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- Trane Technologies PLC (NYSE:TT) reported second-quarter revenue growth of 22% year-over-year to $3.83 billion, beating the consensus of $3.75 billion. Organic sales growth was 18%.
- Bookings increased by 34% Y/Y to $4.38 billion and were up 30% organically.
- Sales by segments: Americas $2.97 billion (+21% Y/Y), EMEA $523.2 million (+40% Y/Y) and Asia Pacific $334.9 million (+8% Y/Y).
- Adjusted continuing EPS improved to $1.92 from $1.27 in 2Q20, beating the consensus of $1.89.
- The GAAP operating income increased by 54% Y/Y to $651 million, and the margin expanded by 350 bps to 17%. Adjusted operating margin improved by 210 bps to 17.1%.
- Adjusted EBITDA was $731 million, up by 34% Y/Y, and margin expanded by 180 bps to 19.1%
- Trane Technologies generated cash from operating activities year-to-date of $752 million, compared to $179 million a year ago. Free cash flow of $696 million.
- "Demand trends remain favorable across the majority of our end markets and, with continued strong execution, we are managing significant headwinds from material inflation and supply chain constraints to meet the needs of our customers and to position us well for the future," said CEO Dave Regnery.
- FY21 outlook: Trane Technologies expects reported revenues to increase ~13.5% (prior +10.5%) and organic revenues +11% (prior +9%).
- It expects GAAP continuing EPS of $5.80 (prior $5.75) and adjusted continuing EPS to rise ~36% Y/Y to $6.05 (previous $6.00), versus the consensus of $6.12.
- Price action: TT shares are down by 3.51% at $199.30 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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