We provide the latest news
from the world of economics and financeTrane Technologies plc TT reported better-than-expected fourth-quarter 2023 results.
Adjusted EPS of $2.17 surpassed the Zacks Consensus Estimate by 1.9% and increased 19.2% year over year.
Revenues of $4.4 billion missed the consensus mark by a slight margin but increased 8.6% year over year on a reported basis and 6% organically. Bookings were up 13% year over year on a reported basis and 12% organically.
Trane’s shares have gained 48.4% over the past year compared with the 25.8% rally of the industry it belongs to.
The Americas segment’s revenues of $3.4 billion were in line with our estimate and increased 8% year over year on a reported basis and 7% organically. Bookings were up 14% on a reported basis and 13% organically, at $3.6 billion.
Europe, Middle East and Africa segment’s revenues came in at $654.6 million, up 17% year over year on a reported basis and 8% organically, beating our estimate of $627.9 million. Bookings were up 18% year over year on a reported basis and 10% organically, at $570.2 million.
Revenues from the Asia Pacific segment were up 1% year over year on a reported basis and flat on an organic basis, to $379.2 million, missing our estimate of $396.9 million. Bookings of $339.1 million increased 3% on a reported basis and 2% organically.
Adjusted operating income came in at $84.9 million, up 11% year over year. Adjusted operating margin improved 200 basis points to 22.4%.
Trane ended the quarter with a cash balance of $1.1 billion compared with $960 million in the previous quarter. The debt balance was $4.8 billion, flat with the previous quarter. It generated $944 million of cash from operating activities and a free cash outflow of $863 million in the quarter.
The company currently expects revenues to increase around 7% to 8% on a reported basis and 6% to 7% on an organic basis.
Adjusted EPS is expected to be between $10 and $10.3. The midpoint ($10.15) of the guided range is higher than the Zacks Consensus Estimate of $10.01.
Trane currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Robert Half RHI reported better-than-expected fourth-quarter 2023 results.
Quarterly earnings of 83 cents per share beat the consensus mark by 1.2% but declined 39.4% year over year. RHI’s revenues of $1.5 billion beat the consensus mark by a slight margin but decreased 14.7% year over year.
Aptiv APTV reported mixed fourth-quarter 2023 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Adjusted earnings of $1.4 per share beat the Zacks Consensus Estimate by 8.5% and increased 10.2% year over year. APTV’s revenues of $4.9 billion missed the Zacks Consensus Estimate by 0.5% but increased 6% year over year.
Broadridge Financial BR reported impressive second-quarter fiscal 2024 results, with both earnings and revenues beating the Zacks Consensus Estimate.
Adjusted earnings of 92 cents per share beat the consensus mark by 4.6% and increased 1% year over year. BR’s total revenues of $1.41 billion beat the consensus mark by 0.9% and were up 9% year over year.
Zacks Reveals ChatGPT "Sleeper" Stock
One little-known company is at the heart of an especially brilliant Artificial Intelligence sector. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
As a service to readers, Zacks is providing a bonus report that names and explains this explosive growth stock and 4 other "must buys." Plus more.
Download Free ChatGPT Stock Report Right Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.