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Groundbreaking System Successfully Operates From -57°F to 131°F, Eliminates Defrost Cycles, and Paves the Way for a New Era in Clean-Energy EfficiencyWest Seneca, New York - Newsfile Corp. - February 11, 2025 - Worksport Ltd. (NASDAQ: WKSP) ("Worksport" or the "Company"), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today announced that its wholly owned subsidiary, Terravis Energy, a Colorado corporation ("TVE"), has achieved a major industry milestone with the unveiling of the revolutionary AetherLux™ heat pump system. Heat pumps are an answer to inefficient and outdated heating sources. The AetherLux product line has achieved a significant technological advancement on existing heat pumps. Set to feature three high performing models, the Pro Model debuts TVE's proprietary ZeroFrost™ technology, eliminating the need of Defrost Cycles, preventing a commonly known heat pump drawback, freezing. Tested to successfully work at temperatures as low as -57°F and as high as +131°F, AetherLux is expected to redefine performance standards in a global heat pump market projected to exceed $148 billion by 2030, growing at 9.4% CAGR. TVE's ZeroFrost Technology: A Leap Beyond Defrost Cycles AetherLux leverages ZeroFrost, an innovative TVE technology that eliminates the need for energy-draining defrost cycles. By preventing ice buildup, the system avoids thermal stress and minimizes wear on components-critical issues plaguing conventional heat pumps. This breakthrough extends the product's operational lifespan and sustains efficient heating and cooling in extreme environments. Worksport believes the strength of this innovation redefines the HVAC market, and the ability to target billions of customers, world-wide. Worksport shares the global reveal below, along with more details. Defrost-Free Design: No auxiliary heating system is necessary, reducing costs and energy consumption. Extreme Temperatures: The TVE heat pump has been tested to work in temperatures believed to be unmatched by competitors, from -57°F to +131°F. The AetherLux Pro variant is expected to deliver robust home heating and cooling comfort, year-round. The targeted operating range is -50°F to +131°F, subject to real-world-conditions. High Efficiency: The TVE heat pump has an estimated COP of 3.0 to 3.5 at -57°F and an HSPF of 11.0 to 12.5, substantially cutting energy usage. AI-Driven Optimization: Intelligent software adapts operations in real time, ensuring peak efficiency under changing conditions. R32 Refrigerant: The TVE heat pump utilized a refrigerant that is compliant with the 2025 Clean Air Act regulations, aligning with evolving environmental standards. Heat pumps reduce the risk of Carbon Monoxide Poisoning. "The AetherLux system has tested as the world's first heat pump that does not freeze, even in extreme cold. There is no competition at -50°F," said Lorenzo Rossi, CEO of Terravis Energy. "Currently, heat pumps can be extremely inefficient during cold weather, having to rely on supplementary heat sources during defrost cycles. Our innovation solves this drawback of current heat pump technology by eliminating the need altogether. Given the redesigned configuration and eco-compliant technology, we believe it will excel in both extreme and moderate climates, delivering a solution that should increase the speed of heat pump adoption, reduce climate impact, and save customers money on their energy bill." Global Reveal and Product Information: Terravis Energy expects to offer two affordable variants of the AetherLux system: AetherLux (Performance Unit): Engineered for versatility, handling climates from hot to -13°F (-25°C) with optimized efficiency. Available in 18,000 and 36,000 BTU units, preorders, further details and pricing are coming soon. AetherLux Pro (Ultra-Performance Unit) - Built for every climate, featuring ZeroFrost™ technology, highly efficient, ensuring uninterrupted heat delivery even in the harshest winter conditions. Investors, corporations, and global heat pump distributors interested in learning more about the AetherLux launch can visit: AetherLux Reveal Website. For inquiries, contact: info@terravis.com ; LinkedIn ; +1 (888) 554-8789 x128 Steven Rossi, CEO of Worksport, parent company to Terravis Energy, remarked: "Terravis's breakthrough is the result of three years of cutting-edge R&D. We expect significant commercial interest, given the product's virtually unheard-of performance metrics. Since Worksport shareholders also own Terravis shares, we believe this technology is an underrecognized asset within our Company. As Terravis moves toward commercialization, I'm tremendously excited about the impact on Worksport's future." AetherLux Pro- Reveal Video Cannot view this video? Visit: https://www.youtube.com/watch?v=chTYESTIFlM Learn more about Terravis's Parent Company, Worksport Ltd (NASDAQ: WKSP): https://investors.worksport.com. Stay tuned for more information and join our mailing list to stay up to date with the latest. Join Worksport's Newsletter About Worksport Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com. For more information, please visit investors.worksport.com. Connect with Worksport Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the "Accounts"), the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Product social media Investor social media Instagram X (formerly Twitter) Facebook YouTube LinkedIn Link to Newsletter Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media. For additional information, please contact: Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com Forward-Looking Statements The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "scheduled," "expect," "future," "intend," "plan," "project," "envisioned," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.The issuer is solely responsible for the content of this announcement.
