Trane Technologies' Mixed Q3 Results, Booking Deceleration Weigh on Sentiment, Oppenheimer Says

MT Newswires Live00:33

Trane Technologies' (TT) shares declined following mixed Q3 results and sequential deceleration in bookings that weighed on sentiment, Oppenheimer said in a note Friday.

The brokerage said, however, it continues to view the company's strong pipeline, expanding data center thermal management portfolio and improving transport recovery trends as supportive of bookings growth in the coming quarters.

The company reported Q3 adjusted EPS of $4.86 and revenue of $6.76 billion, both above consensus estimates of $4.73 and $6.5 billion, respectively, while adjusted EBITDA of $1.45 billion was below consensus of $1.46 billion.

Management noted that the deceleration in Q3 order growth was due to lumpiness in data center orders, despite a record pipeline. The $8 billion in post-2026 backlog offers visibility into sustained 2027 growth, according to the note.

The brokerage raised its 2026 estimates and now forecasts revenue and adjusted EPS of $24.23 billion and $15.27, compared with prior estimates of $23.98 billion and $15.24, respectively.

Oppenheimer kept an outperform rating on Trane Technologies and lowered its price target to $500 from $530.

Shares of Trane Technologies were down 3.9% in Friday trading.

Price: 414.25, Change: -16.86, Percent Change: -3.91

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