Why Trane Technologies Stock Jumped Today
Shares of Trane Technologies (NYSE: TT) rallied 12.2% on Wednesday after the heating, ventilation, and air conditioning giant announced strong quarterly results.
Trane's third-quarter 2023 revenue grew 11.7% year over year to $4.88 billion, translating to non-GAAP (adjusted) earnings of $2.79 per share (up 23% from $2.27 per share a year earlier). Analysts, on average, were only expecting earnings of $2.67 per share on revenue of $4.80 billion.
Trane's bookings -- a key measure for future growth -- climbed a solid 10% year over year (8% excluding acquisitions), led by 14% organic bookings growth within the commercial HVAC business in the Americas segment. But Trane also achieved bookings growth worldwide, with organic bookings up 12% in both its Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA) geographic segments.
Source Fool.com
