Ingersoll Rand Inc. announced record financial results for the fourth quarter and full-year 2024, reporting growth across key performance metrics driven by its Ingersoll Rand Execution Excellence (IRX) strategy.
In Q4 2024, the company reported revenues of $1,899 million, up 4% compared to the same period in 2023. Orders rose 8% to $1,800 million. Net income attributable to Ingersoll Rand reached $230 million, or $0.57 per share. Adjusted net income was $344 million, with earnings of $0.84 per share. Adjusted EBITDA stood at $532 million, reflecting a 6% increase and a margin of 28.0%. Operating cash flow was $526 million and free cash flow reached $491 million, with a 26% margin. Total liquidity was $4.1 billion as of December 31, 2024.
For the full year, Ingersoll Rand reported revenues of $7,235 million, a 5% increase from 2023. Orders totaled $7,106 million, up 4%. Net income reached $839 million ($2.06 per share), while adjusted net income rose to $1,349 million ($3.29 per share), up 11%. Adjusted EBITDA grew 13% to $2,018 million with a margin of 27.9%. The company generated $1,397 million in operating cash flow and $1,248 million in free cash flow. Ingersoll Rand returned $293 million to shareholders via repurchases and dividends.
In the Industrial Technologies and Services (IT&S) segment, which includes compressor, vacuum, blower, and air treatment solutions, orders rose 3% to $1,422 million, while revenues were stable at $1,511 million. Adjusted EBITDA reached $458 million, up 1%, with a margin of 30.3%. The full-year margin for this segment hit a record 30.2%.
The Precision and Science Technologies (P&ST) segment, which provides precision handling technologies for liquids, gases, air, and powders in life sciences, industrial, aerospace, and defense applications, saw Q4 orders increase 29% to $378 million. Revenues were $388 million, up 24%. Adjusted EBITDA rose 14% to $107 million, though margin declined by 250 basis points to 27.6%, impacted by lower volumes in aerospace and in China.
Ingersoll Rand also completed three acquisitions in late 2024:
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SSI Aeration, a global supplier of wastewater treatment plant equipment
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Excelsior Blower Systems, specializing in blower technology
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Toshniwal Industries Pvt. Ltd., a manufacturer of vacuum pumps and systems
Looking ahead, the company expects revenue growth of 3% to 5% in 2025 and adjusted EBITDA between $2,130 million and $2,190 million, representing 6% to 9% growth over 2024. Adjusted earnings per share are projected to range from $3.38 to $3.50.
CEO Vicente Reynal stated, “I am proud of our global team’s strong execution and performance, driven by IRX, as we delivered double-digit earnings growth and strong free cash flow margin in 2024. We also significantly outpaced our inorganic growth commitments last year and are poised for another strong year of M&A activity in 2025.”