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Trane Technologies plc (TT) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Trane Technologies plc (TT) Q1 2026 Earnings Call April 30, 2026 10:00 AM EDT

Company Participants

Zac Nagle – Vice President of Investor Relations
David Regnery – Chairman of the Board & CEO
Christopher Kuehn – Executive VP & CFO

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Conference Call Participants

Christopher Snyder – Morgan Stanley, Research Division
Julian Mitchell – Barclays Bank PLC, Research Division
Scott Davis – Melius Research LLC
Andrew Kaplowitz – Citigroup Inc., Research Division
Amit Mehrotra – UBS Investment Bank, Research Division
Andrew Obin – BofA Securities, Research Division
Noah Kaye – Oppenheimer & Co. Inc., Research Division
Nigel Coe – Wolfe Research, LLC

Presentation

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Operator

Good morning. Welcome to the Trane Technologies Q1 2026 Earnings Conference Call. My name is Lisa, and I will be your operator for the call. The call will begin in a few moments with the speaker remarks and the Q&A session. [Operator Instructions] I will now turn the call over to Zac Nagle, Vice President of Investor Relations. Please go ahead, sir.

Zac Nagle
Vice President of Investor Relations

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Thanks, operator. Good morning, and thank you for joining us for Trane Technologies First Quarter 2026 Earnings Conference Call. This call is being webcast on our website at tranetechnologies.com where you’ll find the accompanying presentation. We are also recording and archiving this call on our website.

Please note that statements made today are forward-looking and may differ materially from actual results as detailed in our SEC filings. This presentation also includes non-GAAP measures explained in our news release and presentation appendix. Joining me today are Dave Regnery, Chair and CEO and Chris Kuehn, Executive Vice President and CFO.

With that, I’ll turn the call over to Dave. Dave?

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David Regnery
Chairman of the Board & CEO

Thanks, Zac, and everyone, for joining today’s call. Please turn to Slide #3. I’ll start with a few thoughts on how our purpose-driven strategy continues

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This Venerable Stock Pays a 10% Dividend Yield. Why It Looks Like a Trap.

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This Venerable Stock Pays a 10% Dividend Yield. Why It Looks Like a Trap.

This Venerable Stock Pays a 10% Dividend Yield. Why It Looks Like a Trap.

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MP urges Prime Minister to help with ‘disgusting Calne pong’

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Business Live

Sarah Gibson has raised the issue of the Hills Waste “rotten egg smell” in Parliament

Sarah Gibson MP speaking at PMQs about the smell in Calne

Sarah Gibson MP speaking at PMQs about the smell in Calne(Image: UK Parliament / Youtube)

A Wiltshire MP is urging the Prime Minister to help provide answers on a “disgusting egg-like smell” that is impacting people living near a landfill site in the county. Thousands of people have complained about the “Calne pong” coming from the Hills Waste site in Lower Compton, with residents reporting headaches and breathing difficulties.

Liberal Democrat minister Sarah Gibson raised the issue with Sir Keir Starmer at PMQs this week, saying she wanted to “reassure” residents of the town “they are not suffering from ill health”.

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“We have a landfill site in Calne that is producing sulphurous smells that are causing residents to need to close their windows, causing children to have sore throats and yet I am not getting any answer except that the Environment Agency (EA) itself admits that controls may not be working effectively,” Ms Gibson said.

“Like my constituents I find it really disappointing that we are not getting any serious response. This is not the kind of thing you expect in the UK. You do not expect the air you breathe not to be safe and I would like to urge the PM to help me in getting a response from Defra and from the EA on what measures can be put in place to reassure my constituents.”

The Prime Minister thanked Ms Gibson for raising the issue in Parliament.

“I will make sure I will go away and chase up that she gets the reply, and importantly, that they are entitled to,” Sir Keir said in response.

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‘It’s very worrying’

Emily, a mum-of-two who lives in Calne, said she had “woken up gagging from the smell”.

“We smell it every day and it’s disgusting,” she said. “My mum stayed at our house and said it smelt like a drain had burst. My daughter has noticed it too; it’s just vile. I want to be able to enjoy these lovely spring mornings, but you can’t breathe in or outside your house.”

