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Ingersoll-Rand Ltd. reported higher than expected third quarter profits and gave much of the credit to continuing strong demand for Bobcat construction equipment. IR’s profits rose almost 7% to $254.2 million, up from $237.8 million during the same period a year earlier.
The compact vehicle division, which includes Bobcat construction machines and Club Car golf carts, reported revenues of $637 million, up 16% and profit margins of 14.6%, up almost two points from a year earlier. IR said Bobcat sales were up more than 20% because of new models and greater demand for parts and attachments.
“One of the biggest fears going into the quarter was that component shortages would crimp demand in key growth areas such as Bobcat,” wrote analyst Nigel Coe of Deutsche Bank. “This clearly did not materialize.”