World News

Industry news and insights from Europe and around the World

UK News

Latest news and developments in the United Kingdom

Products

Keep up-to-date with the latest new products and technology

Features

General articles, applications and industry analysis

Trane hit by COVID-19 in Asia Pacific

IRELAND: Trane Technologies reports revenue down 6% to $2,641m in the first quarter of 2020, with the greatest impact of COVID-19 in Asia Pacific witnessing revenues down 35%.

The onset of the COVID-19 pandemic impacted global bookings and revenue growth in the quarter with the greatest impact in the Asia Pacific segment. Prior to the pandemic, Americas HVAC demand was strong in the quarter.

Announcing adjusted EBITDA down 12% to $261m, Trane chairman and CEO Mike Lamach said: “The COVID-19 pandemic has presented the world with unprecedented challenges, affecting economies, businesses, communities, families and our way of life.”

Asia Pacific was the first segment to experience the COVID-19 pandemic, heavily impacting demand for equipment and services in the region. Trane’s reported bookings were down 18% and revenue down 35%. 

EMEA was also heavily impacted by COVID-19 in the first quarter, primarily in March. Here, reported bookings were down 4% to to $443m and revenue down 5% to $364m. Solid revenue growth in commercial HVAC was said to have been offset by declines in its Thermo King transport refrigeration sector. 

The Americas saw bookings up 11% to $2,368m, but revenues down 2% to $2,098m.

Strong, broad-based, mid-single digit revenue growth in commercial HVAC was, again, said to have been more than offset by transport revenue declines of approximately 30% and low-single digit residential HVAC revenue declines, both impacted by softness related to COVID-19 in the second half of March. COVID-19 related building lockdowns also weakened demand for HVAC services and parts.

Latest News

20th July 2024

Munters set to acquire Geoclima

SWEDEN/ITALY: Pioneering Italian chiller manufacturer Geoclima is set to be acquired by Swedish air treatment and climate solutions company Munters. 
19th July 2024

Bank to retrofit 62% of branches to heat pumps

CANADA: The Royal Bank of Canada (RBC) has announced a multi-million-dollar retrofit of its branches in Canada to low-carbon heating and cooling systems such as heat pumps.
19th July 2024

Madrid installs cool bus shelters

SPAIN: Madrid’s municipal bus company EMT has installed bus shelters with in-built cooling systems at two locations in the city. 
19th July 2024

Beijer Ref reports record profit in Q2

SWEDEN: Wholesaler Beijer Ref has revealed Q2 as its best ever quarter, with sales of SEK9,681m (€835m) and record profitability.
18th July 2024

Climate committee calls for action on heat pumps

UK: A UK government advisory body has backed calls to make electricity cheaper by removing policy costs from electricity prices. 
18th July 2024

Customs block quota-busting F-gas shipment

ITALY: An unnamed “specialised” company from the Piedmont region of northwest Italy faces a fine of up to €150,000 for exceeding its F-gas import quota.