Trane Tech raises profit and revenue forecasts on resilient demand
July 31 (Reuters) -Trane Technologies TT.N on Wednesday raised its full-year profit and revenue forecasts, anticipating strong demand for heating and air-conditioning systems from commercial buildings.
Shares of the company were up 3.8% in premarket trade.
The company now expects 2024 adjusted profit of $10.80 per share, above its previous forecast of between $10.40 and $10.50 per share.
It expects 2024 revenue growth of about 10%, above its previous expectations of a growth between 8% and 9%.
The company, which operates brands such as Thermo King and Frigoblock, benefited from increased demand for cooling systems as homes and businesses cranked up their air conditioners to escape extreme heat.
Deadly heatwaves across the Northern hemisphere and rising levels of air pollution have aided demand for air conditioners and air purifiers.
On an adjusted basis, Trane Technologies earned $3.30 per share for the second quarter ended June 30, compared with analysts' estimates of $3.08 per share, according to LSEG data.
Revenue rose 13% to $5.31 billion, above estimates of $5.13 billion.
Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh Kuber
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