Trane Tech beats quarterly estimates on strong demand for air conditioning

April 30 (Reuters) - Trane Technologies 2IS.F on Wednesday reported better-than-expected first-quarter results and reaffirmed its annual profit forecast, benefiting from rising demand for its heating, ventilation and air conditioning systems.

Shares of the company rose over 7% in premarket trading.

Rising temperatures as a result of climate change has buoyed sales for companies like Trane, as homes and businesses crank up their air conditioners.

The Ireland-based company posted an about 14% rise in its Americas segment, its biggest revenue driver, aided by robust demand from its commercial customers.

The company, which also owns transport refrigeration company Thermo King, stuck with its previous adjusted profit per share forecast of between $12.70 and $12.90 for 2025.

Trane, however, raised its revenue growth expectation for the year, now forecasting a rise of about 7.5% to 8.5%, above its prior estimate of between 6.5% and 7.5%.

The company posted net revenues of $4.69 billion in the first quarter, up 11% from a year ago, beating analysts' expectations of about $4.46 billion, according to data compiled by LSEG.

It posted an adjusted profit per share of $2.45 for the quarter, also above analysts' estimate of $2.20.