Gardner Denver: Ingersoll Rand swings to loss while revenue grows post merger deal

Ingersoll Rand Inc. reported first-quarter earnings that missed expectations, as the diversified industrial conglomerate said it sped up synergy actions related to Gardner Denver Holdings Inc.'s acquisition of Ingersoll-Rand PLC's industrial business that closed in February in light of the COVID-19 pandemic. The synergy actions reduced costs by $80 million to $90 million, and is expected to incur $450 million in expenses in connection with achieving the cost synergies. The company reported a net loss of $36.8 million, or 13 cents a share, after net income of $47.1 million, or 23 cents a share, in the year-ago period. Revenue rose 29% to $799.9 million. Adjusted for acquisition-related comparisons, earnings per share would have been 25 cents and revenue was $1.3 billion. The FactSet consensus for EPS was 27 cents and for revenue was $1.35 billion. The company said it is not provided 2020 financial guidance given the uncertainty in economic conditions as a result of the COVID-19 pandemic. The stock, which was still inactive in premarket trading, has lost 24.4% over the past three months while the Dow Jones Industrial Average has declined 18.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.