Financial Performance - Net revenues for Q2 2024 increased to $5,307.4 million, up 12.8% from $4,704.7 million in Q2 2023[6] - Operating income for Q2 2024 rose to $1,034.2 million, a 16.8% increase from $885.4 million in Q2 2023[6] - Net earnings attributable to Trane Technologies plc for Q2 2024 were $755.3 million, up 28.8% from $586.2 million in Q2 2023[6] - Diluted earnings per share for Q2 2024 increased to $3.30, up 29.4% from $2.55 in Q2 2023[6] - Comprehensive income attributable to Trane Technologies plc for Q2 2024 was $723.2 million, up 33.4% from $542.1 million in Q2 2023[7] - Net earnings for the first half of 2024 reached $1,199.7 million, a significant increase from $901.8 million in 2023[16] - Net revenues for the six months ended June 30, 2024 were $9,523.0 million, up 13.8% from $8,370.6 million in the same period of 2023[51] - Total Segment Adjusted EBITDA for the six months ended June 30, 2024 was $1,979.1 million, a 23.4% increase from $1,603.2 million in 2023[66] - Earnings before income taxes for the six months ended June 30, 2024 were $1,523.3 million, a 31.7% increase from $1,156.2 million in 2023[67] - Gross profit margin improved by 280 basis points to 36.5% in Q2 2024, primarily due to gross productivity and price realization, partially offset by inflation[94] - Selling and administrative expenses increased by 28.9% to $901.3 million in Q2 2024, driven by higher human capital costs, sales commissions, and business reinvestment[95] - Operating income rose by 16.8% to $1.034 billion in Q2 2024, with operating margin increasing to 19.5% from 18.8% in Q2 2023[91] - Interest expense decreased by 6.7% to $57.5 million in Q2 2024 due to lower average balances of commercial paper outstanding[96] - Effective tax rate for Q2 2024 was 21.2%, consistent with the U.S. statutory rate, compared to 22.1% in Q2 2023[97] - Gross profit margin for the six months ended June 30, 2024 increased by 300 basis points to 35.6%, primarily due to gross productivity and price realization[107] - Selling and administrative expenses increased by 24.7% to $1,727.4 million, driven by higher human capital costs and business reinvestment[107] - Net cash provided by continuing operating activities for the six months ended June 30, 2024 was $958.6 million, a significant increase from $548.1 million in the same period in 2023, primarily due to higher net earnings and an improved cash conversion cycle[125] - Free cash flow for the six months ended June 30, 2024 was $810.1 million, compared to $426.9 million in the same period in 2023[130] Balance Sheet and Cash Flow - Total assets as of June 30, 2024, were $20,199.2 million, compared to $19,391.9 million as of December 31, 2023[10] - Cash and cash equivalents decreased to $874.6 million as of June 30, 2024, from $1,095.3 million as of December 31, 2023[10] - Accounts and notes receivable increased to $3,433.3 million as of June 30, 2024, from $2,956.8 million as of December 31, 2023[10] - Long-term debt increased to $4,316.2 million as of June 30, 2024, from $3,977.9 million as of December 31, 2023[10] - Total equity increased to $6,967.6 million as of June 30, 2024, compared to $6,277.2 million in the same period last year[12][13] - Net cash provided by operating activities increased to $943.1 million in the first half of 2024, compared to $532.5 million in 2023[16] - Net cash used in investing activities for the six months ended June 30, 2024 was $626.6 million, driven by $450.0 million in purchases of short-term investments and $156.7 million in capital expenditures[127] - Net cash used in financing activities for the six months ended June 30, 2024 was $504.3 million, primarily due to $624.4 million in share repurchases and $379.4 million in dividends paid, partially offset by $498.5 million from the issuance of Senior Notes[128] - Net earnings provided $1,457.5 million in cash from continuing operating activities for the six months ended June 30, 2024, after adjusting for non-cash transactions[125] - The company issued 5.100% Senior Notes due 2034, raising $498.5 million, which was used to purchase $450.0 million in short-term investments[128] - Capital expenditures for the six months ended June 30, 2024 were $156.7 million, compared to $134.0 million in the same period in 2023[127] - The company repurchased $624.4 million in ordinary shares during the six months ended June 30, 2024, compared to $300.0 million in the same period in 2023[128] - Dividends paid to ordinary shareholders for the six months ended June 30, 2024 were $379.4 million, compared to $341.4 million in the same period in 2023[128] - Total debt increased to $5,268.2 million as of June 30, 2024, with a debt-to-total capital ratio of 43.1%[121] - The company had $874.6 million in cash and cash equivalents as of June 30, 2024, with $668.1 million held by non-U.S. subsidiaries[117] Regional Performance - Americas region accounted for $7,625.8 million of net revenues in the six months ended June 30, 2024, up 16.4% year-over-year[51] - EMEA region net revenues were $1,198.7 million for the six months ended June 30, 2024, a 6.2% increase from the prior year period[51] - Asia Pacific net revenues declined 1.5% to $698.5 million in the six months ended June 30, 2024 compared to the same period in 2023[51] - Americas segment net revenues increased by 16.2% to $4,290.9 million, driven by higher volumes and price realization in Commercial and Residential HVAC businesses[100][101] - EMEA segment net revenues grew by 4.5% to $645.3 million, primarily due to higher volumes and price increases in Commercial HVAC and transport refrigeration businesses[100][103] - Asia Pacific segment net revenues decreased by 5.9% to $371.2 million, mainly due to lower volumes, partially offset by price increases in Commercial HVAC[100][104] - Americas Segment Adjusted EBITDA margin increased by 140 basis points to 22.8%, driven by price realization and higher volumes[101] - EMEA Segment Adjusted EBITDA margin increased by 120 basis points to 20.3%, primarily due to favorable productivity and price[103] - Asia Pacific Segment Adjusted EBITDA margin increased by 360 basis points to 25.5%, driven by gross productivity