Trane Technologies ( NYSE: TT ) on Friday hit a new 52-week high of $190.73 a share, extending a rally that's partly attributable to new federal incentives for energy-efficient heating and cooling equipment.
The company’s shares have gained as much as 58% from its 52-week low in mid-June. By comparison, the Standard & Poor's 500 stock index ( SP500 ) has advanced 11% during the same period.
In its most recent earnings report, Trane ( TT ) said adjusted EPS rose 34% from the prior year to $1.82 in Q4, beating the consensus estimate of $1.64. Revenue rose 14% to $4.07 billion, compared with Wall Street’s forecast for $3.94 billion.
Trane ( TT ) estimated its revenue would rise 7% to 9% in 2023, or 6% to 8% when including the effects of foreign exchange.
Last month, the company lifted its dividend by 12% to $0.75 a share.
Company management is scheduled to speak at the J.P. Morgan 2023 Industrials Conference at 10:30 a.m. on March 16.
Trane's ( TT ) brands include American Standard Heating and Air Conditioning, Ameristar, Frigoblock, ICS Cool Energy and Thermo King.
The company is among the makers of commercial and residential heating, ventilation and air-conditioning equipment that may benefit from incentives in the Inflation Reduction Act of 2022 to buy energy-saving products.
Seeking Alpha contributor William Stamm rates Trane ( TT ) as a Buy on its total return . Columnist Stephen Simpson has a Hold rating on Trane ( TT ) on its relative valuation with other stocks .
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Trane Technologies hits 52-week high on outlook for energy-saving HVAC equipment