The company said net revenues for 2023 increased 10.5%, or $1,685.9 million, compared with 2022. It cited realization of inflation-based price increases, higher volumes from increased customer demand across all segments, and incremental revenue from acquisitions as the drivers.

1. 01

   The company said net revenues for 2023 increased 10.5%, or $1,685.9 million, compared with 2022. It cited realization of inflation-based price increases, higher volumes from increased customer demand across all segments, and incremental revenue from acquisitions as the drivers.

2. 02

   Gross profit margin for 2023 rose 210 basis points to 33.1% from 31.0% in 2022, the company said. Selling and administrative expenses increased $417.3 million, or 16.4%, and as a share of net revenues rose from 15.9% to 16.7%.

3. 03

   News Trane Technologies said it completed its acquisitions of MTA S.p.A on May 2, 2023, Helmer Scientific Inc on May 12, and Nuvolo Technologies Corporation on November 2. It said capital deployed for acquisitions and equity investments was approximately $881 million in 2023 and approximately $256 million in 2022.

4. 04

   The company said it repurchased and canceled about $669 million of ordinary shares in 2023 and that $2.5 billion remained under the 2022 Authorization. In February 2024, the Board of Directors declared an increase in the quarterly dividend per share from $0.75 to $0.84, or 12%.

Key figures

Fiscal year ended December 31, 2023

Revenue

$17.7B

Operating income

$2.9B

Net income

$2.0B

EPS

$8.77

Operating cash flow

$2.4B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.