and price realization[104] - Americas net revenues increased by 16.4% to $7,625.8 million in 2024 compared to $6,553.5 million in 2023, driven by strong demand in Commercial and Residential HVAC businesses[111][113] - EMEA net revenues grew by 6.2% to $1,198.7 million in 2024, with organic revenue growth driven by strong customer demand in Commercial HVAC and transport refrigeration businesses[111][114] - Asia Pacific net revenues increased by 1.4% to $698.5 million in 2024, with organic revenue growth of 5.2% driven by increased customer demand and price realization in Commercial HVAC[111][116] - Americas Segment Adjusted EBITDA margin increased by 180 basis points to 20.8% in 2024, primarily due to price realization, gross productivity, and higher volumes[113] - EMEA Segment Adjusted EBITDA margin increased by 40 basis points to 19.2% in 2024, driven by favorable productivity, volume, and price[114] - Asia Pacific Segment Adjusted EBITDA margin increased by 280 basis points to 23.7% in 2024, primarily due to gross productivity, higher volumes, and price realization[116] Share Repurchases and Dividends - The company repurchased $624.4 million worth of ordinary shares in the first half of 2024, up from $300.0 million in the same period last year[16] - Dividends paid to ordinary shareholders totaled $379.4 million in the first half of 2024, compared to $341.4 million in 2023[16] - Share repurchases under the 2022 Authorization during six months ended June 30, 2024: $624 million[47] - Remaining share repurchase authorization as of June 30, 2024: $1.9 billion[47] - Additional share repurchases in July 2024 under the 2022 Authorization: $107 million[47] - Dividends declared per ordinary share for the six months ended June 30, 2024 were $2.52, compared to $2.25 for the same period in 2023[63] Debt and Financing - The company issued $500 million in 5.100% Senior Notes due 2034 in June 2024, with proceeds used to repay maturing debt and for general corporate purposes[31] - The fair value of the company's debt instruments increased to $5.1 billion as of June 30, 2024, from $4.7 billion at December 31, 2023[33] - Outstanding invoices under supplier financing arrangements increased to $264.9 million as of June 30, 2024, from $246.0 million at December 31, 2023[34] - The company maintains two $1.0 billion senior unsecured revolving credit facilities, with total commitments of $2.0 billion unused as of June 30, 2024 and December 31, 2023[32] - The company issued $500 million aggregate principal amount of 5.100% Senior Notes due 2034[31] - Total long-term debt, excluding current maturities, was $4,316.2 million as of June 30, 2024, compared to $3,977.9 million as of December 31, 2023[29] Pension and Benefits - Net periodic pension benefit cost for six months ended June 30, 2024: $22.7 million[43] - Company contributions to defined benefit pension plans for six months ended June 30, 2024: $19.3 million[44] - Projected contributions to enterprise pension plans worldwide for 2024: Approximately $59 million[44] - Net periodic postretirement benefit cost for the three months ended June 30, 2024 was $0, compared to $0.6 million in 2023, and for the six months ended June 30, 2024, it was $0, compared to $1.2 million in 2023[45] Litigation and Contingencies - The company is involved in various litigation, claims, and administrative proceedings, including asbestos-related lawsuits, but management believes any liability would not have a material adverse effect on the financial condition[68][69] - Aldrich and Murray filed for Chapter 11 bankruptcy on June 18, 2020, with $41.7 million of cash derecognized and an aggregate equity investment of $53.6 million recorded[71] - The company recognized a liability of $248.8 million related to asbestos liabilities and insurance assets upon deconsolidation in 2020[71] - Aldrich and Murray agreed to fund a trust with $545.0 million ($540.0 million in cash and a $5.0 million promissory note) to resolve asbestos claims[73] - The company recorded a charge of $21.2 million to increase its Funding Agreement liability to $270.0 million in 2021[73] - An operating cash outflow of $270.0 million occurred in 2022, with $91.8 million allocated to continuing operations and $178.2 million to discontinued operations[73] - Environmental reserves as of June 30, 2024, were $47.0 million, with $38.8 million related to investigation and remediation of former business sites[75] - Standard product warranty liability increased to $390.4 million as of June 30, 2024, with current reserves at $168.9 million[77] - Extended warranty liability increased to $384.8 million as of June 30, 2024, with current reserves at $131.6 million[78] Innovation and Sustainability - The company aims to reduce customers' carbon emissions by a billion metric tons by 2030 as part of its Gigaton Challenge, with net-zero targets validated by the Science Based Targets Initiative (SBTi)[82] - The company continues to invest in innovation and new product development to drive future growth, leveraging its global brand strength and diversified portfolio[87] Other Financial Metrics - Weighted-average diluted shares outstanding for Q2 2024 were 228.7 million, down from 230.3 million in Q2 2023[6] - Total unrecognized tax benefits for June 30, 2024 and December 31, 2023 were $83.5 million and $84.9 million, respectively[62] - The weighted-average number of basic shares outstanding for the six months ended June 30, 2024 was 227.0 million, with 2.1 million shares issuable under incentive share plans[63] - The company's effective income tax rate for the six months ended June 30, 2024 was 20.4%, lower than the U.S. statutory rate of 21.0% due to excess tax benefits from employee share-based payments and earnings in non-U.S. jurisdictions[62] - Share-based compensation expense was $44.2 million pre-tax for the six months ended June 30, 2024, up from $41.9 million in the prior year period[54] - The company granted 249,579 stock options and 98,948 RSUs during the six months ended June 30, 2024[55] - Other income/(expense), net was $(29.2) million for the six months ended June 30, 2024, compared to $(66.8) million in the prior year period[61]

