Sector: Industrials|Industry: Building Products & Equipment|Market Cap: $85.16B|Employees: 40K
Trane Technologies is a global climate innovator, providing sustainable and efficient solutions for buildings, homes, and transportation. The company's core business revolves around designing, manufacturing, selling, and servicing HVAC systems, transport refrigeration, and custom refrigeration solutions. With a strong global presence, Trane Technologies leverages its strategic brands, Trane and Thermo King, and a focus on recurring revenue through services and rentals, positioning itself as an industry leader.
Net revenues increased by 11.4% YoY to $5,441.2 million, driven by higher volumes and price increases. Organic revenue growth was 11.1%, with acquisitions contributing 0.5% and currency translation having a negative impact of 0.2%.
Gross profit margin increased by 230 basis points to 36.3% due to gross productivity and price realization, partially offset by inflation.
Selling and administrative expenses increased by 19.6% YoY to $949.8 million, driven by higher human capital costs, sales commissions, and expenses from acquired businesses. As a percentage of net revenues, these expenses increased 120 basis points to 17.5%.