Industrial conglomerate Ingersoll Rand (NYSE:IR) reported first-quarter earnings yesterday that came in below top- and bottom-line consensus estimates by Capital IQ analysts, but issued guidance for the second quarter that was below forecasts for revenues but in line on profits. 

Ingersoll Rand reported revenues for the three months ending on March 31 of $3.11 billion, down 1% from the same period last year and just below analysts' expectations of $3.12 billion. The conglomerate recorded GAAP earnings of $88 million, or $0.29 per share, some 6% lower than the $0.31 per share in adjusted profits it generated last year. Analysts had expected earnings of $0.37 per share.

Guidance for second-quarter revenues is expected to be in a range of $3.8 billion to $3.9 billion, just making the consensus estimates of analysts of $3.9 billion. However, adjusted profits of $1.05 to $1.10 per share puts it well within Wall Street's consensus view of $1.08 per share.

For the full year, Ingersoll Rand reiterated its guidance that it expects revenues to be in the range of $14.2 billion to $14.6 billion, with full-year adjusted EPS from continuing operations to be in the range of $3.45 to $3.65. Analysts are looking for $14.5 billion in revenues and earnings of $3.43 per share.

Noting that the conglomerate initiated a $2 billion share-buyback program this month, Chairman and CEO Michael W. Lamach said: "We anticipate a continued macroeconomic environment of low revenue growth throughout 2013. With that backdrop, we will continue to drive our operational excellence initiatives to improve margin, execute the planned new security company spinoff and make progress against our core initiatives."

Ingersoll Rand is a $14 billion global business and owns such well-known brands as Schlage, Thermo King, and Trane.

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