Another Calne resident who lives near the waste site said the “rotten-egg stink” was “revolting” and she was concerned it would get worse in the hot weather.

“It’s very worrying,” she told Business Live. “It’s good to hear the issue has been raised in Parliament, but something needs to be done soon. The smell is horrible.”

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Last year, the EA confirmed the landfill site was likely to be responsible for the odour after an investigation lasting months – and it served Hills with an enforcement notice ordering a programme of landfill capping to reduce smells escaping from the site.

But since the beginning of 2026 the EA has received nearly 3,000 more complaints about the odour. In March and April, the government agency carried out more than 60 inspections of the Lower Compton area and it is understood the main source of the smell is a current open landfill cell on the site. The EA has acknowledged the increase in complaints this year suggests the current site controls are not working effectively.

It has said there is “no indication of an immediate risk to people’s health”, however.

“The community should not have to tolerate odours that significantly affect their environment, and we are continuing to investigate complaints made in Calne and the surrounding area, alongside our partners Wiltshire Council and the UK Health Security Agency,” an EA spokesperson said.

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“While landfills and other waste activities will generate smells, the impact should be minimal, and the recent increase in odour reports indicates controls may not be working effectively.

Hills Waste, Lower Compton Calne

Hills Waste, Lower Compton Calne(Image: Google Maps)

“We have traced landfill gas odour to a specific part of Lower Compton Landfill and have required the operators to provide an action plan identifying how they will minimise odour. Several mitigation measures are already in place, including changes to daily cover materials, installation of temporary gas wells, connection of additional gas collection points, and extensive soil covering.”

As Business Live understands, Hills is co-operating fully with the EA and has developed proposals to tackle the problem, including changing how waste at the site is covered up.

“Hills is aware of a recent increase in complaints relating to odour in the Calne area,” a spokesperson for the company told Business Live.

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“We take this matter very seriously, and where this is attributed to our landfill activities at Lower Compton, we would like to apologise.

“As a responsible business, we continually monitor and seek to improve operations at our Lower Compton landfill site. Working with the Environment Agency, we have agreed an action plan of immediate and longer term works to help reduce fugitive emissions of landfill gas.”

The EA is continuing to carry out assessments around the site, including early in the morning and in the evening when “the pong” is most commonly reported.

It has also installed an air-quality monitoring station within the community and is planning to provide the data to the UK Health and Security Agency for analysis.

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Meanwhile, it is understood Hills is using a water-based system to reduce odour molecules being emitted from the site and is preparing to carry out more regular capping – a process that involves sealing a closed landfill with material such as clay to create a barrier and isolate waste from the environment.

The company is planning to start a 13-week programme of works on May 11 to cap over certain sections of the site. Other actions include the installation of extra gas collection points and covering large areas of the site in soil.

“We recently welcomed Sarah Gibson MP on a tour of the Lower Compton site to explain our action plan, and we will be keeping Sarah and other local elected representatives regularly updated on the progress of these works,” the Hills spokesperson added. “Updates will also be shared on our website.”

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US stocks today: US market ends higher, S&P 500, Nasdaq notch biggest monthly gains in years

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US stocks today: US market ends higher, S&P 500, Nasdaq notch biggest monthly gains in years
U.S. stocks advanced on Thursday and the S&P 500 and the Nasdaq logged their biggest monthly gains in years as solid corporate earnings offset the war-related oil supply shock that has rattled markets and sent crude prices to four-year highs.

But oil prices eased and economic data showed the U.S. economy continues to grow at a healthy pace, helping as investors geopolitical tensions and close the book on a month of solid gains.

The rally ‌gained momentum throughout the ⁠session, pushing all ⁠three major U.S. stock indexes sharply higher.

“A lot of the economic data calmed investors’ fears,” said Paul Nolte, senior wealth adviser & market strategist at Murphy & Sylvest in Elmhurst, Illinois. “Beyond that, you’ve got some pretty good earnings from a lot of different companies, and we’re seeing that broaden out today.”

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“Until we see some changes to the market dynamic, as well as the economy, the momentum is on the bullish side,” Nolte added.


