Thermo King Maker Trane Technologies' Shares Are Surging: Here's Why
Portfolio Pulse from Lekha Gupta
Trane Technologies PLC (NYSE:TT) shares surged by around 9% following the company's Q3 FY23 results. The company reported a 12% Y/Y revenue growth to $4.88 billion, beating the consensus of $4.80 billion. Bookings rose 10% Y/Y to $4.95 billion, led by Americas Commercial HVAC. The company also reported strong volume growth, positive price realization, and improved productivity. Trane Technologies raised its adjusted EPS outlook for 2023 and revised its reported revenue growth. The company returned $172 million in dividends and deployed $250 million for share repurchases in Q3.
November 01, 2023 | 2:02 pm
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Trane Technologies reported strong Q3 FY23 results, beating revenue consensus and raising its 2023 outlook. This led to a surge in the company's shares by around 9%.
Trane Technologies' strong Q3 FY23 results and positive outlook for 2023 have likely boosted investor confidence, leading to a surge in the company's share price. The company's decision to return dividends and repurchase shares also signals a strong financial position, which could further attract investors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100