Trane Technologies(US:TT)2023-11-01 16:49Financial Performance & Guidance - The company reported strong organic revenue growth of 9% and adjusted EPS growth of 23%[7] - Bookings reached an all-time high, exceeding $4.9 billion, with strong growth across all segments[7] - The company is raising its 2023 revenue and EPS guidance, expecting organic revenue growth of 8% to 9% and adjusted EPS of approximately $9.00[7] - The company expects to deploy approximately $2.5 billion in capital in 2023, including $513 million in dividends, $550 million in share repurchases, and $535 million in M&A[7] Segment Performance - Americas Commercial HVAC (CHVAC) bookings were up mid-teens, with a 3-year stack up approximately 65%[10] - EMEA CHVAC bookings were up low-teens, with a 2-year stack up approximately 25%[10] - Asia Pacific CHVAC bookings were up low-teens, with a 3-year stack up approximately 35%[10] Backlog & Market Position - The company's backlog is strong, ending Q3 at $6.9 billion, which is 2.5 times historical norms[7,8] - Global CHVAC backlog is approximately 3 times historical norms[7] - The company anticipates a robust backlog entering 2024, greater than $6 billion[7] Capital Allocation & Transformation Savings - The company is targeting approximately $300 million in total transformation savings by year-end[55] - The company expects to deliver free cash flow equal to or greater than 100% of adjusted net earnings[7]