Trane Technologies(US:TT)2024-07-31 20:53Financial Performance - Organic bookings increased by 19% and organic revenues increased by 13%[7] - Adjusted operating margins increased by 140 basis points and adjusted EPS increased by 23%[7] - The company is raising its 2024 organic revenue growth expectation to approximately +10%, up from the previous guidance of +8% to +9%[7] - The company is raising its 2024 adjusted EPS guidance to approximately $1080, up approximately +20% from the previous guidance of $1040 to $1050[7] - Q2 net revenue +13% organic to $4705 million[11] - Q2 Adj EBITDA margin +140 bps to 197%[11] - Q2 Adj Operating Margin +140 bps to 194%[11] - Q2 Adj Continuing EPS +23% to $268[11] Bookings and Backlog - Record high enterprise bookings of $53 billion, up approximately $300 million from the prior record high set in Q1 2024[7] - Q2 ending backlog of $75 billion, up 8% from $69 billion at the end of 2023[7] Segment Performance - Americas CHVAC bookings increased by more than 20% year-over-year[7] - Americas equipment and services revenues increased by >30% and + high-teens, respectively[9] - EMEA CHVAC bookings increased by +20%[9] - ACT lowered their 2024 transport market forecast to down ~15% vs down ~10% prior[20] Capital Allocation - The company expects to deploy approximately $25 billion in capital in 2024[38] - Q2 dividends totaled $190 million, and year-to-date dividends totaled $379 million[38] - Year-to-date share repurchases totaled $650 million, with approximately $18 billion remaining authorized[38]