ORLANDO, Fla., Feb. 10, 2025 /PRNewswire/ -- Delta, a global leader in power management and a provider of IoT-based smart green solutions, is introducing Delta Intelligent Building Technologies (DIBT) at AHR Expo 2025 under the theme "One Connected Building". DIBT, Delta's unified platform of smart and energy-saving solutions for intelligent and sustainable buildings in North America, integrates the expertise and advanced technologies of the Delta brands Amerlux for architectural LED lighting, Delta Controls and LOYTEC for building automation, as well as Delta's own indoor air quality (IAQ) solutions, to enable intelligent, energy-efficient, safe, and comfortable buildings. Chuck Campagna, CEO of the newly-launched DIBT, highlighted, "The establishment of Delta Intelligent Building Technologies reflects our commitment to addressing evolving priorities in the North American building sector, where sustainability, energy efficiency, and smart technologies take center stage. At AHR Expo 2025, we are excited to showcase a seamlessly-integrated portfolio of tailored solutions that help businesses play a vital role in the global pursuit of net-zero goals and in the creation of smart cities by enhancing the energy management and efficiency, indoor air quality, security and comfort of their building assets." Visitors to Delta's booth #W1160 can explore three immersive zones featuring solutions tailored for commercial, industrial, and residential buildings. Commercial Zone: Delta's commercial zone demonstrates advanced solutions that optimize workplace efficiency and sustainability. DIBT's Solutions: Showcasing advanced building management solutions, including fully integrated systems with occupancy-driven HVAC and lighting for optimized space utilization and energy efficiency, smart room controls with visualizations for an exceptional user experience, multi-factor access control and AI-powered security to ensure the safety of people and assets, and real-time monitoring of indoor environments, energy usage, and equipment performance to drive operational and energy efficiency. Delta Controls: Showcasing the Red5 VAV, Delta Bench 2, and Red5 Access Kit—innovative solutions made secure through BACnet S/C and scalable building automation delivered via Delta's enteliWEB and enteliCLOUD building management software solutions with Node-RED support. Also featured are the O3 Edge and Hub and Seymour Connect Mobile App, which deliver advanced touchless control and superior occupant experiences. LOYTEC: Presenting ASHRAE G36 HVAC control systems and unveiling the revolutionary LOYTEC PowerPack – the industry's first multi-purpose solution that punches way above its weight class – as part of the ThyraLite lighting control ecosystem, designed with a Human-Centric approach to benefit everyone: installers, tenants, and investors alike. Industrial Zone: Delta's Industrial Automation Solutions are designed to enhance HVACR equipment performance, energy efficiency, and system integration. These solutions include advanced remote monitoring, high-performance fluid systems, and efficient components designed to optimized HVACR operations across industries. Also featured are Delta's comprehensive portfolios of high-efficiency and robust EC Fan and DC Fan line-ups, which can bring about significant energy savings for HVACR equipment. SCADA System VTSCADA: Powered by Trihedral, a proud Delta subsidiary, VTScada is a centralized monitoring platform that seamlessly integrates various systems. It provides managers with remote, real-time access to equipment data. VTScada has become a comprehensive solution, integrating with Delta products to deliver intelligent remote monitoring services. In HVACR, VTScada offers flexible system architecture designs that integrate data from IIoT platforms to optimize device settings. This approach enhances overall HVACR system efficiency and reduces energy consumption. Additionally, VTScada has upgraded its IEC 62443 4-1 cybersecurity certification to Maturity Level 3 (ML3), ensuring stronger network security for users. High-Speed Fluid solution: Delta's High-Speed Fluid Solution includes high-frequency AC motor drives, maglev bearing controllers, and active harmonic filters, offering customers comprehensive system solutions. This solution delivers cost savings, space optimization, and time/effort efficiency. Delta's system eliminates bearing wear issues, decrease routine maintenance and significantly reduces the number of components, resulting in lower construction