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SWORDS, Ireland, December 03, 2021--(BUSINESS WIRE)--Trane Technologies, a global climate innovator, today announced it intends to increase its dividend by 14%, from $0.59 to $0.67 per share quarterly and from $2.36 to $2.68 per share annualized, in the first quarter of 2022, subject to Board approval at such time.
"Our sustainability-focused strategy and strong execution enables us to maximize business reinvestment, while at the same time return substantial cash to shareholders," said Dave Regnery, chief executive officer. "When combined with our dividend increase of 11% in the first quarter of 2021, the annual dividend is expected to be up 26% since the separation of our industrial businesses and the launch of Trane Technologies in March of 2020. This announcement reinforces our commitment to paying a competitive dividend that grows at or above the rate of earnings growth over time, and reflects continued confidence in our ability to generate strong cash flow."
Trane Technologies has paid quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.
This news release includes "forward-looking statements," which are statements that are not historical facts, including statements that relate to our intention to increase our dividend including the amount and timing of such dividends and our capital allocation strategy. 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, supply chain constraints, the outcome of any litigation, the outcome of 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.
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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