Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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Trane Technologies plc, consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Revenues
- Net revenues exhibit a seasonal and cyclical pattern over the analyzed periods, with peaks typically observed in the second and third quarters of each fiscal year. Initial growth from early 2018 to mid-2019 was followed by a sharp decline in early 2020, likely influenced by external market disruptions. Recovery is apparent from mid-2020 onward, with revenues almost reaching pre-2020 levels by late 2022, though a slight downturn is visible in the first quarter of 2023.
- Cost of Goods Sold (COGS)
- Cost of goods sold closely follows the trends in net revenues, showing an increase until mid-2019. A marked decline occurs in early 2020 aligned with reduced revenues, followed by a gradual recovery. Despite this recovery, costs remain somewhat elevated relative to revenues, especially in later periods, suggesting pressure on cost efficiency or changes in the cost structure.
- Gross Profit
- Gross profit trends correlate with net revenues but demonstrate moderate volatility. There is a significant decline in gross profit in early 2020, aligning with the sales downturn. Recovery post-2020 is evident, with gross profit increasing notably through 2021 and 2022, though the first quarter of 2023 shows a decrease, reflecting softer revenue and persistent cost pressures.
- Selling and Administrative Expenses
- Selling and administrative expenses exhibit relative stability over the periods, with only moderate fluctuations. Expenses generally rise slightly through 2018 and 2019, then decrease during 2020, potentially as a cost-saving response during revenue declines. Following 2020, expenses fluctuate modestly without a clear upward or downward trend, indicating consistent management of operating costs.
- Operating Income
- Operating income shows significant variability influenced by fluctuations in gross profit and administrative costs. After strong performance peaks in mid to late 2018 and mid-2019, there is a pronounced drop during the first quarter of 2020. Recovery spans from mid-2020 to 2022 with new highs, but a downward trend is again observed in early 2023, signaling challenges in sustaining profitability amid recent market conditions.
- Interest Expense
- Interest expense remains relatively stable throughout the timeline, demonstrating a modest downward trend, especially after 2019. This suggests either effective debt management or refinancing activity that has marginally reduced interest liabilities over time.
- Other Income (Expense), Net
- Other income/expense values fluctuate without a clear pattern, including both positive and negative amounts across periods. While some quarters record gains, others show significant losses, indicating volatility from non-operating activities that occasionally impact overall earnings.
- Earnings Before Income Taxes (EBT)
- EBT mirrors operating income trends with peaks in mid to late 2018 and mid-2019, followed by a severe contraction in early 2020. Recovery in earnings before taxes is strong through 2021 and 2022, though with variability. The first quarter of 2023 marks a decline, consistent with other profitability measures.
- Provision for Income Taxes
- The provision for income taxes fluctuates considerably, reflecting varying pre-tax earnings and tax rate impacts. Negative provisions during several quarters indicate tax benefits or credits, yet overall, tax expenses increase during periods of higher earnings, particularly notable during 2021 and 2022. The variability in tax provision contributes to fluctuations in net earnings.
- Earnings from Continuing Operations
- Earnings from continuing operations follow a pattern consistent with operating income and EBT. Early periods before 2020 show strong and growing earnings, which dip substantially in early 2020. A recovery trend begins mid-2020, with earnings reaching new peaks in 2021 and 2022 before declining again in early 2023, mirroring the broader earnings volatility.
- Discontinued Operations, Net of Tax
- The net results from discontinued operations fluctuate with no consistent trend, including both notable gains and losses. The first quarter of 2020 exhibits a significant loss, impacting overall earnings negatively. Other periods show smaller magnitudes of gains or losses, contributing some noise but less impact on overall profitability trends.
- Net Earnings
- Net earnings reflect the combined effects of continuing and discontinued operations along with tax provisions. High variability is apparent, with robust growth through 2018 and 2019, a severe contraction in early 2020, followed by recovery through 2021 and 2022. The first quarter of 2023 registers a decline, consistent with reduced revenues and operating income, indicating persistent market or operational challenges.
- Net Earnings Attributable to Noncontrolling Interests
- Net earnings attributable to noncontrolling interests remain relatively stable, without marked upward or downward trends, suggesting consistent minority interest impacts through the analyzed periods.
- Net Earnings Attributable to Trane Technologies plc
- This measure closely parallels the overall net earnings trend, depicting significant fluctuations across the periods. Strong earnings growth in 2018 and 2019 is offset by sharp declines in early 2020. Recovery ensues through 2021 and 2022 before a subsequent decline in the first quarter of 2023, consistent with the overall operating and financial performance.