2023-05-03 13:39:37 ET
Trane Technologies’ ( NYSE: TT ) stock fell Wednesday after the maker of heating and air-conditioning equipment reported first-quarter results. Shares declined 4.9% by 1:35 p.m. ET.
Revenue rose 9% from a year earlier to $3.67 billion, compared with the average estimate of $3.64 billion among Wall Street analysts, for the three-month period ended March 31.
Net earnings rose 18% from the prior year to $307.1 million, or $1.33 a share, from $260.2 million, or $1.10 a share.
Adjusted EPS of $1.41 beat the consensus estimate of $1.34.
Trane’s ( TT ) bookings of $4.31 billion were down about 1% from $4.33 billion a year earlier. Its backlog reached a record $7.3 billion by the end of March.
"Our strong first-quarter performance, diverse and resilient portfolio and unprecedented backlog give us confidence in raising our full-year guidance for organic revenue and adjusted EPS growth,” Dave Regnery, chair and CEO of Trane, said in a statement.
Trane ( TT ) raised its forecast for full-year revenue growth to a range of 9% to 10% from the previous range of 7% to 9% from February. It also raised the lower end of guidance for organic growth to 7% to 8% from 6% to 8% previously.
The company ( TT ) now expects adjusted continuing EPS for 2023 of $8.30 to $8.50, raising the lower end of the range by $0.10 from prior guidance. The company also revised its GAAP EPS to $8.20 to $8.40, also lifting the lower end of the range by $0.10.
Trane's ( TT ) brands include American Standard Heating and Air Conditioning, Ameristar, Frigoblock, ICS Cool Energy and Thermo King.
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Trane Technologies declines after reporting quarterly results