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Shares of Ingersoll-Rand Tumble on Profit Warning.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, September, 2000 by Perone, Joseph R.
Sep. 20--Shares of Ingersoll-Rand Co. plunged 10.2 percent yesterday after the company said profit this year will be lower than expected because of a weak euro and a falloff in production of sport utility vehicles resulting from the Firestone tire recall.
The company told analysts its earnings from continuing operations this year will range from $3.75 to $3.85 a share. Analysts had expected Ingersoll-Rand to earn $3.97 a share, according to First Call/Thomson Financial. Third-quarter operating earnings are expected to come in at 85 cents a share, the company said. Analysts were forecasting 92 cents a share, according to First Call.
The stock dropped $4.06 yesterday to finish at $35.69, not far off its low for the year of $34.13 in March. The 52-week...
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