Core Insights - Inkbit has successfully closed a $19 million financing round led by Ingersoll Rand, with participation from various investors, indicating strong market interest in its technology [1][2] - The company’s Vision-Controlled Jetting (VCJ) technology aims to transform traditional manufacturing processes by enabling rapid prototyping and production on a single platform [1][2][5] Company Overview - Inkbit is an additive manufacturing company based in Medford, Massachusetts, focusing on multi-material manufacturing solutions [6] - The Inkbit Vista™ system is designed for high-volume production of complex polymer 3D printed parts, utilizing VCJ technology [6] Technology and Innovation - VCJ technology combines the scalability and reliability of traditional assembly lines with the flexibility of 3D machine vision-based feedback control, allowing for multifunctional products to be built in one pass [2][5] - The technology is particularly beneficial for industries requiring complex supply chains and multi-step assembly processes, such as robotics, healthcare, and industrial automation [5] Strategic Partnerships - The partnership with Ingersoll Rand marks a significant milestone for Inkbit, as it transitions from being an equipment provider to collaborating with manufacturers to develop new materials and processes [4] - The involvement of industry leaders like Henry Ford III on the board is expected to enhance Inkbit's strategic direction and innovation capabilities [3][4]

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=7&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2024 show **$1,670.1 million** revenue (up 2.5%) and **$202.2 million** net income (up 25.5%) Condensed Consolidated Statements of Operations (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Revenues** | $1,670.1 million | $1,629.3 million | | **Gross Profit** | $746.3 million | $664.2 million | | **Operating Income** | $293.2 million | $240.3 million | | **Net Income Attributable to Ingersoll Rand Inc.** | $202.2 million | $161.1 million | | **Diluted Earnings Per Share** | $0.50 | $0.39 | Condensed Consolidated Balance Sheets (as of March 31, 2024) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $4,006.8 million | $4,050.4 million | | **Total Assets** | $15,529.0 million | $15,563.5 million | | **Total Current Liabilities** | $1,724.6 million | $1,827.3 million | | **Total Liabilities** | $5,609.3 million | $5,716.8 million | | **Total Stockholders' Equity** | $9,919.7 million | $9,846.7 million | Condensed Consolidated Statements of Cash Flows (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $161.6 million | $170.3 million | | **Net cash used in investing activities** | ($205.6) million | ($581.5) million | | **Net cash used in financing activities** | ($79.6) million | ($89.3) million | | **Net decrease in cash and cash equivalents** | ($143.2) million | ($493.7) million | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes support financial statements, covering accounting policies, acquisitions, restructuring, debt, and segment results - On February 1, 2024, the Company acquired Friulair S.r.l. for initial cash consideration of **$142.2 million**, enhancing its air dryer business and adding new chiller production capabilities[27](index=27&type=chunk) - The Company entered into an agreement to acquire ILC Dover for an upfront all-cash purchase price of approximately **$2.325 billion**, expected to close in Q2 2024 and be reported in the Precision and Science Technologies segment[32](index=32&type=chunk) - Restructuring charges for Q1 2024 were **$9.7 million**, a significant increase from **$2.9 million** in Q1 2023, primarily driven by actions in the Industrial Technologies and Services and Precision and Science Technologies segments[40](index=40&type=chunk) Total Debt Summary | Debt Component | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Short-term borrowings and current maturities | $31.3 million | $30.6 million | | Long-term debt | $2,687.0 million | $2,693.0 million | | **Total Debt** | **$2,718.3 million** | **$2,723.6 million** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights Q1 2024 financial results, with **2.5% revenue growth**, expanded gross margin to **44.7%**, and improved Adjusted EBITDA margin to **27.5%** [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q1 2024 revenues grew **2.5%** to **$1,670.1 million**, with gross profit margin at **44.7%** and Adjusted EBITDA at **$458.5 million** (up **14.6%**) Key Financial Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $1,670.1 M | $1,629.3 M | +2.5% | | **Gross Profit Margin** | 44.7% | 40.8% | +390 bps | | **Operating Income Margin** | 17.6% | 14.7% | +290 bps | | **Net Income** | $204.5 M | $163.2 M | +25.3% | | **Adjusted EBITDA** | $458.5 M | $400.1 M | +14.6% | | **Adjusted EBITDA Margin** | 27.5% | 24.6% | +290 bps | - The increase in gross profit and margin was primarily due to higher pricing and input cost productivity improvements[162](index=162&type=chunk) - Selling and administrative expenses increased by **8.1%** to **$336.3 million**, mainly due to recent acquisitions[163](index=163&type=chunk) [Segment Results](index=35&type=section&id=Segment%20Results) ITS segment revenue increased **4.3%** to **$1,373.4 million** with **29.9%** Adjusted EBITDA margin, while PST revenue decreased **4.9%** to **$296.7 million** Industrial Technologies and Services Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Segment Orders** | $1,398.4 M | $1,450.3 M | -3.6% | | **Segment Revenues** | $1,373.4 M | $1,317.2 M | +4.3% | | **Segment Adjusted EBITDA** | $411.1 M | $345.6 M | +19.0% | | **Segment Adjusted EBITDA Margin** | 29.9% | 26.2% | +370 bps | Precision and Science Technologies Segment Performance (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Segment Orders** | $309.0 M | $326.5 M | -5.4% | | **Segment Revenues** | $296.7 M | $312.1 M | -4.9% | | **Segment Adjusted EBITDA** | $91.4 M | $94.5 M | -3.3% | | **Segment Adjusted EBITDA Margin** | 30.8% | 30.3% | +50 bps | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$1.45 billion** cash and **$2.0 billion** credit availability, despite lower free cash flow of **$99.3 million** in Q1 2024 - The company had **$1,452.3 million** in cash and cash equivalents and total debt of **$2,718.3 million** as of March 31, 2024[190](index=190&type=chunk) - Free cash flow decreased to **$99.3 million** in Q1 2024 from **$147.9 million** in Q1 2023, driven by higher capital expenditures (**$62.3 million** vs **$22.4 million**) and slightly lower cash from operations[197](index=197&type=chunk)[202](index=202&type=chunk) - Operating working capital increased by **$166.5 million** from year-end 2023, primarily due to lower accounts payable and higher inventories[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rates and foreign currency fluctuations using derivative instruments, with no material changes from the 2023 Annual Report - The company manages interest rate risk on variable-rate borrowings through the use of interest rate swap and cap contracts[207](index=207&type=chunk) - Foreign currency risks arise from global operations, affecting translation of foreign subsidiary balances and transactions in non-functional currencies, mitigated by cross-currency swaps and forward contracts[208](index=208&type=chunk)[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[211](index=211&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[212](index=212&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company maintains a **$124.7 million** litigation reserve for asbestos-related liabilities, offset by a **$151.4 million** insurance recovery receivable - As of March 31, 2024, the total litigation reserve for potential asbestos-related liability was **$124.7 million**[127](index=127&type=chunk) - The company has an insurance recovery receivable for probable asbestos-related recoveries of approximately **$151.4 million**[128](index=128&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the 2023 Annual Report on Form 10-K - As of March 31, 2024, no material changes have been made to the risk factors included in the 2023 Annual Report[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **811,774** shares in Q1 2024, and the Board authorized a **$1.0 billion** increase to the share repurchase program Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 2024 | — | — | | Feb 2024 | 444,449 | $88.95 | | Mar 2024 | 367,325 | $90.88 | | **Total** | **811,774** | **N/A** | - On April 25, 2024, the Board of Directors authorized a **$1.0 billion** increase to the company's share repurchase program, which is incremental to the existing authorization[217](index=217&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) CEO Vicente Reynal adopted a Rule 10b5-1 trading plan for the potential sale of up to **456,974** shares in early June 2024 - The company's CEO, Vicente Reynal, adopted a 10b5-1 trading plan for the potential sale of up to **456,974** shares in early June 2024[219](index=219&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and Inline XBRL documents