and maintenance costs. Sensorless Vector Control Drive CP2000 Bypass Control Packages: Designed for Delta's Sensorless Vector Control Drive CP2000 Series, the CP2000 Bypass Control Packages are tailored for commercial HVAC fan and pump control applications. Housed in a compact, lightweight NEMA A1 enclosure, these packages feature integrated BACnet and Modbus protocols, enabling easy installation and seamless communication with any building management system. The system is powered by the Industrial Process Automation architecture, featuring Delta's Compact Modular Mid-range PLC AS Series, which allows for quick and accurate data capture for meters, AC motor drives, sensors, and more. The data is then displayed on the HMI and can be accessed remotely through mobile devices via wireless or internet connections or stored in the cloud. Additionally, data can be transferred to VTScada for advanced system analysis, enabling remote monitoring and optimization of equipment performance. Delta Heavy Duty Fans Series: Engineered for high performance with fan sizes of 200*70 mm to 400*70 mm, these fans feature an excellent aerodynamic design achieved through computer-aided engineering (CAE) for low noise operation. They offer advanced protection with IP68/IP69K ratings, multiple electronic safeguards, and a motor potting design. Built to withstand harsh environments, they have passed rigorous salt spray tests, are UV resistant, and feature a no cooling holes design. Additional functionalities include headwind startup and a reverse dust removal design, enhancing their versatility and reliability. Delta High Performance EC Fan Series: Designed for exceptional energy efficiency and reliability, the series combines advanced aerodynamic impeller design with electronically commutated motors achieving over 90% efficiency. These fans deliver powerful airflow with minimal noise and boast a lifespan of 87,600 hours at 40°C. Featuring versatile control options, including 0-10V, Modbus, and PWM, and innovative axial and centrifugal designs that reduce turbulence and low balance grade, they ensure optimal performance across applications. With low THDi% and self-life predicted functions, Delta's EC fan series is a reliable solution for modern energy-efficient systems. Residential Zone Delta's residential zone showcases our Indoor Air Quality Solutions with innovations that combine comfort, energy efficiency, and sustainability. Delta BreezFresh FRS200HT: A DC fresh air supply fan offering customizable airflow ranging from 30 to 200 CFM, advanced filtration with built-in MERV13 filter to remove pollutants and reduce allergens, ultra-quiet operation, and smart controls for easy management of airflow, temperature, and humidity settings, ensuring optimal indoor air quality. Delta BreezFresh VEB120S ERV: An energy recovery ventilation with an ECM motor engineered to run continuously for a minimum of 60,000 hours, achieving 75% sensible heat recovery efficiency, featuring MERV13 filtration for superior air quality, insulated housing to reduce condensation and noise, and interlocked control that can be hardwired to the HVAC system. Delta Breez Benicia Ceiling Fan: Recognized as ENERGY STAR® Most Efficient 2025, this 52-inch, 3-blade ceiling fan is wet-rated for indoor and outdoor use, featuring a 6-speed brushless DC motor delivering airflow up to 4,800 CFM, integrated dimmable LED lighting with 1,000 lumens output and 90 CRI for enhanced comfort and efficiency, and a sleek design available in matte white and matte black finishes. Delta's exhibit underscores its leadership in creating smart, sustainable buildings, paving the way for a net-zero future. Join us at Delta's booth #W1160 from February 10th to 12th to experience our innovations firsthand and explore how Delta's comprehensive portfolio of innovative solutions empowers energy-efficient, comfortable, and sustainable living and working spaces. About Delta Electronics (Americas) Delta Electronics (Americas) was established 38 years ago and has grown to over one thousand employees in the entire Americas region. Delta has offices, R&D centers, manufacturing, distribution and repair centers in multiple locations in the United States, Mexico and South America. In the U.S., operations are located in Fremont, Los Angeles, San Diego, Seattle, Austin, Dallas, Raleigh and Detroit to better serve its diverse customer base. Outside the U.S., Delta continues to expand its Americas operations in Mexico, Brazil and Canada. Delta Electronics (Americas) serves the IT, communications, industrial automation, renewable energy, lighting, power tool, automotive electric vehicle and other major industries. Products include power electronics, DC brushless fans, visual displays, industrial automation, networking products, electronic components, consumer products and energy efficient and renewable energy products. The company is always striving to define new ways to improve the energy efficiency of its products through advanced research and product development. For more information, please visit: www.delta-americas.com About Delta Delta, founded in 1971 and listed on the Taiwan Stock Exchange (code:2308), is a global leader in switching power supplies and thermal management products with a thriving portfolio of IoT-based smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, "To provide innovative, clean and energy-efficient solutions for a better tomorrow," Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents. Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the DJSI World Index of Dow Jones Sustainability™ Indices for 14 consecutive years. Delta has also won CDP with double A List for 3 times for its substantial contribution to climate change and water security issues and has been named Supplier Engagement Leader for its continuous development of a sustainable value chain for 7 consecutive years. For detailed information about Delta, please visit: www.deltaww.com Media Contacts: Delta Electronics (Americas)Public RelationsCindy Y. Lin+1 (510) 266-4111cindy.y.lin@deltaww.com
Highlights (fourth-quarter 2024 versus fourth-quarter 2023, unless otherwise noted): Reported revenues of $4.9 billion, up 10 percent; organic revenues* up 10 percent GAAP operating margin up 110 bps; adjusted operating margin* up 70 bps Adjusted EBITDA margin* of 18.3 percent, up 110 bps GAAP continuing EPS of $2.67; adjusted continuing EPS* of $2.61, up 20 percent Organic bookings up 2 percent, led by Americas Commercial HVAC, up high single-digits Highlights (full-year 2024 versus full-year 2023, unless otherwise noted): Reported revenues of $19.8 billion, up 12 percent; organic revenues up 12 percent GAAP operating margin up 120 bps; adjusted operating margin up 130 bps Adjusted EBITDA margin of 19.4 percent, up 140 bps GAAP continuing EPS of $11.35; adjusted continuing EPS of $11.22, up 24 percent Strong free cash flow conversion* of 109 percent Bookings of $20.3 billion, up 11 percent, led by Americas Commercial HVAC, up 14 percent $6.75 billion backlog, well positioned for growth in 2025 *This news release contains non-GAAP financial measures. Definitions of the non-GAAP financial measures can be found in the footnotes of this news release. See attached tables for additional details and reconciliations. SWORDS, Ireland, Feb. 6, 2025 /PRNewswire/ -- Trane Technologies plc (NYSE:TT), a global climate innovator, today reported diluted earnings per share (EPS) from continuing operations of $2.67 for the fourth quarter of 2024. Adjusted continuing EPS was $2.61, up 20 percent. Fourth-Quarter 2024 Results Financial Comparisons - Fourth-Quarter Continuing Operations $, millions except EPS Q4 2023 Q4 2023 Y-O-YChange Organic Y-O-Y Change Bookings $4,659 $4,534 3 % 2 % Net Revenues $4,874 $4,424 10 % 10 % GAAP Operating Income $808 $688 17 % GAAP Operating Margin 16.6 % 15.5 % 110 bps Adjusted Operating Income* $794 $688 15 % Adjusted Operating Margin* 16.3 % 15.6 % 70 bps Adjusted EBITDA* $894 $761 17 % Adjusted EBITDA Margin* 18.3 % 17.2 % 110 bps GAAP Continuing EPS $2.67 $2.23 20 % Adjusted Continuing EPS $2.61 $2.17 20 % Pre-Tax Non-GAAP Adjustments, net** $(13.2) $0.7 $(13.9) **For details see table 2 and 3 of the news release. "I'm proud of our talented team for delivering another year of standout financial performance in 2024," said Dave Regnery, chair and CEO, Trane Technologies. "We achieved record financial results with strong organic revenue growth of 12%, powerful free cash flow conversion of 109% and adjusted earnings per share growth of 24% – our fourth consecutive year of earnings per share growth of 20% or more. Since launching Trane Technologies in 2020, we have delivered a compound annual revenue growth rate of 12%, realized free cash flow conversion of 108% of adjusted net earnings, expanded EBITDA margins by 400 basis points and deployed approximately $12 billion of capital. With our focused sustainability strategy, proven business operating system, and relentless investment in future growth and innovation, we expect continued strong performance in 2025 and are well positioned to deliver differentiated shareholder returns over the long term." Highlights from the Fourth Quarter of 2024 (all comparisons against fourth-quarter 2023 unless otherwise noted): Delivered strong revenue, operating income, EBITDA and EPS growth. Strong bookings of $4.7 billion, up 3 percent; organic bookings were up 2 percent. Enterprise reported revenues and organic revenues were both up 10 percent. GAAP operating margin was up 110 basis points, adjusted operating margin was up 70 basis points and adjusted EBITDA margin was up 110 basis points. Strong volume growth, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment. Fourth-Quarter Business Review (all comparisons against fourth-quarter 2023 unless otherwise noted) Americas Segment: innovates for customers in the North America and Latin America regions. The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls and solutions, energy services and solutions, residential heating and cooling; and transport refrigeration systems and solutions. $, millions Q4 2024 Q4 2023 Y-O-Y Change Organic Y-O-Y Change Bookings $3,676.5 $3,625.2 1 % 1 % Net Revenues $3,802.5 $3,390.3 12 % 11 % GAAP Operating Income $685.0 $566.8 21 % GAAP Operating Margin 18.0 % 16.7 % 130 bps Adjusted Operating Income $669.3 $562.6 19 % Adjusted Operating Margin 17.6 % 16.6 % 