Ir Earnings Up 20 Per Cent

In its earnings release, IR — the parent company of such security brands as Recognition Systems and Locknetics — reported first quarter earnings of $223.1 million off revenue of $2.5 billion, compared to $179.5 million earned and $2.1 billion in sales the year before. About 14 percent of the company’s first quarter revenue came from its security technology division, which took in $485.8 million in revenue and had net earnings of $69.1 million. Security’s revenues were up 15 percent compared to 2004’s opening quarter. However, earnings were down 4 percent. Those revenues included $65 million added with the February acquisition of European security manufacturer CISA. “Our strong first-quarter 2005 performance once again demonstrated that executing our strategic plan will deliver solid financial results,” said Herbert L. Henkel, chairman, president and CEO of IR in a statement. “This year represents a milestone for our company as we mark the 100-year anniversary of the merger that created Ingersoll-Rand.”