Ingersoll Rand, a maker of industrial equipment and technologies, reported better-than-expected third-quarter earnings on Monday that beat analysts’ estimates.

For the quarter, the company posted earnings per share of 40 cents, beating expectations of 31 cents.

Revenue for the quarter came in at $1.3 billion, up 124 percent from the year prior because Gardner Denver acquired Ingersoll Rand Industrial, with the deal closing earlier this year to form Ingersoll Rand.

On a call with analysts, CEO Vicente Reynal pointed to the Ingersoll Rand Execution Excellence Process (IRX) as one of the main reasons for the successful realization of many cost and growth synergies from the transaction.

“We now expect to deliver 40 percent of our total synergy savings in 2020,” Reynal said.

The company’s industrial technologies and services, precision and science technologies and specialty vehicles technologies segments each posted growth in orders and revenues from the year prior. The high-pressure solutions segment posted significant revenue and orders decreases, down 68 percent and 81 percent, respectively.

Another highlight from the third-quarter was Ingersoll Rand’s decision to award $150 million in equity grants to its 16,000 employees, equal to 20 percent of an employee’s annual base cash compensation.

“With 16,000 employee-owners, we feel the future is very bright for Ingersoll Rand,” Reynal added.

The company did not provide fourth-quarter or fiscal year 2020 guidance in the conference call due to market uncertainty caused by the coronavirus pandemic and U.S. election.

At the end of the quarter, the company had $2.3 billion in liquidity, including $1.3 billion in cash on hand and $1 billion in available credit.

Ingersoll Rand shares (IR) were last trading up 7.23 percent, or $2.60, at $38.58 per share.