Trane Technologies Q2 Results Beat Estimate, Lifts Annual Outlook Above View; Stock Up In Pre-market

(RTTNews) - Trane Technologies plc (TT) Wednesday reported earnings from continuing operations of $762.2 million or $3.33 per share for the second quarter, higher than $592.3 million or $2.57 per share in the same quarter a year ago, primarily helped by growth in revenue. Earnings as well as revenue beat the Street expectations.

The company also raised its full-year outlook above analysts' view. The stock was trading more than 4 percent up in pre-market to $345.

Excluding one-time items, adjusted earnings from continuing operations were $754.8 million or $3.30 per share, up from $616.7 million or $2.68 per share in the prior year.

Net earnings increased to $755.3 million or $3.30 per share from $586.2 million or $2.55 per share last year.

Revenue for the quarter grew to $5.307 billion from $4.705 billion in the previous year.

Trane now expects GAAP and adjusted continuing EPS for full-year to be about $10.80. This compares with the previous outlook of GAAP continuing EPS in the range of $10.30 - $10.40, and adjusted continuing EPS of $10.40 - $10.50.

It now sees full-year organic revenue growth of nearly 10 percent, up from the previous outlook of 8 percent to 9 percent growth.

Analysts expect the company to report earnings of $10.54 per share on revenue growth of 9 percent.

Trane Technologies stock had closed at $328.83, down 0.91 percent on Tuesday. It has traded in the range of $184.02 - $347.33 in the last 1 year.