100 bps Adjusted EBITDA $741.4 $613.5 21 % Adjusted EBITDA Margin 19.5 % 18.1 % 140 bps Bookings of $3.7 billion, up 1 percent. Strong Commercial HVAC bookings, up high single-digits. Reported revenues were up 12 percent, including approximately 1 percentage point related to acquisitions. Organic revenues were up 11 percent. GAAP operating margin was up 130 basis points, adjusted operating margin was up 100 basis points and adjusted EBITDA margin was up 140 basis points. Strong volume growth, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment. Europe, Middle East and Africa (EMEA) Segment: innovates for customers in the Europe, Middle East and Africa region. The EMEA segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions. $, millions Q4 2024 Q4 2023 Y-O-Y Change Organic Y-O-Y Change Bookings $614.8 $570.2 8 % 9 % Net Revenues $690.3 $654.6 5 % 7 % GAAP Operating Income $119.8 $111.7 7 % GAAP Operating Margin 17.4 % 17.1 % 30 bps Adjusted Operating Income $119.1 $111.7 7 % Adjusted Operating Margin 17.3 % 17.1 % 20 bps Adjusted EBITDA $130.4 $122.4 7 % Adjusted EBITDA Margin 18.9 % 18.7 % 20 bps Strong bookings up 8 percent; organic bookings up 9 percent. Reported revenues were up 5 percent including approximately 2 percentage points of negative foreign exchange impact. Organic revenues were up 7 percent. GAAP operating margin was up 30 basis points, adjusted operating margin was up 20 basis points and adjusted EBITDA margin was up 20 basis points. Strong volume growth, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment. Asia Pacific Segment: innovates for customers throughout the Asia Pacific region. The Asia Pacific segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions. $, millions Q4 2024 Q4 2023 Y-O-Y Change Organic Y-O-Y Change Bookings $367.8 $339.1 8 % 8 % Net Revenues $381.2 $379.2 1 % 1 % GAAP Operating Income $94.3 $85.7 10 % GAAP Operating Margin 24.7 % 22.6 % 210 bps Adjusted Operating Income $96.1 $84.9 13 % Adjusted Operating Margin 25.2 % 22.4 % 280 bps Adjusted EBITDA $100.9 $89.7 12 % Adjusted EBITDA Margin 26.5 % 23.7 % 280 bps Reported and organic bookings both up 8 percent. Reported and organic revenues were both up 1 percent. GAAP operating margin was up 210 basis points, adjusted operating margin was up 280 basis points and adjusted EBITDA margin was up 280 basis points. Positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment. Full-Year 2024 Results (all comparisons against full-year 2023 unless otherwise noted) Financial Comparisons - Full-year Continuing Operations $, millions except EPS 2024 2023 Y-O-Y Change Organic Y-O-Y Change Bookings $20,286 $18,281 11 % 11 % Net Revenues $19,838 $17,678 12 % 12 % GAAP Operating Income $3,500 $2,894 21 % GAAP Operating Margin 17.6 % 16.4 % 120 bps Adjusted Operating Income $3,487 $2,888 21 % Adjusted Operating Margin 17.6 % 16.3 % 130 bps Adjusted EBITDA $3,846 $3,184 21 % Adjusted EBITDA Margin 19.4 % 18.0 % 140 bps GAAP Continuing EPS $11.35 $8.89 28 % Adjusted Continuing EPS $11.22 $9.04 24 % Strong bookings of $20.3 billion, up 11 percent. Reported and organic revenues were both up 12 percent. GAAP operating margin was up 120 basis points, adjusted operating margin was up 130 basis points and adjusted EBITDA margin was up 140 basis points. Strong volume, positive price realization and productivity more than offset inflation. The Company also continued high levels of business reinvestment. Balance Sheet and Cash Flow $, millions 2024 2023 Y-O-Y Change Cash From Continuing Operating Activities Y-T-D $3,178 $2,427 $751 Free Cash Flow Y-T-D* $2,789 $2,151 $638 Working Capital/Revenue* 0.8 % 3.0 % 220 bps decrease Cash Balance 31 December $1,590 $1,095 $495 Debt Balance 31 December $4,770 $4,780 ($10) Full-year 2024 cash flow from continuing operating activities was $3.2 billion. Full-year 2024 free cash flow was $2.8 billion, 109 percent of adjusted net earnings. For full-year 2024, the Company deployed or committed $2.5 billion including approximately $760 million for dividends, approximately $470 million for M&A and $1.3 billion for share repurchases. The Company expects to continue to pay a competitive and growing dividend and to deploy 100 percent of excess cash to shareholders over time. Full-Year 2025 Guidance The Company expects full-year 2025 reported revenue growth of approximately 6.5 percent to 7.5 percent; organic revenue growth of approximately 7 percent to 8 percent versus full-year 2024. The Company expects GAAP and adjusted continuing EPS for full-year 2025 of $12.70 to $12.90. Additional information regarding the Company's 2025 guidance is included in the Company's earnings presentation found at www.tranetechnologies.com in the Investor Relations section. This news release includes "forward-looking" statements within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our future financial performance and targets, including revenue, EPS, and earnings; our business operations; demand for our products and services, including bookings and backlog; capital deployment, including the amount and timing of our dividends, our share repurchase program, anticipated capital commitments for M&A activity, and our capital allocation strategy; our available liquidity; our anticipated revenue growth, and the performance of the markets in which we operate. 