Ingersoll Rand Reports Record Second Quarter 2024 Revenue, Adjusted EBITDA, and Adjusted EPS Performance

Core Insights - Ingersoll Rand Inc. reported record second quarter revenues, Adjusted EBITDA, and Adjusted EPS, driven by its Execution Excellence (IRX) model, despite macroeconomic headwinds [2][8] - The company raised its full-year 2024 guidance for total revenue growth to a range of 6% to 8%, Adjusted EBITDA to $2,010 to $2,060 million, and Adjusted EPS to $3.27 to $3.37 [2][8] Financial Performance - Second quarter orders reached $1,799 million, a 4% increase, while revenues were reported at $1,805 million, up 7% [1][2] - Adjusted EBITDA for the second quarter was $495 million, reflecting a 16% increase year-over-year, with a margin of 27.4% [1][2] - The company generated $305 million in operating cash flow and $283 million in free cash flow, marking a 39% increase [1][5] Segment Performance - The Industrial Technologies and Services Segment reported orders of $1,465 million, up 1%, and revenues of $1,467 million, up 6% [3] - The Precision and Science Technologies Segment saw orders of $334 million, up 14%, and revenues of $339 million, up 10% [4] Balance Sheet and Cash Flow - Ingersoll Rand maintained a strong liquidity position with $3.7 billion available, including $1.1 billion in cash [5][6] - The company reported a net debt to Adjusted EBITDA leverage of 2.0x, an increase driven by the acquisition of ILC Dover [5][6] M&A Activity - Ingersoll Rand completed multiple acquisitions in the second quarter, including ILC Dover and Complete Air and Power Solutions, totaling $2.6 billion [6][8] - The recent M&A activity contributed to the raised revenue guidance for 2024, despite some offset from foreign exchange impacts and reduced organic growth expectations [8][9]