Trane Technologies PLC Class A

TT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$548.00	Trqwk	Mwrvvkpp

Trane Technologies Continues to Benefit From Strong Commercial HVAC Demand

Brian Bernard

Apr 30, 2024

Business Strategy and Outlook

In early 2020, Ingersoll Rand spun off its industrial segment, which immediately merged with Gardner Denver. This new entity assumed the Ingersoll Rand name and stock ticker. Legacy Ingersoll Rand's climate segment was renamed Trane Technologies. We had long viewed legacy Ingersoll Rand's climate business as more attractive than its industrial segment because the former was consistently more profitable and less cyclical.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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