(Reuters) – Trane Technologies surpassed quarterly profit estimates on Thursday, buoyed by higher demand for its heating and air-conditioning systems in commercial buildings across the Americas and EMEA segments.
The environment-friendly heating, ventilation and air conditioning (HVAC) maker reported an adjusted profit of $2.17 per share in the fourth quarter, beating analysts’ average expectation of $2.13 per share, according to LSEG data.
The company saw an 8% rise in revenue in its Americas segment which comprised nearly 77% of the total revenue for the quarter, as it benefited from a rise in new commercial properties being built as part of the Biden administration’s infrastructure push.
Revenues in its EMEA segment rose 17% from a year ago while its Asia Pacific segment saw a marginal 1% rise.
U.S.-listed shares of Trane were up 2.8% during premarket trading.
The Swords, Dublin-based company operates through two brands: Trane, which makes residential and commercial HVAC systems, and Thermo King, which makes transport refrigeration systems used in trucks.
Trane expects its full-year 2024 adjusted profit to range between $10.00 to $10.30 per share, in line with estimates of $10.06 per share.
Revenue for the quarter was $4.42 billion, a 9% rise from $4.07 billion reported a year ago but slightly below analysts’ estimates of $4.43 billion.
(Reporting by Aatreyee Dasgupta and Mehr Bedi in Bengaluru; Editing by Ravi Prakash Kumar)
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