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EX - 99.1 2 exhibit991 - q22021 earningsr.htm EX - 99.1 TRANE TECHNOLOGIES ™ Trane Technologies Reports Strong Second - Quarter 2021 Results Highlights ( second - quarter 2021 versus second - quarter 2020 , unless otherwise noted ) : * | Reported bookings of $ 4.4 billion , up 34 percent ; organic bookings * up 30 percent Reported revenues of $ 3.8 billion , up 22 percent ; organic revenues * up 18 percent | | GAAP operating margin up 350 bps ; adjusted operating margin * up 210 bps GAAP continuing EPS of $ 1.91 ; adjusted continuing EPS * of $ 1.92 , up 51 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 , August 4 , 2021 - Trane Technologies plc ( NYSE : TT ) , a global climate innovator , today reported diluted earnings per share ( EPS ) from continuing operations of $ 1.91 for the second quarter of 2021. Adjusted continuing EPS was $ 1.92 , up 51 percent , which excludes $ 5.3 million related to planned restructuring and transformation costs . Second - Quarter 2021 Results Financial Comparisons - Second - Quarter Continuing Operations $ , millions except EPS Q2 2021 Q2 2020 Y - O - Y Change Organic Y - O - Y Change Bookings $ 4,384 $ 3,269 34 % 30 % Net Revenues $ 3,830 $ 3,139 22 % 18 % GAAP Operating Income $ 651 $ 424 54 % GAAP Operating Margin 17.0 % 13.5 % 350 bps Adjusted Operating Income * $ 656 $ 471 39 % Adjusted Operating Margin * 17.1 % 15.0 % 210 bps Adjusted EBITDA * $ 731 $ 544 34 % Adjusted EBITDA Margin * 19.1 % 17.3 % 180 bps GAAP Continuing EPS $ 1.91 $ 1.14 68 % Adjusted Continuing EPS $ 1.92 $ 1.27 51 % Restructuring and Transformation Costs ( $ 5.3 ) ( $ 47.1 ) $ 41.8 " After an exceptional first quarter , we aggressively raised our guidance with an unequivocal goal of delivering top- quartile EPS growth again in 2021 , " said Dave Regnery , CEO of Trane Technologies . " At the mid - point of the year , we are seeing the broad based market strength we expected , and we remain well positioned to achieve this goal . We delivered robust bookings and revenue growth and record backlog in the second quarter , improving our overall visibility for 2021 and into 2022 . " Thanks to the dedication of our team around the world , we also achieved our strong organic leverage target of 30 % , significant margin expansion , 51 % adjusted EPS growth and healthy free cash flow . Demand trends remain favorable across the majority of our end markets and , with continued strong execution , we are managing significant headwinds from material inflation and supply chain constraints to meet the needs of our customers and to position us well for the future . With our purpose - driven -more-