Ingersoll-Rand reports an increase in operating margins for its climate control sector for first-quarter 2002. The climate control sector includes Thermo King and Hussman. The margins rose to 5.5% in 2002, up from 5.2% in 2001. Excluding acquisition, revenue for climate control decreased 8%.
The drop was sharper in the transport market with revenue falling 12% as a result of soft refrigerated trailer sales and a 48% decline in refrigerated marine containers. In addition, demand for new refrigerated equipment has been slowed by ready availability of used equipment; however, the company believes that the supply of used equipment has declined by 50% in the past year.
The decline in trailer sales was less severe in first-quarter 2002 than during the same period of 2001.
