(Reuters) – Trane Technologies raised its full-year profit and revenue forecasts on Wednesday, anticipating strong demand for heating and air-conditioning systems from commercial builders.
The company now expects an adjusted profit of $11.10 per share in 2024, above its earlier expectations of $10.80 per share.
It expects revenue growth of about 11% for the year, up from its previous expectations of a growth of about 10%.
Shares of the company were up about 1% in premarket trade.
Increasing global temperatures, fueled by climate change, have aided demand for cooling systems as homes and businesses cranked up their air conditioners to escape extreme heat.
Trane Technologies, which owns Thermo King and Frigoblock, also saw increased demand for heating and cooling systems due to the rapid growth of data centers driven by the AI boom.
It earned $3.37 per share, on an adjusted basis, in the third quarter ended Sept. 30, compared with estimates of $3.24 per share, according to data compiled by LSEG.
The company posted net revenue of $5.44 billion, compared with estimates of $5.32 billion.
(Reporting by Kannaki Deka in Bengaluru; Editing by Savio D’Souza)
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