Industrials, powered by Caterpillar shares, put the Dow out front, while technology limited the Nasdaq’s gains in the wake of a spate of high-profile quarterly results released late Wednesday.
Four members of the Magnificent Seven group of artificial intelligence-related megacaps reported late Wednesday: Alphabet , Amazon, Meta Platforms and Microsoft. Alphabet jumped ⁠after reporting ‌a record quarter for its cloud unit. Meta and Microsoft shares slid on concerns over artificial intelligence-related expenditures.

“The spending continues to be at pace,” Nolte said. “They’re seeing still very robust growth and some are starting to report a return on the investment, which ⁠is new.”

Apple, another Magnificent Seven constituent, was slated to report after the bell.

According to preliminary data, the S&P 500 gained 74.29 points, or 1.04%, to end at 7,210.24 points, while the Nasdaq Composite gained 223.15 points, or 0.90%, to 24,890.36. The Dow Jones Industrial Average rose 796.27 points, or 1.63%, to 49,658.08.

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CRUDE PRICES, INFLATION AND THE FED

A raft of economic data showed the U.S. economy grew by 2.0% in the first three months of 2026, while initial jobless claims dipped to their lowest since 1969 and soaring energy prices kept year-on-year inflation above 3%, thwarting hopes of near-term rate cuts from the Federal Reserve as Jerome Powell’s eight-year tenure as chair draws to a close.

“For now, we can label (inflation) as transitory,” said Peter Cardillo, chief market economist at Spartan ‌Capital Securities in New York. “However, if the war continues and energy prices do not come down from the present levels, that transitory inflation will become constant inflation and certainly a major headache for the Federal Reserve.” On Wednesday, in its most divided vote since 1992, the central bank let its key interest ⁠rate stand, while acknowledging uncertainties related to heightened crude prices due to the conflict in the Middle East. That conflict showed no sign of abating, with Iran warning of retribution if the United States abandons its ceasefire and renews its attacks, suggesting that efforts to negotiate a peace deal have hit an impasse. Top U.S. military leaders were expected to brief President Donald Trump on potential military action in Iran, a U.S. official told Reuters.

The possibility of protracted war, long-term disruption of traffic in the Strait of Hormuz, and the prolonged pressure on energy prices have dampened hopes for near-term policy easing from monetary policymakers. Eli Lilly surged after the drugmaker raised its annual profit forecast on sustained weight-loss drug demand. Caterpillar shares jumped to a record high following the company’s reported rise in first-quarter profit due to strong demand for its power generation and construction equipment.

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Trump to remove whisky tariffs after King's visit

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Trump to remove whisky tariffs after King's visit

The US president said he would lift restrictions on Scotland’s ability to work with the state of Kentucky on whisky and bourbon.

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Laurus Labs Q4 Results: Cons PAT increased 19% to Rs 279 crore, revenue rises 5%

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Laurus Labs Q4 Results: Cons PAT increased 19% to Rs 279 crore, revenue rises 5%
Laurus Labs reported a consolidated net profit of Rs 279 crore in the March-ended quarter versus Rs 234 crore in the year ago period, implying a 19% uptick. The profit after tax (PAT) is attributable to the equity holders of the company. The company’s revenue from operations in Q4FY26 stood at Rs 1,812 crore compared to Rs 1,720 crore in the corresponding quarter of the last financial year, rising by 5%.

The PAT is up 11% quarter-on-quarter from Rs 252 crore in Q3FY26 while the topline was 2% higher sequentially versus Rs 1,778 crore in the October-December quarter of FY26.

The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 523 crore, rising 10% over Rs 477 crore in Q4FY25. It was 8% higher sequentially.

Company’s gross margins stood at 61.4%, up from 54.5% in the year ago period. It rose 690 bps YoY and 50 bps QoQ.

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The R & D spends were reported at Rs 76 crore which is 4.2% of revenues.


The company’s board of directors approved the payment of second interim dividend of Rs 1.20 for the financial year 2025-26 and has fixed May 8, 2026 as the record date for determining the eligibility of the shareholders. The Dividend amount will be paid on or after May 20, 2026.
The net profit for FY26 stood at Rs 889 crore, which increased 148% from Rs 358 crore in FY25. The revenues in FY26 stood at Rs 6,813 crore, which increased 23% driven by continued strong growth across both CDMO and Affordable Medicine (Generics) division.The full-year EBITDA stood at Rs 1,826 crore, which increased by 64% YoY.

