SWORDS, Ireland--(BUSINESS WIRE)--
The Board of Directors of Trane Technologies plc (NYSE:TT), a global climate innovator, declared a quarterly dividend of $0.67 per ordinary share, or $2.68 annualized. The dividend is payable March 31, 2022, to shareholders of record on March 4, 2022. The declaration was consistent with the company’s previously announced intention to increase the dividend by 14%. When combined with the dividend increase of 11% in the first quarter of 2021, the annual dividend is up 26% since launching as a company focused on climate innovation in March of 2020.
The Board of Directors also authorized a new share repurchase program of up to $3 billion, to commence upon the completion of the company’s 2021 $2 billion program. The 2021 program had approximately $1.05 billion remaining as of Jan 31, 2022.
“Today’s announcements reflect our strong balance sheet, liquidity position and continued confidence in our ability to generate strong future free cash flow,” said Dave Regnery, chair and CEO of Trane Technologies. “We remain committed to deploying 100% of excess cash over time through our balanced capital allocation strategy, which includes maintaining a competitive dividend that grows with earnings and repurchasing shares when they trade below the company’s calculated intrinsic value.”
The timing of the program will be dependent on the company’s available liquidity and cash flow, and general market conditions. The repurchase program may be executed through various methods, including open market repurchases.
Trane Technologies has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.
About Trane Technologies
Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. Learn more at TraneTechnologies.com.
This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to the timing and execution of the Company’s new share repurchase program and the amount of shares to be repurchased (if any). These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, the impact of the global COVID-19 pandemic on our business, our suppliers and our customers, global economic conditions taking into account the global COVID-19 pandemic, disruption and volatility in the financial markets due to the COVID-19 pandemic, commodity shortages, supply chain constraints and price increases, the outcome of any litigation, risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC, demand for our products and services, and tax audits and tax law changes and interpretations. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2020, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.
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Media Contact:
Jennifer Regina
+1-704-712-5721
[email protected]
Investors Contact:
Zachary Nagle
+1-704-990-3913
[email protected]
Source: Trane Technologies