Ingersoll-Rand (IR -7.8%) trades lower after it beat previously lowered Q3 estimates, but sales...

|About: Ingersoll-Rand plc (IR)|By:, SA News Editor

Ingersoll-Rand (IR -7.8%) trades lower after it beat previously lowered Q3 estimates, but sales slumped 63% Y/Y, largely due to continued weakness in the U.S. housing market. The company also cuts FY11 guidance - for the second time this month - citing deteriorating business conditions in its residential-products line, which includes Trane and American Standard brands of heating and air-conditioning equipment and Schlage door locks.