Trane Technologies Declares Quarterly Dividend and Announces New $3 Billion Share Repurchase Program

Rhea-AI Summary

The Board of Directors of Trane Technologies (NYSE:TT) declared a quarterly dividend of $0.67 per share, reflecting a 14% increase, with an annualized sum of $2.68. The dividend is payable on March 31, 2022, to shareholders of record as of March 4, 2022. Additionally, a new $3 billion share repurchase program was authorized, to start after the completion of the existing $2 billion program. The company has consistently paid dividends since 1919, emphasizing its confident financial position and commitment to returning value to shareholders.

Positive

• Quarterly dividend increased by 14%, showing commitment to shareholder returns.
• New share repurchase program of up to $3 billion, signaling confidence in future cash flow.

Negative

• None.

SWORDS, Ireland--(BUSINESS WIRE)-- The Board of Directors of Trane Technologies plc (NYSE:TT), a global climate innovator, declared a quarterly dividend of $0.67 per ordinary share, or $2.68 annualized. The dividend is payable March 31, 2022, to shareholders of record on March 4, 2022. The declaration was consistent with the company’s previously announced intention to increase the dividend by 14%. When combined with the dividend increase of 11% in the first quarter of 2021, the annual dividend is up 26% since launching as a company focused on climate innovation in March of 2020.

The Board of Directors also authorized a new share repurchase program of up to $3 billion, to commence upon the completion of the company’s 2021 $2 billion program. The 2021 program had approximately $1.05 billion remaining as of Jan 31, 2022.

“Today’s announcements reflect our strong balance sheet, liquidity position and continued confidence in our ability to generate strong future free cash flow,” said Dave Regnery, chair and CEO of Trane Technologies. “We remain committed to deploying 100% of excess cash over time through our balanced capital allocation strategy, which includes maintaining a competitive dividend that grows with earnings and repurchasing shares when they trade below the company’s calculated intrinsic value.”

The timing of the program will be dependent on the company’s available liquidity and cash flow, and general market conditions. The repurchase program may be executed through various methods, including open market repurchases.

Trane Technologies has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. Learn more at TraneTechnologies.com.

This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to the timing and execution of the Company’s new share repurchase program and the amount of shares to be repurchased (if any). These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, the impact of the global COVID-19 pandemic on our business, our suppliers and our customers, global economic conditions taking into account the global COVID-19 pandemic, disruption and volatility in the financial markets due to the COVID-19 pandemic, commodity shortages, supply chain constraints and price increases, the outcome of any litigation, risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC, demand for our products and services, and tax audits and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2020, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220203005252/en/

Media Contact:

Jennifer Regina

+1-704-712-5721

jennifer.regina@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

zachary.nagle@tranetechnologies.com

Source: Trane Technologies

FAQ

When is the dividend payment date for Trane Technologies (TT)?

The dividend payment date is March 31, 2022.

What is the amount of the quarterly dividend declared by Trane Technologies (TT)?

The quarterly dividend is $0.67 per share.

What is the new share repurchase program amount for Trane Technologies (TT)?

The new share repurchase program is authorized for up to $3 billion.

How much has Trane Technologies (TT) increased its annual dividend since 2020?

The annual dividend has increased by 26% since launching in March 2020.

What factors could impact the timing of the share repurchase program for Trane Technologies (TT)?

The timing depends on liquidity, cash flow, and general market conditions.