Stock Analysis on Net
Stock Analysis on Net

Trane Technologies plc (NYSE:TT)

This company has been moved to the archive! The financial data has not been updated since May 3, 2023.

Income Statement 
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Trane Technologies plc, consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Net revenues 3,665,800 4,073,900 4,371,900 4,190,400 3,355,500 3,569,300 3,719,800 3,829,700 3,017,600 3,179,100 3,495,500 3,138,800 2,641,300 4,150,900 4,344,300 4,527,800 3,575,900 3,895,100 4,030,900 4,357,700 3,384,500
Cost of goods sold (2,522,300) (2,854,300) (2,939,100) (2,867,000) (2,366,500) (2,527,800) (2,515,600) (2,559,000) (2,064,400) (2,231,200) (2,360,800) (2,160,500) (1,898,800) (2,904,300) (2,935,800) (3,094,100) (2,517,300) (2,745,000) (2,718,300) (2,964,100) (2,420,200)
Gross profit 1,143,500 1,219,600 1,432,800 1,323,400 989,000 1,041,500 1,204,200 1,270,700 953,200 947,900 1,134,700 978,300 742,500 1,246,600 1,408,500 1,433,700 1,058,600 1,150,100 1,312,600 1,393,600 964,300
Selling and administrative expenses (686,700) (639,000) (693,300) (612,800) (600,800) (605,800) (620,800) (619,700) (600,000) (559,900) (567,800) (554,800) (588,100) (821,200) (785,300) (783,200) (740,100) (703,400) (725,600) (753,300) (720,900)
Operating income 456,800 580,600 739,500 710,600 388,200 435,700 583,400 651,000 353,200 388,000 566,900 423,500 154,400 425,400 623,200 650,500 318,500 446,700 587,000 640,300 243,400
Interest expense (57,600) (55,800) (55,800) (55,900) (56,000) (56,000) (57,700) (59,300) (60,700) (61,900) (62,400) (61,300) (63,100) (63,300) (64,100) (64,700) (50,900) (49,000) (48,500) (50,300) (72,900)
Other income (expense), net (9,400) (2,300) (18,700) (1,600) (700) 14,900 (6,900) 300 (7,200) (3,500) (4,500) (400) 12,500 (10,400) (7,200) 3,400 (18,800) (20,400) (8,500) (3,500) (4,000)
Earnings before income taxes 389,800 522,500 665,000 653,100 331,500 394,600 518,800 592,000 285,300 322,600 500,000 361,800 103,800 351,700 551,900 589,200 248,800 377,300 530,000 586,500 166,500
(Provision) benefit for income taxes (73,200) (73,500) (104,700) (136,600) (61,100) (65,500) (96,800) (122,800) (48,400) (72,400) (89,900) (83,500) (51,000) (74,500) (112,900) (123,300) (43,000) (121,400) 1,100 (128,000) (33,000)
Earnings from continuing operations 316,600 449,000 560,300 516,500 270,400 329,100 422,000 469,200 236,900 250,200 410,100 278,300 52,800 277,200 439,000 465,900 205,800 255,900 531,100 458,500 133,500
Discontinued operations, net of tax (5,500) (5,000) (7,900) (1,600) (7,000) (8,000) (13,300) (200) 900 (1,000) (5,500) (36,200) (78,700) 23,900 24,400 (5,600) (2,100) 5,500 (11,700) (5,900) (9,400)
Net earnings (loss) 311,100 444,000 552,400 514,900 263,400 321,100 408,700 469,000 237,800 249,200 404,600 242,100 (25,900) 301,100 463,400 460,300 203,700 261,400 519,400 452,600 124,100
Net earnings attributable to noncontrolling interests (4,000) (4,900) (4,500) (5,600) (3,200) (3,300) (3,000) (4,300) (2,600) (4,500) (4,000) (3,300) (3,300) (5,000) (4,600) (4,200) (3,800) (7,400) (4,300) (4,500) (3,700)
Net earnings (loss) attributable to Trane Technologies plc 307,100 439,100 547,900 509,300 260,200 317,800 405,700 464,700 235,200 244,700 400,600 238,800 (29,200) 296,100 458,800 456,100 199,900 254,000 515,100 448,100 120,400

