Trane Technologies plc - Ordinary Shares - Class A

**Strong Financial Performance**: Trane Technologies reported a robust Q3 2024 with an 11% organic revenue growth, a 21% increase in adjusted EPS, and a 120 basis points expansion in adjusted EBITDA margins. This trend reflects a consistent track record of outperformance within the industrial sector.

**Raising Guidance for 2024**: The company raised its full-year organic revenue guidance to approximately 11%, up from a prior estimate of 10%. The adjusted earnings per share guidance was also lifted by $0.30 to around $11.10. This optimism is underpinned by a strong backlog at $7.2 billion and solid demand in the Americas commercial HVAC segment.

**Sector and Market Strength**: The Americas commercial HVAC business is driving significant growth, with bookings and revenues showing increases in the high teens year-over-year. Data centers, healthcare, education, and surprisingly, the office segment, are highlighted as strong verticals contributing to this growth, suggesting a broad-based recovery.