Pumps and pumping equipment maker Ingersoll Rand reported its 2023 fourth quarter and full-year financial results on Feb. 15, showing a continued slowdown in overall and organic revenue growth, while net profit and EBITDA margin improved.

The Davidson, NC-based company posted 4Q23 total revenue of $1.82 billion, up 12% year-over-year, with organic sales up 4%. Sequentially, that trailed 3Q23’s growth of 15% overall and 6% organic.

4Q23 operating profit of $333 million topped the $273 million of a year earlier and $318 million in 3Q23. Net profit of $230 million topped the $217 million a year earlier and 3Q23’s $208 million.

The company’s 4Q23 adjusted EBITDA of $501 million on margin of 27.5% topped the $376 million/25.9% of a year earlier and the $462 million/26.5% in 3Q23.

By Ingersoll Rand business segment in 4Q23:

• Industrial Technologies and Services revenues of $1.51 billion increased 16% year-over-year, with organic up 5%. Adjusted EBITDA increased 26% on a margin of 30.0% that grew 260 basis points. The company said core industrial end markets saw continued strong organic demand. Excluding foreign exchange orders for total compressors offerings (65% of segment) were up in low double-digits.
• Precision and Science Technologies revenues of $313 million were up 1% year-over-year, with organic flat. Adjusted EBITDA increased 2% on margin of 30.1% that was flat. The company said order declines were primarily driven by the life sciences business, which continued to experience softness in oxygen concentration and biopharma end markets. Industrial business short cycle orders were positive year-over-year and sequentially.

Full year

For the full-year 2023, Ingersoll Rand posted total revenues of $6.88 billion, up 16% vs. 2022, with organic up 10%. Operating profit of $1.16 billion considerably topped 2022’s $817 million, while net profit $779 million likewise topped 2022’s $605 million. 2023 adjusted EBITDA of $1.79 billon and margin of 26.0% topped 2022’s $1.43 billion/24.3%.

2024 Outlook

In providing its 2024 full-year guidance, Ingersoll Rand said it forecasts revenue growth of 5-7%, with first half revenue growing 4-6% and then 6-8% in the second half. The company expects organic revenues to grow 2-4% overall and in both business segments.