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Net Revenues
Net revenues exhibit a seasonal and cyclical pattern over the analyzed periods, with peaks typically observed in the second and third quarters of each fiscal year. Initial growth from early 2018 to mid-2019 was followed by a sharp decline in early 2020, likely influenced by external market disruptions. Recovery is apparent from mid-2020 onward, with revenues almost reaching pre-2020 levels by late 2022, though a slight downturn is visible in the first quarter of 2023.
Cost of Goods Sold (COGS)
Cost of goods sold closely follows the trends in net revenues, showing an increase until mid-2019. A marked decline occurs in early 2020 aligned with reduced revenues, followed by a gradual recovery. Despite this recovery, costs remain somewhat elevated relative to revenues, especially in later periods, suggesting pressure on cost efficiency or changes in the cost structure.
Gross Profit
Gross profit trends correlate with net revenues but demonstrate moderate volatility. There is a significant decline in gross profit in early 2020, aligning with the sales downturn. Recovery post-2020 is evident, with gross profit increasing notably through 2021 and 2022, though the first quarter of 2023 shows a decrease, reflecting softer revenue and persistent cost pressures.
Selling and Administrative Expenses
Selling and administrative expenses exhibit relative stability over the periods, with only moderate fluctuations. Expenses generally rise slightly through 2018 and 2019, then decrease during 2020, potentially as a cost-saving response during revenue declines. Following 2020, expenses fluctuate modestly without a clear upward or downward trend, indicating consistent management of operating costs.
Operating Income
Operating income shows significant variability influenced by fluctuations in gross profit and administrative costs. After strong performance peaks in mid to late 2018 and mid-2019, there is a pronounced drop during the first quarter of 2020. Recovery spans from mid-2020 to 2022 with new highs, but a downward trend is again observed in early 2023, signaling challenges in sustaining profitability amid recent market conditions.
Interest Expense
Interest expense remains relatively stable throughout the timeline, demonstrating a modest downward trend, especially after 2019. This suggests either effective debt management or refinancing activity that has marginally reduced interest liabilities over time.
Other Income (Expense), Net
Other income/expense values fluctuate without a clear pattern, including both positive and negative amounts across periods. While some quarters record gains, others show significant losses, indicating volatility from non-operating activities that occasionally impact overall earnings.
Earnings Before Income Taxes (EBT)
EBT mirrors operating income trends with peaks in mid to late 2018 and mid-2019, followed by a severe contraction in early 2020. Recovery in earnings before taxes is strong through 2021 and 2022, though with variability. The first quarter of 2023 marks a decline, consistent with other profitability measures.
Provision for Income Taxes
The provision for income taxes fluctuates considerably, reflecting varying pre-tax earnings and tax rate impacts. Negative provisions during several quarters indicate tax benefits or credits, yet overall, tax expenses increase during periods of higher earnings, particularly notable during 2021 and 2022. The variability in tax provision contributes to fluctuations in net earnings.
Earnings from Continuing Operations
Earnings from continuing operations follow a pattern consistent with operating income and EBT. Early periods before 2020 show strong and growing earnings, which dip substantially in early 2020. A recovery trend begins mid-2020, with earnings reaching new peaks in 2021 and 2022 before declining again in early 2023, mirroring the broader earnings volatility.
Discontinued Operations, Net of Tax
The net results from discontinued operations fluctuate with no consistent trend, including both notable gains and losses. The first quarter of 2020 exhibits a significant loss, impacting overall earnings negatively. Other periods show smaller magnitudes of gains or losses, contributing some noise but less impact on overall profitability trends.
Net Earnings
Net earnings reflect the combined effects of continuing and discontinued operations along with tax provisions. High variability is apparent, with robust growth through 2018 and 2019, a severe contraction in early 2020, followed by recovery through 2021 and 2022. The first quarter of 2023 registers a decline, consistent with reduced revenues and operating income, indicating persistent market or operational challenges.
Net Earnings Attributable to Noncontrolling Interests
Net earnings attributable to noncontrolling interests remain relatively stable, without marked upward or downward trends, suggesting consistent minority interest impacts through the analyzed periods.
Net Earnings Attributable to Trane Technologies plc
This measure closely parallels the overall net earnings trend, depicting significant fluctuations across the periods. Strong earnings growth in 2018 and 2019 is offset by sharp declines in early 2020. Recovery ensues through 2021 and 2022 before a subsequent decline in the first quarter of 2023, consistent with the overall operating and financial performance.