The company in its filing to the exchanges said strong OCF (operating cash flow) was due to higher EBITDA and improved net working capital. The net debt to EBITDA reduction was largely in line and better operating leverage drove ROCE while CAPEX momentum continued.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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Retailers Flock to TikTok Shop to Find New Shoppers, Sales Growth

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Retailers Flock to TikTok Shop to Find New Shoppers, Sales Growth

Americans are increasingly turning to TikTok Shop to buy shampoo, jewelry and apparel. Retailers have noticed, pushing onto the platform with their own virtual stores.

Ralph Lauren and Olaplex Holdings moved onto the platform late last year, while Ulta Beauty launched its store in March. They follow early adopters like Crocs, Revolve Group and L’Oréal in the race to capture scrolling shoppers. “You want to be where the consumer is, and increasingly, that’s obviously on social media and online,” said Olivia Tong, a managing director at Raymond James.

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Earflo to enter US after securing FDA approval

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Earflo to enter US after securing FDA approval

An award winning Perth-developed device to treat chronic ear infections in children has received FDA approval, clearing the way for its launch in the United States.

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Gold Squeezed Between Safe-Haven Allure, Rate Fears as Underlying Demand Holds

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Gold Squeezed Between Safe-Haven Allure, Rate Fears as Underlying Demand Holds

Gold is back in the geopolitical crosshairs, caught between safe-haven demand and prospects of higher interest rates for longer.

Persistent geopolitical uncertainty is expected to drive investment demand and central-bank buying this year, according to the World Gold Council. Yet, the same forces are pushing oil prices higher, stoking inflation and reinforcing expectations of elevated interest rates—traditionally a headwind for non-interest-bearing assets like gold.

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Magnificent Seven Stocks Struggle for Direction Ahead of Big Tech Earnings

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Magnificent Seven Stocks Struggle for Direction Ahead of Big Tech Earnings

Magnificent Seven Stocks Struggle for Direction Ahead of Big Tech Earnings

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Mazagon Dock Q4 Results: Profit jumps 42% to Rs 464 crore; co declares Rs 4.62 dividend

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Mazagon Dock Q4 Results: Profit jumps 42% to Rs 464 crore; co declares Rs 4.62 dividend
Mazagon Dock Shipbuilders reported a strong set of March quarter earnings, with net profit rising nearly 42% year-on-year (YoY), supported by higher execution across shipbuilding and submarine programs. The state-run defence shipbuilder posted a standalone net profit of Rs 464 crore for the quarter ended March 2026, compared with Rs 327 crore in the same period last year.

The company’s board has recommended a final dividend of Rs 4.62 per share for the financial year ended March 2026.

Revenue from operations rose 16% YoY to Rs 3,684 crore from Rs 3,174 crore a year ago, reflecting higher project execution during the quarter. Including other income, total income for the quarter stood at Rs 3,965 crore, up 13% from Rs 3,498 crore in the year-ago period.

Profit before tax rose sharply by 54% to Rs 625 crore, compared with Rs 406.4 crore in the corresponding quarter last year, indicating improved operating leverage.

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Sequentially, however, profitability moderated from the December quarter, when the company had reported a profit of Rs 837 crore, suggesting normalization after a stronger third quarter driven by milestone-based revenue recognition.


Expenses during the quarter rose at a slower pace than revenue. Total expenses increased 8% to Rs 3,340 crore from Rs 3,091 crore a year ago, mainly due to higher raw material consumption and inventory purchases.
For the full financial year FY26, Mazagon Dock reported revenue from operations of Rs 12,840 crore, up 12% from Rs 11,432 crore in FY25.Total income for the year came in at Rs 13,982.4 crore, registering a growth of 12% YoY.

Annual profit before tax rose 4% to Rs 3,250 crore, while net profit increased 5% to Rs 2,436 crore from Rs 2,325 crore in the previous financial year.

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