Trane Technologies plc reports developments tied to climate-control products and services for buildings, homes and transportation. The company operates through strategic brands including Trane and Thermo King, with recurring updates on commercial and residential HVAC systems, building controls and solutions, energy services, transport refrigeration, and regional activity in the Americas and Asia Pacific.
Company news commonly covers quarterly results, bookings and backlog trends, guidance, dividend declarations, investor conference presentations, technician training programs, and product or technology progress in energy-efficient HVAC. Updates also include participation in government and industry initiatives involving commercial rooftop units, cold-climate performance and building-system efficiency.
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%.
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Service Fusion, part of EverCommerce (NASDAQ: EVCM), has announced a new integration with Trane and American Standard, leading providers of indoor comfort solutions. This first phase allows HVAC contractors to efficiently manage leads and jobs through the platform, reducing manual entry processes. The integration aims to streamline workflow and enhance customer experience by simplifying business operations. Further phases are expected in 2022, focusing on product catalogs and inventory management.
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Trane Technologies (NYSE: TT) has successfully acquired Farrar Scientific, a key player in ultra-low temperature solutions for biopharmaceuticals. This strategic acquisition, announced on September 13, 2021, enhances Trane's capabilities in providing flexible and efficient temperature control solutions critical for the life sciences sector. Holly Paeper has been appointed to lead the new Life Science Solutions business within Trane's Commercial HVAC unit, aiming to deliver greater value in cold chain management and sustainability.
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Trane Technologies (NYSE: TT) enhances indoor air quality management by integrating IAQ monitoring with its Trane Home app through Awair Element. This initiative addresses growing concerns about indoor air quality exacerbated by the COVID-19 pandemic. Homeowners can monitor air quality factors and control their HVAC systems, ensuring optimal conditions for health and comfort. The collaboration aims to provide efficient and sustainable climate solutions and fortify the company’s commitment to improving indoor environments.
The Board of Directors of Trane Technologies (NYSE:TT) has declared a quarterly dividend of $0.59 per share, payable on December 31, 2021, to shareholders of record as of December 3, 2021. This marks a longstanding tradition, as the company has issued consecutive quarterly dividends since 1919 and annual dividends since 1910. As a global climate innovator, Trane Technologies provides sustainable climate solutions through its brands Trane® and Thermo King®, contributing to energy efficiency in various sectors.
Trane Technologies (NYSE:TT) will host a conference call on November 3, 2021, at 10 a.m. ET to discuss its third quarter 2021 financial results. The earnings release and presentation will be available on their website prior to the call. A real-time webcast will be accessible for those who wish to listen live. For individuals unable to attend, a replay will be available by 1 p.m. ET on the same day.
Trane Technologies focuses on sustainable climate solutions through its brands Trane and Thermo King.
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