NEW YORK (Bloomberg) — Ingersoll-Rand Co. posted a fourth-quarter profit that beat analysts' projections, excluding some costs and an impairment charge, and said 2009 earnings will fall in line with estimates. The shares soared 13 percent.

The company took a $3.4 billion impairment charge mostly for the air conditioning systems and services business, according to a statement today. Ingersoll-Rand, based in Bermuda, is the maker of Thermo King and Hussmann refrigeration equipment.

Chief executive officer Herbert Henkel has accelerated restructuring efforts to help offset slowing demand and the company had $71 million in such costs in the just-ended quarter. Sales fell at all four divisions, including air conditioning systems, created out of the June purchase of Trane Inc., which had a decline of nine percent. The acquisition allowed Ingersoll to post an overall sales gain of 58 percent.

Ingersoll rose $2.14, or 13 percent, to $17.55 in New York trading yesterday.

Ingersoll posted a fourth-quarter loss from continuing operations of $3.28 billion, or $10.22 a share, from a profit of $171 million, or 61 cents, a year earlier. Sales rose to $3.67 billion, helped by the Trane acquisition. The company had a net loss of $3.29 billion.

Excluding some items, Ingersoll earned 53 cents a share in the fourth quarter. The average of 14 analysts' estimates compiled by Bloomberg was for earnings of 28 cents a share. Analysts, on average, projected sales of $3.73 billion in the fourth quarter.

The company sold its Bobcat construction equipment unit in November 2007. Ingersoll is based in Hamilton, Bermuda, and operated from Montvale, New Jersey.

Ingersoll-Rand forecast 2009 per-share earnings from continuing operations of $1.85 to $2.25. Analysts, on average, project profit of $2.07.

Profit for the first quarter will "approximately break even" and the company sees a "downside risk" of 15 cents a share, the company said. Analysts, on average, project profit of 28 cents a share.