Trane Technologies (TT) came out with quarterly earnings of $3.30 per share, beating the Zacks Consensus Estimate of $3.08 per share. This compares to earnings of $2.68 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates four times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary o ...

Highlights (second-quarter 2024 versus second-quarter 2023, unless otherwise noted): SWORDS, Ireland, July 31, 2024 - Trane Technologies plc (NYSE:TT), a global climate innovator, today reported diluted earnings per share (EPS) from continuing operations of $3.33 for the second quarter of 2024. Adjusted continuing EPS was $3.30, up 23 percent. | --- | --- | --- | --- | --- | |-------------------------------------------|-----------|-----------|--------------|------------------------| | $, millions except EPS ...

Trane Technologies plc (TT) is set to report second-quarter 2024 earnings on Jul 31, 2024, before market open. We expect Americas' revenues to grow 8.5% from the year-ago quarter's actual to $4 billion. A strong performance in the commercial HVAC business is estimated to have benefited this region's revenues. Our estimate for revenues from EMEA is pegged at $661.2 million, indicating 7.1% growth on a year-over-year basis. Asia Pacific revenues are anticipated to be $437.5 million, implying a 10.9% rise from ...

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Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock. The consensus among analysts is that 'Revenues- Americas' will reach $4.04 billion. The estimate indicates a change of +9.5% ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Trane Technologies (TT) , which belongs to the Zacks Technology Services industry. When looking at the last two reports, this manufacturer has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 10.09%, on average, in the last two quarters. For the most recent quarter, Trane Technologies was expected to post earnings ...

Trane Technologies (TT) stock has had an impressive run over the past year. Shares of the company have gained 79.2% compared with the 48.2% rally of the industry it belongs to and the 26.4% rise of the Zacks S&P 500 composite. The company's revenues for 2024 and 2025 are expected to improve 8.3% and 6.7%, respectively, year over year. Earnings are anticipated to increase 15.7% in 2024 and 10.8% in 2025. The company has an expected long-term (three to five years) earnings per share growth rate of 12%. Trane ...

The manufacturer's shares have seen an increase of 2.73% over the last month, surpassing the Business Services sector's loss of 0.56% and falling behind the S&P 500's gain of 4.15%. The latest trading session saw Trane Technologies (TT) ending at $329.64, denoting a -1.18% adjustment from its last day's close. The stock's change was less than the S&P 500's daily loss of 0.04%. Meanwhile, the Dow lost 0.15%, and the Nasdaq, a tech-heavy index, added 0.12%. Investors will be eagerly watching for the performan ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both. The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor. It also includes access to the Zacks Style Scores. What are the Zacks Style Scores? Devel ...