Trane Technologies plc (NYSE:TT), a global climate innovator, announced the Board of Directors has approved a 12% increase to the dividend, resulting in a quarterly dividend of $0.84 per ordinary share, or $3.36 per share annualized. The dividend is payable March 29, 2024, to shareholders of record on March 1, 2024.

"Our purpose-driven strategy, relentless innovation, and proven business operating system enable us to consistently deliver a superior growth profile, strong margins and powerful free cash flow to execute our balanced capital allocation strategy," said Dave Regnery, chair and CEO, Trane Technologies. "This focus on our growth strategy, along with continued high levels of customer demand, enable us to consistently deliver strong financial performance and differentiated value to shareholders while continuing to reinvest in our business."

In 2023, Trane Technologies delivered free cash flow of $2.2 billion, or 103% of adjusted net earnings and increased the dividend by 12%. Today's announcement further increases the dividend by an additional 12% and reflects the company's continued confidence in its ability to generate strong free cash flow in the future and to paying a competitive dividend that grows with earnings over time.

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 portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechnologies.com.

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Trane Technologies Increases Dividend by 12 Percent