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Mar 31, 2025
Trane Q1 2025 Earnings Report
Trane Technologies reported strong results in Q1 2025 with solid revenue and EPS growth and reaffirmed its full-year guidance.
Key Takeaways
Trane Technologies delivered robust performance in Q1 2025, driven by strong order growth and execution, especially in its Americas segment. The company reported increases in revenue, adjusted EPS, and operating income, and expects to finish the year toward the high end of its guidance range.
Revenue grew 11% YoY to $4.69 billion, with organic growth matching headline growth.
Adjusted EPS rose 26% YoY to $2.45, while GAAP EPS hit $2.71.
Strong performance in the Americas segment with record HVAC bookings.
Backlog increased by approximately $500 million compared to year-end 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Trane Technologies reaffirmed its 2025 full-year guidance and expects to perform toward the high end of the range for both revenue and EPS.
Positive Outlook
- Expected full-year GAAP EPS of $12.95 to $13.15.
- Adjusted EPS guidance of $12.70 to $12.90.
- Revenue growth forecasted at 7.5% to 8.5%.
- Organic revenue growth projected at 7% to 8%.
- Continued capital deployment toward dividends and buybacks.
Challenges Ahead
- Foreign exchange expected to have a 50 bps negative impact on revenue.
- Asia Pacific segment saw revenue and bookings decline YoY.
- EMEA margins declined due to inflation and reinvestments.
- Cash and cash equivalents declined by over $700M since year-end.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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