Page 1

EX - 99.1 2 exhibit991 - q12021earningsr.htm EX - 99.1 TRANE TECHNOLOGIES ™ Trane Technologies Reports Strong First - Quarter 2021 Results ; Raises Full - Year Revenue and EPS Guidance Highlights ( first - quarter 2021 versus first - quarter 2020 , unless otherwise noted ) : | Reported bookings of $ 4.1 billion , up 34 percent ; organic bookings * up 31 percent | | Reported revenues of $ 3.0 billion , up 14 percent ; organic revenues * up 11 percent | GAAP operating margin up 590 bps ; adjusted operating margin * up 500 bps GAAP continuing EPS of $ 0.96 ; adjusted continuing EPS * of $ 1.01 , up 135 percent * This news release contains non - GAAP financial measures . Definitions of the non - GAAP financial measures can be found in the footnotes of this news release . See attached tables for additional details and reconciliations . Swords , Ireland , May 5 , 2021 - Trane Technologies plc ( NYSE : TT ) , a global climate innovator , today reported diluted earnings per share ( EPS ) from continuing operations of $ 0.96 for the first quarter of 2021. Adjusted continuing EPS was $ 1.01 , up 135 percent , which excludes $ 14.7 million related to planned restructuring and transformation costs . First - Quarter 2021 Results Financial Comparisons - First - Quarter Continuing Operations $ , millions except EPS Bookings Q1 2021 Q1 2020 Y - O - Y Change Organic Y - O - Y Change $ 4,131 $ 3,074 34 % 31 % Net Revenues $ 3,018 $ 2,641 14 % 11 % GAAP Operating Income $ 353 $ 154 129 % GAAP Operating Margin 11.7 % 5.8 % 590 bps Adjusted Operating Income * $ 368 $ 191 93 % Adjusted Operating Margin * 12.2 % 7.2 % 500 bps Adjusted EBITDA * $ 437 $ 261 67 % Adjusted EBITDA Margin * 14.5 % 9.9 % 460 bps GAAP Continuing EPS $ 0.96 $ 0.21 357 % Adjusted Continuing EPS $ 1.01 $ 0.43 135 % ( $ 14.7 ) ( $ 36.5 ) $ 21.8 Restructuring and Transformation Costs " Given exceptional first - quarter performance and steadily improving end markets , we have raised our full year 2021 guidance above our previous ranges for both revenue growth and EPS . We now expect revenue growth of approximately 10.5 percent and adjusted EPS of approximately $ 6.00 , $ 0.50 above the high end of our previous range , " said Mike Lamach , chairman and CEO of Trane Technologies . “ During the first quarter , our global team's relentless focus on sustainability and disciplined execution of our strategy led to robust bookings growth , revenue growth and margin expansion both at the enterprise level and in each of our business segments . We are extremely well - positioned as we enter the balance of 2021 , with record backlog and transformation - related savings to invest in innovation that drives market outgrowth , maintains strong -more-