Ingersoll Rand Inc. reported a revenue of $7.235 billion for the fiscal year ending December 31, 2024, marking a 5.2% increase from $6.876 billion in 2023. The company's net income rose to $846.3 million, up from $785.1 million in the previous year, reflecting a net income margin of 11.7%. The increase in revenue was primarily driven by acquisitions totaling $471.2 million and higher pricing, which contributed $153.3 million, although this was partially offset by a decline in organic volumes of $241.9 million and unfavorable foreign currency impacts of $23.7 million.
Ingersoll Rand's strategic developments included several significant acquisitions in 2024, such as the purchase of ILC Dover for approximately $2.35 billion, which is expected to enhance its offerings in the biopharmaceutical and medical device markets. Other acquisitions included Friulair for $143.3 million and APSCO for $113.2 million, among others, aimed at expanding the company's capabilities in air treatment and hydraulic solutions. The company also repurchased $260.7 million of its common stock during the year, reflecting its commitment to returning value to shareholders.
Operationally, Ingersoll Rand maintained a workforce of over 21,000 employees globally, with approximately 6,300 based in the United States. The company reported that its aftermarket revenue, which includes sales of spare parts and services, constituted 36.4% of total revenue, up from 35.8% in 2023. The company’s Industrial Technologies and Services segment generated $5.818 billion in revenue, while the Precision and Science Technologies segment contributed $1.417 billion, indicating a strong performance across both segments.
The company’s outlook remains positive, with expectations for continued growth driven by strategic acquisitions and a focus on enhancing operational efficiencies. Ingersoll Rand anticipates that its investments in product innovation and geographic expansion will further solidify its market position. However, management acknowledged potential risks, including economic fluctuations and supply chain challenges, which could impact future performance. The company plans to leverage its extensive product portfolio and application expertise to navigate these challenges effectively.
About Ingersoll Rand Inc.
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