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Ingersoll Rand logoIngersoll Rand IR

The company said revenue for 2023 was $6,876.1 million, up $959.8 million (16.2%) from $5,916.3 million in 2022. It cited higher pricing of $397.0 million, acquisitions of $375.1 million and higher organic volumes of $213.3 million as the drivers.

10-KAnnual reportFiled Period of report Summary published (UTC)

Key points

AI summary

  1. The company said revenue for 2023 was $6,876.1 million, up $959.8 million (16.2%) from $5,916.3 million in 2022. It cited higher pricing of $397.0 million, acquisitions of $375.1 million and higher organic volumes of $213.3 million as the drivers.

  2. Ingersoll Rand said gross profit for 2023 was $2,882.2 million, up $556.6 million (23.9%) from $2,325.6 million in 2022. Gross margin was 41.9% in 2023 and 39.3% in 2022. The company attributed the margin improvement to pricing actions that exceeded material and labor cost inflation.

  3. The company said operating cash flow for 2023 was $1,377.4 million, up $512.0 million from $865.4 million in 2022, and free cash flow rose $501.2 million to $1,272.0 million. Capital expenditures were $105.4 million.

  4. The company said net cash paid for acquisitions in 2023 was $963.0 million ($246.8 million in 2022). Cash used in financing activities of $337.5 million was mainly due to treasury stock purchases of $263.0 million and common stock cash dividends of $32.4 million.

Key figures

Fiscal year ended December 31, 2023

Revenue
$6.9B
Operating income
$1.2B
Net income
$779M
EPS
$1.90
Gross profit
$2.9B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

2023 Revenue $6,876.1 million

The company said revenue for 2023 was $6,876.1 million, up $959.8 million (16.2%) from $5,916.3 million in 2022. It cited higher pricing of $397.0 million, acquisitions of $375.1 million and higher organic volumes of $213.3 million as the drivers.

Source · Based on the MD&A text of the filing

Gross Profit $2,882.2 million, Margin 41.9%

Ingersoll Rand said gross profit for 2023 was $2,882.2 million, up $556.6 million (23.9%) from $2,325.6 million in 2022. Gross margin was 41.9% in 2023 and 39.3% in 2022. The company attributed the margin improvement to pricing actions that exceeded material and labor cost inflation.

Source · Based on the MD&A text of the filing

Operating Cash Flow $1,377.4 million

The company said operating cash flow for 2023 was $1,377.4 million, up $512.0 million from $865.4 million in 2022, and free cash flow rose $501.2 million to $1,272.0 million. Capital expenditures were $105.4 million.

Source · Based on the MD&A text of the filing

Net Cash Paid for Acquisitions $963.0 million and Use of Funds

The company said net cash paid for acquisitions in 2023 was $963.0 million ($246.8 million in 2022). Cash used in financing activities of $337.5 million was mainly due to treasury stock purchases of $263.0 million and common stock cash dividends of $32.4 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.