Ingersoll Rand recently released its 10-Q report, offering a detailed insight into the company's financial performance. Ingersoll Rand Inc. operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies, providing air, gas, liquid, and solid flow creation technologies services and solutions globally. The company's revenues for the three-month period ending September 30, 2024, were $1,861.0 million, marking a 7.0% increase from the same period in 2023. The gross profit for the same period was $815.0 million, reflecting a 10.2% increase from 2023. The selling and administrative expenses were $334.3 million, representing a 6.1% increase from the same period in 2023. Additionally, the amortization of intangible assets was $95.0 million for the three-month period ending September 30, 2024, indicating a 3.0% increase from the same period in 2023.
For the nine-month period ending September 30, 2024, Ingersoll Rand reported revenues of $5,336.4 million, a 5.6% increase from the same period in 2023. The gross profit for the same period was $2,354.6 million, reflecting a 12.1% increase from 2023. The selling and administrative expenses were $1,012.7 million, representing a 7.5% increase from the same period in 2023. The amortization of intangible assets was $277.8 million for the nine-month period ending September 30, 2024, indicating a 1.3% increase from the same period in 2023.
In terms of other financial data, Ingersoll Rand reported Adjusted EBITDA of $532.7 million for the three-month period ending September 30, 2024, a 15.4% increase from the same period in 2023. The Adjusted Net Income for the same period was $344.7 million, reflecting a 9.0% increase from 2023. The cash flows from operating activities were $404.0 million for the three-month period ending September 30, 2024, indicating a 1.7% increase from the same period in 2023. The company reported Free Cash Flow of $374.3 million for the same period, marking a 1.5% increase from 2023.
For the nine-month period ending September 30, 2024, Ingersoll Rand reported Adjusted EBITDA of $1,485.8 million, a 15.7% increase from the same period in 2023. The Adjusted Net Income for the same period was $1,005.7 million, reflecting a 16.7% increase from 2023. The cash flows from operating activities were $870.5 million for the nine-month period ending September 30, 2024, indicating a 9.3% increase from the same period in 2023. The company reported Free Cash Flow of $756.7 million for the same period, marking a 5.1% increase from 2023.
These figures reflect Ingersoll Rand's robust financial performance and its ability to navigate through market challenges. The market has reacted to these announcements by moving the company's shares -2.1% to a price of $93.97. Check out the company's full 10-Q submission here.
