Ingersoll-Rand Revises Earnings Estimate for First-Quarter 2001; March Shipments...

Business Editors

WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--March 29, 2001

Ingersoll-Rand Company (NYSE:IR), a leading diversified industrial firm, today announced that it has revised its expected first-quarter diluted earnings per share (DEPS) from continuing operations to 50 to

"All of our major end markets in North America deteriorated during the month of March," said Herbert L. Henkel, IR's chairman, president and chief executive officer. "Refrigerated transport shipments have continued to decline. North American auto production for certain platforms supplied by our Bearings business have seen significant reductions. Demand for road machinery from the national rental channels has slowed to a virtual halt. The Bobcat and Security and Safety businesses, which were expected to have moderate first-quarter growth, are now forecast to have slight revenue declines. Consequently, first-quarter revenues, excluding Hussmann, are expected to decline by approximately 7% compared to last year.

"March and April historically are key indicators of the strength of demand for the first half of 2001. We are monitoring order rates closely to determine whether the revenue shortfall represents delayed spending by our customers. By mid-April, we will have greater visibility to second-quarter revenues and earnings."

IR is a leader in the major global markets of Security and Safety, Climate Control, Infrastructure Development and Industrial Productivity. The company's diverse product portfolio encompasses such leading industrial and commercial brands as Bobcat, Schlage, Club Car, Hussmann, Ingersoll-Rand, Thermo King and Torrington. In addition, IR offers many more premium brands for customers in a variety of industrial and commercial markets. Further information on IR can be found on the company's Web site at www.irco.com.

This news release includes "forward-looking statements" that involve risks and uncertainties. Political, economic, climatic, currency, tax, regulatory, technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-K for the year-ended December 31, 2000.