Trane Technologies Q3 Earnings Beat Estimates, Rise Y/Y

Trane Technologies plc TT reported better-than-expected second-quarter 2024 results.See Zacks Earnings Calendar to stay ahead of market-making news.Adjusted EPS of $3.37 surpassed the Zacks Consensus Estimate by 4.3% and increased 20.8% year over year.Revenues of $5.4 billion beat the consensus mark by 2.4% and increased 11% year over year on a reported basis and organically. Bookings were up 5% year over year on a reported basis and organically. Trane Technologies plc Price, Consensus and EPS Surprise Trane Technologies plc price-consensus-eps-surprise-chart | Trane Technologies plc QuoteRevenues and BookingsThe Americas segment’s revenues of $4.5 billion were higher than our estimate of $4 billion and increased 15% year over year on a reported basis and organically. Bookings were up 8% on a reported basis and organically, at $4.3 billion.Europe, Middle East, and Africa segment’s revenues came in at $667.8 million, up 8% year over year on a reported basis and organically, missing our estimate of $661.2 million. Bookings were up 9% year over year on a reported basis and organically, at $637 million.Revenues from the Asia Pacific segment were down 21% year over year on a reported basis and organically to $298.5 million, missing our estimate of $437.5 million. Bookings of $279 million decreased 30% on a reported basis and 31% organically.Operating Margin PerformanceAdjusted operating income was $56.9 billion, down 31% year over year. Adjusted operating margin squeezed 290 basis points to 19.1%.Key Balance Sheet and Cash Flow FiguresTrane ended the quarter with a cash balance of $2.3 billion compared with $959 million in the previous quarter. The debt balance was $5.3 billion, flat with the previous quarter. The company generated $1.3 billion of cash from operating activities and free cash of $1.2 billion in the quarter.2024 GuidanceThe company raised its 2024 guidance. It currently expects revenues to increase 11% compared with the previous expectation of 10% growth.Adjusted EPS is expected to be around $11.1 compared with the previous anticipation of $10.8. The revised guidance is higher than the Zacks Consensus Estimate of $10.89.Trane currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Earnings SnapshotsOmnicom OMC reported impressive third-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.OMC’s earnings of $2 per share beat the consensus estimate by 3.1% and increased 9.1% year over year. Total revenues of $3.9 billion surpassed the consensus estimate by 2.3% and increased 8.5% year over year.Equifax EFX reported mixed third-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues missed the same.EFX’s adjusted earnings were $1.8 per share, beating the Zacks Consensus Estimate by a slight margin and increasing by 5.1% from the year-ago quarter’s actual. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 9.3% from the year-ago quarter.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Omnicom Group Inc. (OMC): Free Stock Analysis Report Equifax, Inc. (EFX): Free Stock Analysis Report Trane Technologies plc (TT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks