Ingersoll-Rand reports strong Q1 performance

Global construction equipment manufacturer Ingersoll-Rand (IR) has reported a 16% increase in turnover for the first quarter of 2005.
The biggest growth was recorded by its Bobcat and Club Car division - producer of compact construction machines and golf cars - which increased its turnover by 30% to £346.6m, with operating profit increasing 16.4% over the same period in 2004.
According to Mike Day, UK district sales manager for Bobcat, the division has always performed strongly since being bought by IR six years ago.
"The performance is due to our new product introductions, strong international markets, and higher parts and attachment shipments," he said.
Day added that the UK is a particularly good market for Bobcat at present, as sales of compact equipment are booming.
"The number of applications that mini excavators, for instance, are being used for is increasing," he said. "This is good news
for us."
Meanwhile, the Construction Technologies division, which includes road pavers and compactors, and the Industrial Technologies division, which produces compressors and generators, also reported turnover increases for the quarter.
IR's chairman, president and chief executive officer Herbert Henkel said he expected further growth of between 18% and 25% for the second quarter of 2005.