Oppenheimer Highlights Strong Bookings After Trane Technologies' (TT) Q4 Beat

Trane Technologies plc (NYSE:TT) is included among the 12 Best HVAC Stocks to Buy Now.

On January 30, Oppenheimer analyst Noah Kaye raised the firm’s price objective on Trane Technologies plc (NYSE:TT) to $468 from $460 and maintained an Outperform rating. Shares moved higher the same day after the company delivered a fourth-quarter beat on both revenue and earnings. The firm also highlighted strong enterprise bookings and FY26 EPS guidance that came in line, supported by higher expected sales.

A day earlier, on January 29, Trane reported fourth-quarter results that exceeded Wall Street expectations. Results were driven by solid commercial HVAC demand, with AI data centers playing a growing role. Revenue increased 6% year over year to $5.15 billion, topping the $5.09 billion consensus estimate. Adjusted earnings from continuing operations came in at $2.86 per share, above expectations of $2.81. Net income rose to $624 million, or $2.74 per share, compared with $607 million, or $2.67 per share, a year earlier.

Bookings were a standout. Trane said total bookings climbed 24% to $5.76 billion, with organic bookings up 22%. Backlog reached a record $7.8 billion, up 15% from the end of 2024. Growth was led by Americas Commercial HVAC, which the company said rose more than 35%.

In the Americas segment, bookings totaled $4.65 billion, up 27%, with organic bookings increasing 26%. Management said momentum was strongest in commercial HVAC, where applied equipment bookings jumped more than 120%. The applied book-to-bill ratio reached 200%, a level that points to continued strength in demand.

Trane Technologies plc (NYSE:TT) operates as a global climate innovator. Through brands such as Trane and Thermo King, the company provides climate solutions for buildings, homes, and transportation across a wide range of markets.

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Disclosure: None.