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, global economic conditions, including recessions and economic downturns, inflation, volatility in interest rates and foreign exchange; trade protection measures such as import or export restrictions, tariffs, or quotas; changing energy prices; worldwide geopolitical conflict; financial institution disruptions; climate change and our sustainability strategies and goals; future health care emergencies on our business, our suppliers and our customers; commodity shortages; price increases; government regulation; restructurings activity and cost savings associated with such activity; secular trends toward decarbonization, energy efficiency and internal air quality, the outcome of any litigation, including the risks and uncertainties associated with the Chapter 11 proceedings for our deconsolidated subsidiaries Aldrich Pump LLC and Murray Boiler LLC; cybersecurity risks; 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, 2023, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events and how they may affect the Company. We assume no obligation to update these forward-looking statements. This news release also includes non-GAAP financial information, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. The definitions of our non-GAAP financial information and reconciliation to GAAP are attached to this news release. All amounts reported within the earnings release above related to net earnings (loss), earnings (loss) from continuing operations, earnings (loss) from discontinued operations, adjusted EBITDA and per share amounts are attributed to Trane Technologies' ordinary shareholders. Trane Technologies (NYSE:TT) 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. For more information, visit tranetechnologies.com. # # # 2/6/2025 (See Accompanying Tables) Table 1: Condensed Consolidated Income Statement Tables 2 - 7: Reconciliation of GAAP to Non-GAAP Table 8: Condensed Consolidated Balance Sheets Table 9: Condensed Consolidated Statement of Cash Flows Table 10: Balance Sheet Metrics and Free Cash Flow
Future growth hinges on accelerating the transition from gas-based heating to renewable solutions LONDON, Jan. 31, 2025 /PRNewswire/ -- High energy bills coupled with strong financial incentives are making heat pumps increasingly cost-competitive with traditional fossil fuel heating systems for residential use. Despite advantages such as higher efficiency and the acceleration of heat decarbonization, the market faces several challenges. A higher proportion of aging households, inadequate insulation, higher installation and capital costs, and a shortage of skilled installers and consultants are limiting growth potential. However, the expansion of hybrid heating technologies and manufacturers scaling up production are set to increase competition and further drive cost competitiveness between heat pumps and conventional boilers. Heat Pump Market Faces Slowdown Amid Economic and Policy Uncertainty The global residential heat pump market is projected to grow from 7.59 million units in 2024 to 17 million units by 2035, with revenues reaching $80.42 billion, driven by an 8.5% CAGR during the forecast period. In 2024, Europe and the U.S. dominated the market, accounting for nearly 75% of total sales, followed by China and Japan. However, after strong momentum in the early 2020s, growth has stalled in 2023 and 2024 due to an easing in gas prices, high electricity taxes, policy inconsistencies, shifting regulations, and reduced funding. These challenges highlight the difficulty of scaling heat pump adoption quickly enough to meet Europe's decarbonisation targets. In the U.S. which has offered generous federal subsidies, the market has been strong in 2024, shrugging off the impact of higher electricity prices and low gas prices. The incoming administration is reviewing many of the existing incentives, so these may not be retained, presenting a challenge for the market. Manufacturers Expand Capacity and Innovate Commercialisation Strategies The heat pump market remains highly competitive, with both global and local players focusing on cost optimisation, efficiency improvements, and localised production to reduce import costs. China and the U.S. are leading adoption efforts, driven by supportive policies, while the EU faces the challenge of requiring long-term incentives to scale up production capacity and transition away from gas boilers. To overcome market barriers, new entrants are introducing smaller, modular, and more affordable heat pumps, designed for compact residential spaces such as window-sill units and sleek, space-saving models for compact residential spaces. Expansion in the heat pump manufacturing sector involves adding new production lines, converting existing facilities - such as transitioning from boiler production to heat pumps - and building new facilities. In addition to scaling production, some companies are making significant investments in research, development, and innovation (RD&I) to enhance efficiency and product performance. While smaller manufacturers are