By Nathan Allen

Ingersoll-Rand PLC (IR) on Tuesday reported a 1.8% rise in second-quarter profit and raised its 2019 guidance after strong growth in the heating, ventilation and air-conditioning market.

The Ireland-based industrial group earned a quarterly profit of $456.1 million, or $1.86 a share, compared with $448.1 million, or $1.79 a share, for the same period last year.

Excluding items, Ingersoll-Rand reported an adjusted profit of $2.09 a share for the quarter, compared with $1.85 last year and analysts forecasts of $2.06.

Sales rose to $4.53 billion from $4.36 billion, the company said.

Ingersoll-Rand raised its 2019 adjusted earnings per share guidance to around $6.40 from $6.35.

The company said plans to merge its industrial segment with Gardner Denver Holdings Inc. (GDI) and spin off the merged entity are progressing well.

"We expect to complete the separation by early 2020 as planned," the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

July 30, 2019 07:06 ET (11:06 GMT)

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