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Trane Technologies plc (TT+0.18%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including net revenues of $19.8 billion, an increase from $17.7 billion in the previous year. This growth was driven by higher volumes and price increases.
The company's gross profit margin improved to 35.7% from 33.1% in the prior year, attributed to productivity gains and price realization.
Selling and administrative expenses rose by 20.8% to $3.6 billion, primarily due to increased human capital costs and business reinvestment.
Interest expense slightly increased to $238.4 million, while other income/expense saw a reduction in losses to $19.9 million.
The effective tax rate remained at 19.4%, benefiting from excess tax benefits and lower tax rates in non-U.S. jurisdictions.
The Americas segment reported net revenues of $15.9 billion, a 15% increase, driven by strong demand in Commercial and Residential HVAC markets.
The EMEA segment's net revenues rose by 6.5% to $2.6 billion, supported by strong demand in Commercial HVAC.
The Asia Pacific segment experienced a 4.6% decline in net revenues to $1.4 billion, impacted by lower volumes in China.
The company made capital expenditures of $370.6 million and completed acquisitions totaling $180.3 million during the year.
Trane Technologies ended the year with $1.6 billion in cash and cash equivalents and a total debt of $4.8 billion.
The company declared dividends totaling $758.7 million and repurchased $1.3 billion of its ordinary shares in 2024.
Trane Technologies continues to focus on its 2030 Sustainability Commitments, which include reducing customer greenhouse gas emissions and achieving carbon-neutral operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trane Technologies plc annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.