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Ingersoll Rand: huge write down, stock still up?

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This morning, Ingersoll Rand (NYSE: IR), the diversified industrial company makes procucts to air conditioner (Trane) to Schlage locks, reported its Q4 2008 earning this morning. Some highlights: it wrote down $3.7 billion (pre-tax, $3.4 b after tax) from Trane acqusition, or a loss of $10.56 per share. Interestingly, the stock went up about 15% in today’s trading. Why?

Some are saying the reason is the Q4 earning is above guidance (and street expectation).

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Ingersoll Rand

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Company web page; Google Finance; Yahoo Finance; quick facts on Trane unit.

2Q 2008 results (Bloomberg), released on Aug 1.
Ingersoll-Rand Co., the maker of Thermo King and Hussmann refrigeration equipment, said second- quarter profit rose 26 percent after acquiring air conditioner- maker Trane Inc.

Profit from continuing operations climbed to $262.5 million, or 90 cents a share, from $208 million, or 68 cents, a year earlier, matching analysts’ estimates. Sales grew 38 percent to $3.08 billion, the Hamilton, Bermuda-based company said today in a statement.

The results include about three weeks’ worth of sales from Trane. Ingersoll-Rand completed the $9.6 billion purchase June 5, creating a climate-control business that spans refrigerated truck parts, display cases and ventilation systems. The combined company is forecast to post sales of $17 billion this year as Chief Executive Officer Herbert Henkel expands the company’s industrial products after exiting construction machinery.

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