Trane Technologies (TT) has had an impressive run over the past six months, wherein the company's shares have gained 51.7%, outperforming the 25.9% rally of the industry it belongs to and the 16.6% rise of the Zacks S&P 500 composite. TT reported better-than-expected first-quarter 2024 results. The adjusted EPS of $1.94 surpassed the Zacks Consensus Estimate by 18.3% and increased 37.6% year over year. Revenues of $4.2 billion beat the consensus mark by 5.7% and increased 15% year over year on a reported ba ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34400 _____________________________ TRANE TECHNOLOGIES ...

Financial Data and Key Metrics - Q1 bookings reached an all-time high of $5 billion, up 17% organically [1] - Organic revenues increased by 14% [1] - Adjusted operating margins expanded by 230 basis points [1] - Adjusted EPS grew by 38% [1] - Q1 ending backlog stood at $7.7 billion, up 10% from year-end 2023 [7] - Full-year organic revenue guidance raised to 8%-9% from 6%-7% [21] - Adjusted EPS guidance raised to $10.40-$10.50 from $10.00-$10.30 [21] Business Line Performance - Commercial HVAC bookings globally grew over 20%, with equipment up more than 30% and services up mid-teens [6] - Americas commercial HVAC bookings surged 30%, with equipment up over 40% and services up over 15% [6] - Residential bookings declined low-single-digits, while revenues increased low-single-digits [4] - Transport bookings and revenues declined low-single-digits and mid-teens respectively [4] - Services business globally grew low-teens, with Americas up over 15% [39] Market Performance - Americas segment delivered 12 points of volume growth and 3 points of price growth [75] - EMEA segment saw 3 points of volume growth and 1 point of price growth [70] - Asia segment achieved mid-teens revenue growth, primarily from higher volumes [78] - China bookings increased over 20%, with revenues up high-teens [74] Strategy and Industry Competition - Company focused on energy efficiency, decarbonization, and digital transformation [3] - Investing in product innovation, capacity expansion, and sales/service excellence [68] - Tracking over 300 mega projects globally, with some orders already received [45] - Strong position in data center vertical, leveraging thermal management systems [12][94] Management Commentary - Management expressed confidence in 2024 outlook, citing strong commercial HVAC performance [8] - Expects soft first half but strong second half for transport business [4] - Sees continued growth opportunities in data center and other high-growth verticals [76] - Believes best days are ahead for the company [106] Other Important Information - Company deployed $540 million in capital year-to-date, with $190 million to dividends and $350 million to share repurchases [104] - Expects to deploy approximately $2.5 billion in cash for 2024 [22] - M&A pipeline remains active, with focus on energy services, digital solutions, and industrial process cooling [104] Q&A Summary Question: Order momentum and backlog growth [107] - Answer: Strong order momentum in Americas, particularly in data centers, with backlog expected to continue growing [107] Question: Residential pricing outlook [63] - Answer: Expects 10%-15% price increase next year due to 454B transition [63] Question: Data center opportunity [97] - Answer: Estimates 3%-5% dollar content in data centers, with strong growth expected [97] Question: M&A pipeline and strategy [123] - Answer: M&A pipeline remains strong, focusing on bolt-on acquisitions in energy services and digital solutions [123] Question: Services attach rates [37] - Answer: Services business growing consistently, with 1/3 of total business and strong margins [39] Question: China market outlook [51] - Answer: China remains strong, with bookings up over 20% and revenues up high-teens [74] Question: Commercial HVAC comps [96] - Answer: Tough comps expected in 2024 due to strong 2023 performance, but still expects outstanding year [96]

Trane Technologies Reports Strong First Quarter Results and Raises 2024 Revenue and EPS Guidance Highlights (first-quarter 2024 versus first-quarter 2023, unless otherwise noted): l Reported revenues of $4.2 billion, up 15 percent; organic revenues* up 14 percent l GAAP operating margin up 250 bps; adjusted operating margin* up 230 bps l Adjusted EBITDA margin* of 16.8 percent, up 200 bps l GAAP continuing EPS of $1.92; adjusted continuing EPS* of $1.94, up 38 percent l Organic bookings* up 17 percent, led ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-34400 TRANE TECHNOLOGIES PLC (Exact name of registrant as specified in its charter) Ireland 98-0626632 (State or other ...

Zac Nagle â Vice President, Investor Relations Dave Regnery â Chair and Chief Executive Officer Chris Kuehn â Executive Vice President and CFO Company Participants Conference Call Participants Trane Technologies plc (NYSE:TT) Q4 2023 Earnings Conference Call February 1, 2024 10:00 AM ET Andrew Obin That makes sense. And then as we think about inventory in the channel and the refrigerant change both on residential and light commercial, how do you see, I think you addressed inventory on residential, but how d ...

February 1, 2024 TESH NOLOGIES Forward-Looking Statements This news release includes "forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, operating income, operation margin and earnings; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including the amount and timing of ou ...

Operator Your next question is from Steve Tusa of JPMorgan. Charles Tusa I'll echo, those orders, pretty strong for sure. What were -- there's been a lot of strength in light commercial. How strong was your light commercial business, large and light? Joseph Ritchie Gautam Khanna Okay. Can you comment on how far out you guys are actually booking into '24 at this point or... David Regnery It's always within a 12-month period. So these orders don't get booked way out. But in fact, in the prior years, we would ...

Third-Quarter 2023 Results November 1, 2023 TECHNOLOGIES Forward-Looking Statements This news release includes "forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, operating income, operation margin and earnings; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q _______________________________ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34400 _____________________________ TRANE TECHNOLOGIES PLC (Exact name of registrant as specified in its charter) _______________________________ (State or other jurisdiction of incorporation or ...