Trane Technologies Raises Full-Year Outlook After Record Bookings

Trane Technologies plc (NYSE:TT) raised its full-year guidance Tuesday after posting better-than-expected second-quarter earnings, bolstered by strong demand in its Americas Commercial HVAC segment and record bookings. Despite the upbeat earnings report, the company’s shares experienced an 8% decline in morning trading.

The climate solutions company reported adjusted earnings of $3.88 per share, an increase of 18% from a year earlier and above the Wall Street consensus of $3.79. Net revenue was $5.75 billion, up 8% year-over-year but just short of analysts’ estimates of $5.76 billion.

Bookings reached a record $5.63 billion, up 5% from the same quarter last year. This was fueled by more than 60% growth in applied solutions orders within the Americas Commercial HVAC unit. Total enterprise backlog ended the quarter at $7.1 billion, up 6% from the end of 2024.

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Adjusted EBITDA rose 12% to $1.25 billion, with margins improving 70 ...