Trane, Inc. (TT) Tops Q3 EPS by 37c, Revenues Beat

Trane, Inc. (NYSE: TT) reported Q3 EPS of $1.72, $0.37 better than the analyst estimate of $1.35. Revenue for the quarter came in at $3.5 billion versus the consensus estimate of $3.16 billion.

Highlights (third quarter 2020 versus third quarter 2019, unless otherwise noted):

• Reported bookings of $3.5 billion, reported and organic bookings* up 7 percent
• Reported revenues of $3.5 billion, reported revenues up 1 percent; organic revenues* up 50 bps
• GAAP operating margin up 70 bps; adjusted operating margin* up 80 bps
• GAAP continuing EPS of $1.67; adjusted continuing EPS* of $1.72, up 6 percent
• Y-T-D cash from continuing operating activities and free cash flow* of $1.1 billion

“As we continue to navigate a challenging year, we remain true to our strategy: maintaining world-class safety for our employees, bringing advanced technology and innovation to our customers and accelerating our commitment to build a more sustainable world. These fundamental building blocks will deliver differentiated financial performance for us, now and into the future,” said Mike Lamach, chairman and chief executive officer.

“In the third quarter, we significantly outperformed challenging end markets and delivered both revenue growth and margin expansion, exceeding our prior outlook and enabling us to again raise our outlook for 2020. Strong execution by our teams around the world enabled us to continue our stranded cost reduction and transformation-related margin improvement programs while maintaining high levels of business reinvestment. Our focus is on emerging even stronger as a leading climate innovator as we come through the pandemic.”

Lamach continued, “We continue to see growing interest in the latest technologies for indoor air quality, energy management and precision temperature control for safe movement of food, medicines and vaccines. Looking forward, we remain in an exceptionally strong financial position, which enables us to continue to play offense by investing heavily in the safety of our people and in accretive investment opportunities through execution of our balanced capital deployment strategy. This will further strengthen Trane Technologies and our ability to compete, to win and to thrive both today and as business conditions improve and new market opportunities arise.”

For earnings history and earnings-related data on Trane, Inc. (TT) click here.

You May Also Be Interested In

• Elevance Health (ELV) hikes 2024 earnings outlook, shares climb
• American Shared Hospital (AMS) Strengthens Senior Management Structure
• Equifax (EFX) shares tumble on weak Q1 revenue, guidance miss