Trane Technologies plc (NYSE:TT) posted better-than-expected second-quarter earnings on Wednesday, but a slight revenue miss caused shares to drop more than 3% in premarket trading.
The climate solutions provider reported adjusted earnings per share of $3.88 for Q2 2025, topping Wall Street’s forecast of $3.79. However, revenue came in at $5.75 billion—just under the projected $5.77 billion—despite marking an 8% increase compared to the same period last year. Organic revenue growth rose 7% year-over-year.
The quarter was highlighted by strong momentum in Trane’s Americas segment. Commercial HVAC applied solutions orders surged by over 60%, helping push total Americas bookings up 8%. Segment revenue rose 9%, while adjusted operating margin expanded by 130 basis points to reach 22.4%.
“In the second quarter, we continued our consistent track record of leading financial results with record enterprise bookings and revenue and 18 percent earnings per share growth,” said Dave Regnery, chair and CEO of Trane Technologies. “Our performance continues to be led by Americas Commercial HVAC, with strong demand for our sustainable solutions across a broad base of highly complex projects.”
The company recorded record enterprise bookings of $5.6 billion, a 5% increase from a year earlier. Total backlog at the end of the quarter stood at $7.1 billion, up 6% compared to year-end 2024, though slightly down sequentially by around $125 million due to softness in the Residential and Transport units.
Riding on the back of solid Q2 results, Trane Technologies raised its full-year 2025 forecast. The company now expects adjusted earnings per share of roughly $13.05—beating the consensus estimate of $12.96. It also anticipates reported revenue to grow approximately 9% for the year, with 100 basis points attributed to acquisitions, and organic growth projected around 8%.
Trane Technologies stock price
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