Trane Technologies Honored by TIME as a Global Leader in Sustainable Growth

Rhea-AI Summary

Trane Technologies (NYSE:TT) has been recognized in TIME's inaugural ranking of the World's Best Companies for Sustainable Growth. The company has demonstrated strong financial performance with three consecutive years of adjusted EPS growth of 20% or more, continuing into 2024. Recently, Trane Technologies raised its full-year revenue and adjusted EPS guidance for 2024. The company became the first in its industry to commit to reducing embodied carbon by 40%, building on its 2030 Sustainability Commitments, which includes the Gigaton Challenge to reduce customer greenhouse gas emissions by 1 billion metric tons and achieve carbon neutral operations.

Positive

• Three consecutive years of adjusted EPS growth of 20% or more
• Raised full-year revenue and adjusted EPS guidance for 2024
• Industry-first commitment to reducing embodied carbon by 40%

Negative

• None.

Insights

Market Research Analyst

The TIME recognition, while prestigious, is secondary to Trane Technologies' impressive financial performance and strategic positioning in the climate solutions market. The company has demonstrated three consecutive years of 20%+ adjusted EPS growth, with strong momentum continuing into 2024. Their recent upward revision of full-year guidance signals robust business fundamentals.

The commitment to reduce embodied carbon by 40% positions TT strategically in the growing sustainable building solutions market. With buildings responsible for 40% of global emissions, this initiative addresses a significant market opportunity. The company's supplier partnerships and circular design approach create competitive advantages in an industry increasingly driven by environmental regulations and customer demand for sustainable solutions.

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE:TT), a global climate innovator, has been recognized in TIME’s inaugural ranking of the World’s Best Companies for Sustainable Growth. Developed in collaboration with market research company Statista, the list highlights companies that excel in sustainable growth and financial stability while minimizing their environmental footprint.

"Being named to the inaugural list of the World’s Best Companies for Sustainable Growth is a tremendous honor,” said Dave Regnery, Chair and CEO of Trane Technologies. "We are proud to foster a culture that prioritizes innovation for customers, value for shareholders, and the well-being of our employees and the environment. This recognition from TIME underscores our unwavering commitment to carrying out our purpose of boldly challenging what’s possible for a sustainable world."

Trane Technologies has a proven track record of leading financial performance while delivering on its bold sustainability commitments. Through leading innovation, strong customer focus and a talented team, Trane Technologies consistently delivers strong performance over time, with 2023 marking the third year of adjusted earnings per share (EPS) growth of 20% or more and continued strong growth to date in 2024. In the company’s most recent quarterly earnings report, Trane Technologies raised full-year revenue and adjusted EPS guidance for 2024.

In September, Trane Technologies became the first in its industry to commit to reducing embodied carbon by 40%. This commitment involves partnering with suppliers of materials such as steel, aluminum, copper, and refrigerants, while incorporating circular design criteria into product development. Buildings account for 40% of global carbon emissions, making the reduction of embodied carbon—greenhouse gas emissions associated with a product's lifecycle—crucial for lowering their overall carbon footprint.

This commitment builds on the company’s 2030 Sustainability Commitments, which includes the Gigaton Challenge, a pledge to reduce customer greenhouse gas emissions by 1 billion metric tons (one gigaton) and a pledge to achieve carbon neutral operations. Trane Technologies has also pledged to be net-zero by 2050, and its near and long-term emissions reduction targets have been externally validated by the Science Based Targets Initiative (SBTi).

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

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our financial and operating performance, sustainability commitments and the impact of these commitments. 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. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241127553597/en/

Media Contact:

Travis Bullard

+1-919-802-2593

Media@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

InvestorRelations@tranetechnologies.com

Source: Trane Technologies

FAQ

What is Trane Technologies' (TT) recent financial performance in 2023-2024?

Trane Technologies has achieved three consecutive years of adjusted EPS growth of 20% or more through 2023, with continued strong growth in 2024. The company has also raised its full-year revenue and adjusted EPS guidance for 2024.

What is Trane Technologies' (TT) new environmental commitment announced in September?

Trane Technologies became the first in its industry to commit to reducing embodied carbon by 40%, working with suppliers of materials such as steel, aluminum, copper, and refrigerants, while incorporating circular design criteria into product development.

What are Trane Technologies' (TT) 2030 Sustainability Commitments?

Trane Technologies' 2030 Sustainability Commitments include the Gigaton Challenge to reduce customer greenhouse gas emissions by 1 billion metric tons, achieve carbon neutral operations, and work towards becoming net-zero by 2050.