July 31 (Reuters) - Air compressor maker Ingersoll Rand IR.N raised its annual profit forecast on Thursday, betting on resilient demand for its air compressors and other industrial equipment.
The company now expects its full-year adjusted earnings per share between $3.34 and $3.46 per share, up from its prior forecast of $3.28 to $3.40 per share.
The company's industrial unit — which produces air compressors, air treatment solutions, power tools and lifting equipment — benefited from higher orders in the second quarter.
Peers in the industrial sector have also flagged similar strength. Last week, Dover DOV.N raised its annual profit outlook, citing strong demand across aerospace, defense, and data center markets.
Ingersoll Rand reported an adjusted second-quarter profit of 80 cents per share, in line with analysts’ expectations, according to LSEG data.
Revenue rose 4.6% at $1.88 billion in the quarter ended June 30, beating estimates of $1.84 billion.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid)
((Anshuman.Tripathy@thomsonreuters.com;))
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