Industrial conglomerate Ingersoll Rand Plc
Earlier this month, the market had suggested that U.S. manufacturing multinationals may be poised to cut earnings estimates for next year, as slowing economies and uncertainty over any resolution of Europe's debt problems raise more questions about demand for high-value capital goods.
Ingersoll, which makes cooling systems, air compressors and security technology including Schlage locks, forecast full-year earnings from continuing operations of $2.70-$2.80 a share, on revenue of $14.85-$15 billion.
The outlook excludes impairment charges, but includes about 7 cents per share from Hussmann.
In August, Ingersoll said it would sell a 60 percent stake in its Hussmann stationary refrigerated display case business to private equity firm Clayton Dubilier & Rice for about $370 million.
Hussmann, founded in 1906 by Harry Hussmann, who pioneered food refrigeration systems, was sold to Ingersoll in 2000 for $1.55 billion. The business recorded sales of about $800 million last year.
The strengthening of the dollar against the Euro is also expected to hurt revenue, Ingersoll said.
Analysts on average were expecting the company to post a profit of $2.96 a share, before special items, on revenue of $14.8 billion, according to Thomson Reuters I/B/E/S.
It had earlier forecast full-year earnings from continuing operations of $2.90-$3.10 a share, on sales of $15.30-$15.50 billion.
The company cut its third-quarter adjusted earnings view to $0.77-$0.80 a share, on sales of $3.90-$3.95 billion.
Analysts were expecting the company to post a profit of $0.91 a share for the third quarter, before special items, on revenue of $3.91 billion.
Shares of the company closed at $31.96 on Thursday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Don Sebastian)