale of a majority interest in our High Pressure Solutions business and agreement to sell Club Car for a total of approximately $2 billion. The proceeds from these transactions will create long-term value, including enabling significant organic and inorganic investment into our core business segments as we advance our growth strategies and expand our addressable market. As we build Ingersoll Rand into a leading employer of choice, I am proud of the strides we are making. Our recently released 2025 Diversity, Equity and Inclusion goals exemplify our continued commitment to making a positive impact for our employees around the globe. Thinking back to our Gardner Denver IPO in 2017, it is humbling and inspiring to reflect on all we have accomplished in a relatively short timeframe but even more exciting when we think about all the opportunity in front of us.”

First-Quarter 2021 Segment Review

(All comparisons against the first quarter of 2020 unless otherwise noted.)

Industrial Technolog

FAQ

What were Ingersoll Rand's Q1 2021 revenue results?

Ingersoll Rand reported record double-digit organic revenue growth in Q1 2021.

What is the significance of the Club Car sale for Ingersoll Rand?

The sale of Club Car for around $2 billion will enable Ingersoll Rand to invest significantly in its core business segments.

How did Ingersoll Rand perform in terms of orders in Q1 2021?

Ingersoll Rand achieved significant double-digit organic orders growth in the first quarter of 2021.

Who is the CEO of Ingersoll Rand?

Vicente Reynal is the Chief Executive Officer of Ingersoll Rand.

What are Ingersoll Rand's commitments regarding diversity in 2025?

Ingersoll Rand has set goals for Diversity, Equity, and Inclusion to positively impact their global workforce.