The following is a summary of the Ingersoll Rand Inc. (IR) Q1 2024 Earnings Call Transcript:
Financial Performance:
In Q1, Ingersoll Rand's adjusted EBITDA witnessed a 15% YoY increase, rising to $459 million, while adjusted earnings per share increased by 20% YoY to $0.78.
However, the total revenue declined by 1%.
The company also reported cash outflows of $143 million for M&A and $81 million returned to shareholders.
Net leverage improved by 0.4 turns YoY, standing at 0.7 turns at the end of the quarter.
In the Industrial Technologies and Services segment, the revenue grew by 4% YoY, with an adjusted EBITDA margin of approximately 30%.
Business Progress:
Ingersoll Rand reported two closed transactions, the acquisition of Ethafilter and Controlled Fluidics, aimed at expanding its tech capabilities and reach.
The acquisition of ILC Dover, set to close in the following quarter, will allow for business expansion into life sciences, aerospace, and industrial applications.
Despite a challenging global environment, the company is seeing good momentum in China and planning growth initiatives across Vietnam, Indonesia, and Singapore, with investments in India.
Higher Marketing Qualified Leads hint toward a positive outlook for future business growth.
The company also aims to further shareholder value through a $1 billion increase in its share repurchase program.
More details: Ingersoll Rand IR
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