In this Research Note, we examine the 2023 business and financials of Trane Technologies, based on their full-year results announced on 1st February 2024, their 2023 10K Report and other announcements. Acquisitions, strategic investments and partnerships in the last 12 months are also highlighted. Since becoming a public company in 2020, Trane Technologies has positioned itself as a pure-play climate innovator, with an increased focus on energy efficiency, sustainability and decarbonization of buildings. 2023 Trane Financial Highlights Trane Technologies reported revenues of $17.7 billion, up 11%; organic revenues up 9%. GAAP operating margin up 130 bps; adjusted operating margin up 140 bps. Adjusted EBITDA margin of 18% up 120 bps. A strong backlog of $6.9 billion is dominated by commercial HVAC projects. Trane Technologies plans to invest $2.5 billion in capital in 2024, with a focus on innovation and market expansion. The company aims to deliver top-quartile financial performance through its sustainability-focused strategy. Trane Technologies […]