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With a market cap of $90.7 billion, Trane Technologies plc (TT) operates in the industrial sector and specializes in climate control solutions. Based in Swords, Ireland, it designs, manufactures, and services heating, ventilation, air conditioning (HVAC), and transport refrigeration systems. It distributes its products globally under the Trane and Thermo King brands. The company is expected to unveil its fiscal Q3 earnings results before the market opens on Wednesday, Oct. 30.
Before the event, analysts anticipated the manufacturer to report a profit of $3.23 per share, up 15.8% from $2.79 per share in the same quarter last year. The company has consistently surpassed Wall Street's earnings projections over the previous four quarters. TT exceeded the consensus estimate by a 7.1% margin in the most recent quarter.
For fiscal 2024, analysts expect TT to report EPS of $10.89, up 20.5% from $9.04 in fiscal 2023.
Over the past 52 weeks, TT's shares have climbed 109.4%, significantly outperforming the broader S&P 500 Index's ($SPX) 38.5% gain and the Industrial Select Sector SPDR Fund's (XLI) 38.9% increase over the same period.
Shares of Trane Technologies rose 1.7% on Jul. 31 after the company raised its full-year adjusted EPS forecast to $10.80 per share and boosted its revenue growth expectations to 10%. This upward revision was driven by strong demand for air conditioning systems amid extreme heatwaves, particularly from commercial buildings. Additionally, the company's Q2 earnings of $3.30 per share and revenue of $5.3 billion exceeded analysts' expectations, reinforcing investor confidence.
Analysts' consensus rating on Trane Technologies stock is cautiously optimistic, with a "Moderate Buy" overall rating. Out of 19 analysts covering the stock, opinions include six "Strong Buys," 12 "Holds," and one "Strong Sell." This configuration is slightly more bullish than three months ago, with five “Strong Buy” ratings on the stock. As of writing, TT is trading slightly below the average analyst price target of $392.71.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
