Record Bookings and Revenue Growth
Q2 was marked by record bookings and revenues, with a 90 basis point expansion in adjusted operating margins and 18% growth in adjusted EPS. Enterprise and Americas Commercial HVAC organic bookings reached new all-time highs with increases of 4% and over 20%, respectively.
Americas Commercial HVAC Performance
Americas Commercial HVAC bookings surpassed the previous record by nearly $300 million, with growth of over 20%. Revenue growth was exceptional, increasing by mid-teens on top of a mid-20s growth comp in the prior year.
Strong Services Business
The services business delivered impressive organic revenue growth, up in the low teens, and has maintained a low teens compound annual growth rate since the inception of Trane Technologies in 2020.
Raised Full-Year Guidance
The company raised its full-year revenue guidance to approximately 8% organic growth and adjusted EPS to approximately $13.05, up 16% year-over-year.
Capital Allocation
$1.5 billion deployed through a balanced capital allocation strategy, including $420 million to dividends, approximately $15 million to M&A, $900 million to share repurchases, and $150 million for debt retirement.