Trane Technologies Increases Dividend 11% and Authorizes New $2 Billion Share Repurchase Program
The Board of Directors of Trane Technologies plc (NYSE:TT), a global climate innovator, declared a quarterly dividend of $0.59 cents per ordinary share, or $2.36 annualized, reflecting an 11% increase. Trane Technologies has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.
The dividend is payable March 31, 2021, to shareholders of record on March 5, 2021.
The Board of Directors also authorized a new share repurchase program of up to $2 billion of the company’s ordinary shares, to commence upon the completion of the company’s current $1.5 billion program.
“Today’s announcements reflect our strong balance sheet and liquidity position and underscore our continued confidence in our ability to generate strong free cash flow, maintain high levels of business reinvestment, and to deploy 100% of excess cash over time through our balanced capital allocation strategy to deliver differentiated returns for shareholders,” said Michael Lamach, chairman and chief executive officer of Trane Technologies.
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.
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, but not limited to, 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). The forward-looking statements in this news release are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside of our control, and could cause results to materially differ from 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, the outcome of any litigation, demand for our products and services, 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, 2019, 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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