Ingersoll-Rand, which makes a range of commercial and industrial products including Club Car golf cars and utility vehicles, recently reported Q4 2017 financial results. For the quarter net revenues increased 8% to $3.6 billion from $3.4 billion and for the year they increased 5% to $14.2 billion from $13.5 billion. Club Car revenues account for only a small portion of the overall revenues. The Industrial segment, which includes Club Car, reported Q4 net revenues of $858 million, a 7% increase from $800 million in Q4 of the previous year.
The following are some of the highlights from the earnings call related to small, task-oriented vehicles.
- The Small Electric Vehicle portion of the Industrial segment grew low teens percent on strength in both vehicle and aftermarket sales, particularly in North America
- The Club Car Tempo Connect golf car was just launched at the recent PGA Show.
Guidance for 2018
- Industrial segment revenue overall is expected to increase 5.5% to 6.0%
- Golf/Utility/Consumer end markets are expected to increase mid-single digits
- Golf utility vehicles and consumer vehicles combined are generally expected to be flat to slightly up across the globe.
- Consumer vehicle continues to grow at a nice clip.
- Utility vehicles are also expected to have good growth in 2018.
- The golf market is expected to remain roughly flat
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