Trane Technologies plc (TT)

In Q1 2025, Trane Technologies reported revenues of $4.69 billion, exceeding market expectations, with sales up 11.2% year-over-year and non-GAAP profit of $2.41 per share. In Q2 2025, revenue increased 8.3% year-over-year to $5.75 billion with an adjusted EPS of $3.88, but the stock declined due to a slight revenue miss and broader market conditions. The company raised its full-year 2025 guidance for organic revenue growth to 8% and adjusted EPS to $13.05. Trane Technologies declared a quarterly dividend of $0.94 per share in October 2025. Analysts have maintained a "Hold" consensus recommendation for TT stock, with price targets ranging from $390 to $500.

Demand for Trane Technologies' products and services exhibits seasonality, influenced by construction volumes and economic conditions. A significant portion of revenue comes from replacements and upgrades of existing HVAC systems. The applied commercial HVAC business has shown consistent strong demand. Residential sales have faced challenges due to supply chain issues, excess channel inventory, and the transition to new A2L refrigerants. The residential business is expected to recover, driven by long-term secular trends. The company's strategic operations and diversified geographic presence help mitigate the impact of regional economic fluctuations.

Trane Technologies Plc is a global climate innovator specializing in HVAC and refrigeration solutions. The company designs, manufactures, sells, and services climate control solutions for buildings, homes, and transportation. Its core business segments include HVAC Systems, Refrigeration Systems, and Building Automation and Energy Services. Major products encompass residential HVAC, commercial HVAC, and transport refrigeration, along with related products and services.

Trane Technologies operates in over 100 countries with its global headquarters in Swords, Ireland, and a North American headquarters in Davidson, North Carolina, USA. The company's operations are segmented across the Americas, Europe, the Middle East, Africa (EMEA), and Asia Pacific.

Trane Technologies has a strong brand reputation, with its Trane and Thermo King brands recognized for quality and reliability. The company's commitment to sustainability and innovation is a key aspect of its brand image. In the past year, Trane Technologies was recognized as one of the World's Best Employers by Forbes. The company focuses on research and development, including investments in IoT and AI technologies.

Trane Technologies is primarily owned by institutional investors and public shareholders. Major institutional owners include The Vanguard Group, BlackRock, JPMorgan Chase & Co, Fmr Llc, and State Street Corp. Nelson Peltz is a significant individual shareholder, owning 5.38% of the company's shares. Institutional investors collectively hold approximately 82.97% of the company's stock.