rapidly increasing output, they face challenges in achieving the economies of scale that larger players can leverage, impacting their cost competitiveness and market positioning. Overcoming these barriers will be key to ensuring sustainable growth and broader market adoption. Service-based models like Heat-as-a-Service (HaaS), subscriptions, leasing, and pay-per-use are gaining traction, reducing upfront costs by shifting expenses from capital to operational. These models enhance energy efficiency and serve as entry points for whole-home electrification, including solar and EV solutions. To tackle high installation costs, many firms are integrating financing solutions, making heat pump adoption more accessible. Neha Tatikota, Industry Analyst at Frost & Sullivan, states: "Political tailwinds will shape industry dynamics. Despite high upfront costs, heat pumps can offer savings over gas boilers if key factors align - favourable gas-to-electricity price ratios, rebalanced electricity taxes, improved efficiency, and grant availability. Local manufacturing and competition may ease supply bottlenecks, though material vulnerabilities remain. The sector also varies across regions due to differing national laws and requirements." She adds: "The industry slowdown is concerning, with manufacturers wary of political uncertainty around subsidies. Clear policies and supportive regulations are crucial to revitalising investment, particularly in Europe, and strengthening EU manufacturers through economies of scale. With strong demand for renewable heating, the right regulations could drive growth, while policy setbacks risk stalling the market." Click here to unlock growth potential and explore the future of the global residential heat pump market. Frost & Sullivan, the growth pipeline company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Pipeline as a Service provides the CEO and the CEO's Growth Team with transformational strategies and best-practice models to drive the generation, evaluation, and implementation of powerful growth initiatives. Frost & Sullivan leverages over 60 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 40 offices on six continents. Contact: Kristina MenzefrickeMarketing & CommunicationsGlobal Customer Experience, Frost & Sullivankristina.menzefricke@frost.com
LONDON, Jan. 30, 2025 /PRNewswire/ -- Thermal management is a significant overhead cost for data center (DC) operators, as lowering operating costs is a daily challenge. The performance, stability, and equipment life span are dependent on the execution of efficient cooling solutions. The new Competitive Assessment by global technology intelligence firm ABI Research provides an in-depth and unbiased examination of the top nine leading thermal management solution providers for DC operations, which include hardware, software, and allied services provided in-house or through strategic partnerships. The companies evaluated and ranked are: Market Leaders: Vertiv and Johnson Control Mainstream: Schneider Electric, Daikin, Trane, Danfoss, Carrier, and STULZ Followers: Fujitsu "The analysis focused on eleven criteria segmented across innovation and implementation. The innovation criteria evaluated the solution providers based on thermal management solutions offered: hardware, software, and allied services, solution reliability, inbuilt or software tools to optimize DC operations, interoperability with DC operation tools, innovative features, and end-of-life/circular initiatives. The set of criteria under implementation focuses on geographical presence, market share, deployments, operation and maintenance support, partnerships, case studies, and time to value," explains Rithika Thomas, Sustainable Technologies Senior Analyst at ABI Research. Vertiv took the overall lead, benefiting from the first mover advantage through the dedicated AI DC portfolio Vertiv360, leveraging its strong ecosystem partnerships with Nvidia and Intel. In addition, its scaled global deployments demonstrated Vertiv's expertise in thermal management hardware, software for critical infrastructure, and allied services like power, IT equipment, and servicing efficient DCs. Johnson Controls, a fierce competitor of Vertiv, is a leader in the implementation criteria and has been exceeding market expectations. Its comprehensive and dedicated data center portfolio comprising of hardware, software, fire safety, security and building automation combined with its global presence, customer centric approach, and scaled deployments resulted in overall second position, making Johnson Controls a well-placed solution provider in the ecosystem. Vertiv, Johnson Controls & Schneider Electric are innovation leaders pushing the boundaries on the potential of DC cooling solutions through dedicated product ranges, namely Vertiv 360AI, Johnson Controls' Global DC Solutions organization' and Schneider Electric's approach and portfolio catering from 'Grid to chip, Chip to Chiller'. Johnson Control, Vertiv & Daikin are the top three implementation leaders due to their strong established ecosystem partnerships built over the years, in-house expertise on data center cooling, global scale deployments, partnerships, and commercialized