Q2 2024 Trane Technologies PLC Earnings Call Transcript
Key Points
- Trane Technologies PLC (TT) reported record Q2 bookings of $5.3 billion, up 19% year-over-year.
- Organic revenues increased by 13%, with a 23% growth in adjusted EPS.
- The company raised its full-year revenue and EPS guidance, expecting a fourth consecutive year of 20% or greater adjusted EPS growth.
- Strong performance in the Americas commercial HVAC business, with bookings up more than 20% and revenue up mid-20s.
- Robust backlog of $7.5 billion, providing strong visibility into 2024 and 2025.
- Transport business revenues were down high-teens due to tough comparisons from the prior year.
- Asia-Pacific revenues were down low single digits, with some choppiness in China towards the end of the quarter.
- The Americas transport market is expected to be down mid-teens for 2024, with a much softer second half projected.
- Continued high levels of business reinvestment may impact short-term margins.
- Potential challenges in the residential HVAC market due to the refrigerant transition and cooling season variability.
Good morning. Welcome to the Trane Technologies Q2 2024 earnings conference call. My name is Adam, and I'll be your operator for the call. (Operator Instructions)
I would now like to turn the call over to Zac Nagle, Vice President of Investor Relations.
Thanks, operator. Good morning, and thank you for joining us for Trane Technologies' second-quarter 2024 earnings conference call. This call is being webcast on our website at tranetechnologies.com, where you'll find the accompanying presentation. We're also recording and archiving this call on our website.
Please go to slide 2. Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of federal securities law. Please see our SEC filings for a description of some of the factors that may cause our actual results to differ materially from anticipated results.
This presentation also includes non-GAAP measures, which are explained in the financial
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