Ingersoll Rand lowers annual revenue growth forecast

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

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

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

Third-quarter revenue of $1.86 billion, came below analysts' average estimate of $1.87 billion, as per data compiled by LSEG.

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

Quarterly adjusted profit of 84 cents per share was ahead of estimates of 81 cents per share.

Source: Investing.com