Ingersoll-Rand Co. (USA) today announced record earnings for fiscal year 1999. Sales for 1999 were $7.6 billion, up 4% from 1998. Operating income was $1.0 billion, up 13% from 1998. Net profits also rose, from $455.5 million for all of 1998 to $545.0 million in 1999.

Ingersoll-Rand is a widely diversified industrial products and components manufacturer. Ingersoll-Rand manufactures bearings under the Torrington, Fafnir, Kilian, Argosy and Kilrol brands. From this point on, the financial numbers focus only on the bearing businesses, which make up their "Engineered Products" division.

Fourth quarter 1999 sales for the bearing group dropped 6%, from $323 million in 1998 to $305 million. However, quarterly profits on those sales rose from $51.5 million to $52.2 million.

1999 sales dipped to $1.23 billion from $1.24 billion in 1998. Profits, however, rose from $136.9 million (11% of sales) to $144.2 million (11.7% of sales).

As with other bearing manufacturers, Ingersoll-Rand saw weakening in the industrial bearings and precision components businesses. The weakness was somewhat offset by strong sales of needle bearings and profitability was enhanced via continued operating improvements.