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Trane Technologies PLC TT

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Morningstar’s Analysis

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Like HVAC Peers, Trane Technologies Raises 2021 Guidance After a Strong First-Quarter Performance

Analyst Note

| Brian Bernard, CFA, CPA |

Given strong first-quarter performances from competitors Carrier, Johnson Controls, and Lennox, we anticipated an equally strong performance from Trane Technologies, and the narrow-moat rated firm delivered. Trane's reported revenue increased 14% (11% organic) year over year, which was 6% higher than the FactSet consensus estimate. Adjusted operating margin expanded 500 basis points to 12.2%, and adjusted EPS increased 135% year over year to $1.01, which crushed the $0.62 consensus estimate.

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Company Profile

Business Description

Trane Technologies manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its prominent Trane, American Standard, and Thermo King brands. The $12.5 billion company generates approximately 70% of sales from equipment and 30% from parts and services. While the firm is domiciled in Ireland, North America accounts for over 70% of its revenue.

170/175 Lakeview Drive, Airside Business Park
Dublin, Ireland
T +353 18707400
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 35,000