Trane Technologies plc reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Comprehensive income for the third quarter reached $921.6 million, a substantial increase from $553.3 million in the prior year. For the nine-month period, comprehensive income rose to $2,012.3 million from $1,478.0 million. Net earnings attributable to Trane Technologies for the nine months were $877.2 million, up from $1,463.8 million in the previous year.
The company’s net revenues for the third quarter increased by $558.3 million, or 11.4%, to $5,441.2 million, driven by strong performance in the Americas and EMEA segments. The Americas segment reported net revenues of $4,474.9 million, a 15.1% increase, attributed to robust demand in Commercial and Residential HVAC sectors, alongside price increases. In contrast, the Asia Pacific segment experienced a decline of 20.7% in revenues, primarily due to lower volumes in China.
Gross profit margin improved to 36.3% for the third quarter, up from 34.0% in 2023, while selling and administrative expenses increased by 19.6% to $155.9 million, reflecting a rise in operational costs. The effective tax rate for the third quarter was 18.7%, a slight decrease from 19.8% in the previous year.
Trane Technologies has been active in acquisitions, including the purchase of Nuvolo Technologies Corporation in November 2023 and two additional businesses in the Americas segment for $174.5 million in Q3 2024. The company also issued $500 million in Senior Notes in June 2024 to refinance existing debt.
Cash and cash equivalents stood at $1,470.0 million as of September 30, 2024, with total assets of $20,903.7 million and total liabilities of $13,289.4 million. The company reported net cash provided by continuing operating activities of $2,272.2 million for the nine months, a significant increase from $1,482.6 million in 2023.
Trane Technologies continues to focus on innovation and sustainability, aiming to reduce customers' carbon emissions by a billion metric tons by 2030. The company is also navigating challenges such as inflation and geopolitical events, which may impact its cost structure and operational performance.
About Trane Technologies plc
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