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Trane Technologies PLC Class A - Stock Quote TT

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Morningstar's Trane Technologies PLC Class A Stock Analysis

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No Surprises From Trane's Q1 Results; Management Maintains Full-Year 2022 EPS Guidance

Analyst Note

| Brian Bernard, CFA, CPA |

Trane Technologies' first-quarter 2022 results and outlook were largely as we expected. Organic revenue increased 12% year over year to $3.4 billion, but adjusted operating margin declined 70 basis points to 11.5% due to ongoing supply chain challenges and rising operating costs. Nevertheless, unlike close competitor Johnson Controls, which also announced earnings on May 4, Trane maintained its full-year adjusted EPS guidance ($6.95-$7.15) despite these headwinds. That said, Trane will need to flex its pricing power to defend its earnings guidance. Indeed, the firm raised its 2022 revenue growth guidance to 10% (from 9%) previously due to additional pricing actions. We expect to increase our current $124 per share fair value estimate approximately 2%, primarily due to the time value of money since our last update.

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Trane Technologies PLC Class A's Company Profile

Business Description

Trane Technologies manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its prominent Trane, American Standard, and Thermo King brands. The $14 billion company generates approximately 70% of sales from equipment and 30% from parts and services. While the firm is domiciled in Ireland, North America accounts for over 70% of its revenue.

170/175 Lakeview Drive, Airside Business Park
Dublin, Ireland
T +353 18707400
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 37,000

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