Ingersoll Rand Co. who make climate control systems, on Monday cut its earnings outlook for 2009. This is due to the sharp fall in revenue. It also lowered its dividend

The company also said its first quarter earnings would be at the low of its previous forecast, which is from a loss of 15 cents a share to breakeven.

“Our initial forecast for the first quarter of 2009 was based on a significant decline in our key end markets. Like most industrial companies, we have experienced an accelerated decline in business compared with prior expectations,” Chief Executive Herbert Henkel said in a statement.

Henkel also warned that full year earnings per share from continuing operations would be about 45 cents per share below the bottom end of the previous guidance range of $1.85 to $2.25 per share.