The 2020 Mid-Year Economic Update_long

Trane’s 2Q Sales Up 22% Year-Over-Year

Trane reported bookings of $4.4 billion in the second quarter, which was a 34% increase year-over-year.
HARDI Trends Report November 2020

Trane Technologies PLC (NYSE: TT), Swords, Ireland, reported second-quarter sales of $3.8 billion, which was an increase of 22% year-over-year. Trane posted second-quarter profit of $464 million. Trane reported bookings of $4.4 billion in 2Q, which marked a 34% increase.

“After an exceptional first quarter, we aggressively raised our guidance with an unequivocal goal of delivering top-quartile EPS growth again in 2021,” said Dave Regnery, CEO of Trane Technologies. “At the mid-point of the year, we are seeing the broad based market strength we expected, and we remain well positioned to achieve this goal. We delivered robust bookings and revenue growth and record backlog in the second quarter, improving our overall visibility for 2021 and into 2022.

“Thanks to the dedication of our team around the world, we also achieved our strong organic leverage target of 30%, significant margin expansion, 51% adjusted EPS growth and healthy free cash flow. Demand trends remain favorable across the majority of our end markets and, with continued strong execution, we are managing significant headwinds from material inflation and supply chain constraints to meet the needs of our customers and to position us well for the future.

Trane Technologies projected full-year earnings to be $6.05 per share after previously estimating $6 per share.

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