Ingersoll-Rand Plc (NYSE:IR) Q4 2014 Earnings Conference Call - Final Transcript

Jan 30, 2015 • 10:00 am ET

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Ingersoll-Rand Plc (NYSE:IR) Q4 2014 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Good day, ladies and gentlemen, and welcome to the Ingersoll Rand Fourth Quarter 2014 Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder this conference call is being recorded.I would like to introduce your host for today's conference Janet Pfeffer, Vice President, Treasury and Investor Relations. Please, go ahead.

Executive
Janet Pfeffer

Thank you, Kate, and good morning, everyone. Welcome to our fourth quarter 2014 conference call. We released earnings at 7 this morning and the release is posted on our website. We'll be broadcasting, in addition to this phone call through our website of ingersollrand.com, where you will find the slide presentation that we will be using. This call will be recorded and archived on our website. If you'd please go to slide 2, statements made in today's call that are not historical facts are considered forward-looking statements and are pursuant to the Safe Harbor provisions of Federal Securities laws. Please see our SEC filings for a description of some of the factors that may cause actual results to vary materially from anticipated results.

This release also includes non-GAAP measures, which are explained in the financial tables to our news release. Now I'd like to introduce the participants on this morning's call Michael Lamach, Chairman and CEO; Sue Carter, Senior Vice President and CFO; and Joe Fimbianti, Director of Investor Relations. With that, please go to slide 3, and I'll turn it over to Mike.

Executive
Mike Lamach

Great, thank you, Janet, good morning and thanks for joining us on today's call. This morning I'll spend a few minutes for capping our full year 2014 and our progress on the transformation that we've been working on with the company for the past few years. Then Sue will take you through the fourth quarter results and I'll then provide outlook for 2015 before we open it up to your questions. So starting with full year 2014, the past year demonstrated continued progress in the implementation of our multiyear strategy for growth, operational excellence and shareholder value.

We invested in our core businesses, matured in key strategic capabilities and delivered excellent financial results, all in all navigating shifts and changes in global markets.For the year our revenues were up 4%, markets were uneven around the globe. Our growth in Europe, Middle East and Africa was double digits where I believe we outpaced the market in most or all of our businesses. Growth in North America was mid single digits, while revenues in Latin America and Asia were lower for the full year due to market and currency headwinds.

Executive
Mike Lamach

Adjusted earnings per share were $3.33 a year-over-year increase of 25%. Sue will take you through the bridge in a few minutes, so I'll leave that for Sue on the quarter. There will be some puts and takes but the short answer is that volume and operational leverage with guidance particularly in the Climate segment.We grew adjusted