Trane, Inc. (NYSE: TT) reported Q2 EPS of $1.27, $0.53 better than the analyst estimate of $0.74. Revenue for the quarter came in at $3.14 billion versus the consensus estimate of $2.79 billion.

“The COVID-19 pandemic continues to present the world with complex challenges and great uncertainty as we move through 2020," said Mike Lamach, chairman and chief executive officer. "We remain true to our strategy - maintaining world-class safety for our employees, acting with uncompromising ethics and integrity, and doubling down on our commitments to support our communities and build a more sustainable world. These are the fundamental building blocks that drive differentiated financial performance for us, now and into the future.

Our experienced leadership team is strategically and decisively executing our recession playbook through this crisis, with agility and care for our people and customers and with a focus on emerging an even stronger pure play climate control company. Despite continued challenging end markets, strong execution by our global teams in the second quarter enabled us to continue our stranded cost reduction and transformation-related margin improvement programs while maintaining high levels of business reinvestment for the future. At the same time, we outperformed our end market conditions and effectively managed deleverage within our gross margin target levels.”

Lamach continued, “We continue to serve customer needs with 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 through the downturn by investing heavily in our people and in accretive investment opportunities. 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.”

Full-year 2020 Guidance

• Given the current uncertainty created by the COVID-19 pandemic and its impact on the Company's end markets, the Company has not reinstated financial guidance for 2020. The Company intends to reevaluate guidance on its third quarter earnings call.

This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to our future performance during the COVID-19 global pandemic, capital deployment including the amount and timing of our dividends, our share repurchase program including the amount of shares to be repurchased and the timing of such repurchases and our capital allocation strategy including projected acquisitions; our projected free cash flow and usage of such cash; our available liquidity; performance of the markets in which we operate; restructuring activity; our projected financial performance and targets including assumptions regarding our effective tax rate. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, the impact of the global COVID-19 pandemic on our business, our suppliers and our customers, global economic conditions taking into account the global COVID-19 pandemic, disruption and volatility in the financial markets due to the COVID-19 pandemic, the outcome of any litigation, the outcome of Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC, demand for our products and services, and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2019, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.

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