Exhibit 99.1
INGERSOLL-RAND COMPANY LIMITED
Business Review
First Quarter
(In millions, except percentages)
UNAUDITED
		Three Months
		Ended March 31,
		2004	2003
Climate Control
Revenues		$     637.5	$     557.5
Operating income		58.0	25.1
	and as a % of revenues	9.1%	4.5%
Industrial Solutions
Air & Productivity Solutions
Revenues		343.5	310.7
Operating income		33.8	21.2
	and as a % of revenues	9.8%	6.8%
Dresser-Rand
Revenues		169.7	278.1
Operating income		8.4	4.2
	and as a % of revenues	4.9%	1.5%
Industrial Solutions
Revenues		513.2	588.8
Operating income		42.2	25.4
	and as a % of revenues	8.2%	4.3%
Infrastructure
Revenues		726.6	598.6
Operating income		91.6	65.1
	and as a % of revenues	12.6%	10.9%
Security & Safety
Revenues		414.7	374.7
Operating income		72.1	70.9
	and as a % of revenues	17.4%	18.9%
Total
Revenues		$   2,292.0	$   2,119.6
Operating income		263.9	186.5
	and as a % of revenues	11.5%	8.8%
Unallocated corporate expense		(27.0)	(26.6)
Consolidated operating income		$     236.9	$     159.9
	and as a % of revenues	10.3%	7.5%
SEE ATTACHED RELEASE FOR ADDITIONAL INFORMATION