Trane Q2 2023 Earnings Report
Key Takeaways
Trane Technologies reported a strong second quarter with significant growth in revenue, operating income, EBITDA, and EPS. The company raised its full-year revenue and adjusted EPS guidance due to solid operating performance and a resilient portfolio.
Delivered strong second-quarter revenue, operating income, EBITDA and EPS growth.
Strong bookings of $4.5 billion with a book-to-bill of 96 percent.
GAAP operating margin was up 180 basis points, adjusted operating margin was up 110 basis points to a quarterly record of 18 percent, and adjusted EBITDA margin was up 100 basis points.
Enterprise exited the second quarter of 2023 with backlog at 2.5 times historical norms.
Trane
Trane
Forward Guidance
The Company expects full-year reported revenue growth of approximately 10 percent; organic revenue growth of approximately 8 percent versus full-year 2022. The Company expects GAAP continuing EPS for full-year 2023 of $8.65 to $8.75. The Company expects adjusted continuing EPS for full-year 2023 of $8.80 to $8.90.
Positive Outlook
- Expected full-year reported revenue growth of approximately 10 percent.
- Expected organic revenue growth of approximately 8 percent versus full-year 2022.
- Expected GAAP continuing EPS for full-year 2023 of $8.65 to $8.75.
- Expected adjusted continuing EPS for full-year 2023 of $8.80 to $8.90.