Q1 2024 Earnings Presentation Making Life Better Forward-Looking Statements This presentation by Ingersoll Rand Inc. (the “Company” or “Ingersoll Rand”) contains “forward-looking statements” within th ...

Ingersoll Rand Inc. (NYSE:IR) Q1 2024 Earnings Conference Call May 3, 2024 8:00 AM ET Company Participants Vicente Reynal - Chairman, Chief Executive Officer Vikram Kini - Chief Financial Officer Matthew Fort - Vice President of Investor Relations Conference Call Participants Mike Halloran - Baird Julian Mitchell - Barclays Jeff Sprague - Vertical Research Partners Rob Wertheimer - Melius Research Joe Ritchie - Goldman Sachs Andy Kaplowitz - Citigroup Nigel Coe - Wolfe Research Joe O'Dea - Wells Fargo Nath ...

1 Ingersoll Rand Reports Record First Quarter 2024 Revenue, Adjusted EBITDA, and Adjusted EPS Performance Raises Total Company Adjusted EBITDA and Adjusted EPS Guidance First Quarter 2024 Highlights (All comparisons against the first quarter of 2023 unless otherwise noted.) Strong performance driven by its competitive differentiator - Ingersoll Rand Execution Excellence (IRX): • First quarter orders of $1,707 million, down 4%, or down 7% organic ◦ On a two-year stack, up 5%, or up 1% organic • Reported firs ...

Investors are always looking for stocks that are poised to beat at earnings season and Ingersoll Rand Inc. (IR) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Ingersoll Rand is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty g ...

Ingersoll Rand Inc. (IR) is scheduled to release first-quarter 2024 results on May 2, after market close.The company has a stellar earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 15.9%. Its bottom line surpassed the Zacks Consensus Estimate by 13.2% in the last reported quarter.Let’s see how things have shaped up for Ingersoll Rand this earnings season.Key Factors and Estimates for Q1Solid demand and higher orders wit ...

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.However, it's pretty easy to find cutting-edge growth stocks with the he ...

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.However, the task of finding cutting-edge growth stocks is made easy with the help of the Z ...

Ingersoll Rand Inc. (IR) stands to benefit from strength across its businesses, solid product offerings, strategic acquisitions and a sound capital-deployment strategy.Image Source: Zacks Investment ResearchThis Zacks Rank #2 (Buy) company has a market capitalization of $37.9 billion. In the past six months, the stock has risen 45.3% compared with the industry’s growth of 30.7%.Let’s delve into the factors that make this company investment-worthy at the moment.Strength in Businesses: Ingersoll Rand continue ...