Ingersoll Rand Lowers Revenue Growth Forecast

(Reuters) – Ingersoll Rand (NYSE:IR) trimmed its full-year revenue growth forecast on Thursday, after missing third-quarter revenue estimates due to sluggish demand for its air compressors.

Inflation-driven higher material costs and persistent supply chain constraints have negatively impacted the company's performance.

North Carolina-based Ingersoll now expects full-year revenue growth between 5% and 7%, down from its earlier forecast of 6% to 8%.

Third-quarter revenue of $1.86 billion fell short of analysts' average estimate of $1.87 billion based on data from LSEG.

The company also narrowed its annual adjusted profit forecast to a range between $3.28 and $3.34 per share, down from $3.27 to $3.37 previously.

Quarterly adjusted profit reported was 84 cents per share, exceeding estimates of 81 cents per share.