Ingersoll-Rand plc (NYSE:IR) reported its results for the third quarter. Net income for the diversified machinery company fell to $86.2 million (25 cents per share) vs. $232.2 million (68 cents per share) a year earlier. This is a decline of 62.9% from the year earlier quarter. Revenue rose 5.3% to $3.93 billion from the year earlier quarter. IR reported adjusted net income of 81 cents per share. By that measure, the company beat the mean estimate of 78 cents per share. Analysts were expecting revenue of $3.89 billion.

“We are seeing challenging economic conditions in our residential heating ventilation and air conditioning (HVAC), security and golf businesses, as reflected in our revised guidance,” said Michael W. Lamach. “Although our residential and consumer markets remain depressed, there are a number of opportunities well within our control to improve our earnings and margins going forward. Our focus on the continuation of our operational excellence and innovation strategies remains the central theme in our journey to improve our company for the benefit of our employees, customers and shareholders.”

Competitors to Watch: Lennox International Inc. (NYSE:LII), Standex Int’l Corp. (NYSE:SXI), AAON, Inc. (NASDAQ:AAON), Lennox International (NYSE:LII), Honeywell International (NYSE:HON), General Electric Company (NYSE:GE), Johnson Controls Inc. (NYSE:JCI) and Refrigeration Electrical Engineering (AMEX:REE).

FLIR Systems, Inc. (NASDAQ:FLIR) reported net income above Wall Street’s expectations for the third quarter. Net income for FLIR Systems, Inc. rose to $64.7 million (40 cents per share) vs. $63 million (39 cents per share) in the same quarter a year earlier. This marks a rise of 2.8% from the year earlier quarter. Revenue rose 11.7% to $371.3 million from the year earlier quarter. FLIR reported adjusted net income of 43 cents per share. By that measure, the company beat the mean estimate of 37 cents per share. It fell short of the average revenue estimate of $395.3 million.

Earl Lewis, President and CEO of FLIR, noted, “We are pleased with our third quarter results. During the quarter, we took successful steps to improve operating margins, achieved the best bookings quarter since 2008 in our legacy Government Systems business, saw our acquired Detection and Integrated Systems segments reach profitability for the first time, and delivered the most units in the history of our Commercial Systems division. Our scale, unique operating model, and continued focus on innovation will enable our continued growth.”

Competitors to Watch: L-3 Communications Hldgs., Inc. (NYSE:LLL), General Dynamics Corp. (NYSE:GD), Raytheon Company (NYSE:RTN), Irvine Sensors Corporation (IRSN), Elbit Systems Ltd. (NASDAQ:ESLT), Herley Industries, Inc. (NASDAQ:HRLY), Cubic Corporation (NYSE:CUB), Anaren, Inc. (NASDAQ:ANEN), and Tel-Instrument Electronics Corp. (AMEX:TIK).

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