Trane Technologies Plc Stock Price, News & Analysis

Oilon, a Finnish energy technology company, has signed a collaboration agreement with Trane (NYSE: TT) to offer Trane Exergy Series heat pumps in Europe. These heat pumps provide heating capacities up to 120°C, replacing oil and gas boilers in various applications. The partnership promotes environmentally-friendly technologies and is seen as a significant step towards sustainable energy production. Oilon is expanding its industrial heat pump business, with aggressive growth targets anticipated to make it a core focus in the coming years.

Trane Technologies announced a 14% dividend increase from $0.59 to $0.67 per share quarterly, effective Q1 2022, subject to Board approval. The annual dividend rises from $2.36 to $2.68 per share. This follows an 11% increase in Q1 2021, leading to a combined 26% annual increase since the company’s formation in March 2020. CEO Dave Regnery emphasized the company's sustainability strategy and confidence in generating strong cash flow, supported by a consistent history of dividend payments since 1910.

Trane Technologies has announced the retirement of executive chair Mike Lamach effective December 31, 2021. CEO Dave Regnery will succeed him as chair of the Board starting January 1, 2022. Regnery's appointment comes after a seamless transition period since he became CEO on July 1, 2021. The Board expresses confidence in Regnery's leadership to enhance shareholder value and continues the company’s focus on innovation and sustainability. Lamach's tenure included significant cultural advancements and strategic growth initiatives.

Trane Technologies (NYSE: TT) announced today that its leadership will participate in a virtual fireside chat at the Credit Suisse Global Industrials Conference on Friday, December 3, 2021, at 11:30 AM ET. This event will be streamed live on Trane Technologies' website, and an archive will be available for 30 days post-event. As a global climate innovator, Trane Technologies offers sustainable climate solutions through its brands Trane® and Thermo King®.

Trane Technologies (NYSE: TT) unveiled its zero-emission trailer refrigeration system at the Solutrans trade show in Lyon, France. The AxlePower technology integrates an electric refrigeration unit and efficient battery storage, ensuring optimal cargo temperature sustainably. This innovation meets the growing demand for safe food and medicine transport while reducing energy costs and emissions. The system is compatible with various power sources and currently in testing. Trane commits over $100 million to develop fully electric cold chain solutions by 2023 for EMEA and by 2025 for the Americas.

Trane Technologies reported third-quarter 2021 results highlighting bookings of $4.3 billion, a 22% increase year-over-year, and revenues of $3.7 billion, up 6%. GAAP continuing EPS rose to $1.73, with adjusted continuing EPS at $1.80, reflecting a 5% growth. Despite strong demand and record backlog of $5 billion, GAAP operating margin declined by 50 bps due to inflation. Cash flow from operating activities reached $1.2 billion. The company maintains a strong outlook, reaffirming its 2021 guidance with anticipated revenue growth of approximately 13.5%.