solutions in the market today. With the rise of high-density IT racks and AI models, advanced energy efficient cooling solutions like liquid cooling, are creating opportunities for established HVAC players to acquire stake in SMEs providing advanced cooling capabilities to address customer need for a 'one stop' solution providers. "To succeed in a competitive marketplace, thermal management solution providers are also catering to related operational & hardware requirements of DC such as energy, fire safety, security, IT servers, Data Center Infrastructure Management (DCIM), remote monitoring and servicing, as the DC industry is large, yet the customer base is limited. Thus, established HVAC providers are catering to evolving customer needs and expanding portfolio services to capture the customer base, optimize DC operations, and reduce costs and carbon footprints," Thomas concludes. These findings are from ABI Research's Thermal Management Providers for Data Centers competitive ranking. This report is part of the company's Smart Buildings research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Competitive Ranking reports offer comprehensive analysis of implementation and innovation strategies to offer unparalleled insight into a company's performance and standing compared to its competitors. About ABI Research ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers. ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。 For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com. Contact Info: Global Deborah PetraraTel: +1.516.624.2558 pr@abiresearch.com
Delta Intelligent Building Technologies (Canada) Inc. controls and automation solutions reduces energy consumption and operational costs to improve efficiency, minimize environmental impact, promote automated control, and enhance overall building performance and user experience. SAN ANTONIO, Jan. 27, 2025 /PRNewswire/ -- Frost & Sullivan researched the building automation systems industry and, based on its findings, recognizes Delta Intelligent Building Technologies (Canada) Inc. (also known and henceforth referred to as Delta IBT) with the 2024 North American Customer Value Leadership Award. The company is a global BAS market leader, boasting over 300 distributors and thousands of installations across 80 countries. After Delta Electronics acquired the company in 2016, Delta IBT has continued to thrive by providing state-of-the-art hardware and software solutions tailored to customers' unique needs. Its North American facility offers comprehensive support while overseeing research and development (R&D) and manufacturing operations. Throughout its efforts, Delta IBT and its extensive partnership network uphold the core value of "do it right." Its strategic approach prioritizes customer value, leveraging its extensive expertise and top-tier capabilities. This focus enables the company to consistently deliver best-in-class solutions and services. Delta IBT's innovative O3 product line, which includes the Delta Controls O3 Sense and O3 Edge, is a remarkable sensor hub with a wide range of applications. The O3 sensors connect wirelessly to customers' devices and provide outstanding environmental monitoring. By incorporating multiple functionalities into a single unit, these sensors allow for customizable monitoring and data-driven insights essential for effectively managing building environments. The O3 sensors enable occupancy detection through passive infrared and audio, infrared temperature measurement, humidity sensing, temperature tracking, audio output, light color and intensity adjustments, a light-emitting diode (LED) ring, and enOcean wireless technology. They also feature an infrared blaster and wireless connectivity. The devices' dual-port Ethernet ensures straightforward installation and fast data transfer, granting building managers access to critical information at any time and location. Compatible with a wide range of devices, the sensors fit seamlessly into nearly any Building Automation and Control Networks (BACnet) Internet Protocol setup. With audible alerts and an LED ring, users receive immediate feedback on environmental changes. Dennis Marcell Victor, senior industry analyst at Frost & Sullivan, observed, "Delta IBT's Delta Controls products deliver advanced cloud-based solutions that enable customers to monitor, control, and analyze their systems remotely, offering flexibility and scalability. The company's systems integrate seamlessly with various building technologies, including IoT devices, energy management, and security systems. Additionally, Delta Controls products feature AI-powered energy optimization capabilities in its building management system, driving innovation and sustainability." Delta IBT's Red5, a series of Delta Controls BACnet-native controllers, offers secure and scalable IoT connectivity. It offers enhanced capabilities, including improved processing speeds, increased memory capacity, and modular Input/Output (I/O) systems, along with various retrofit options. Red5 facilitates room-level integration through built-in I/O at the equipment level, enhancing modularity and flexibility. As a result, Delta IBT empowers customers to continuously upgrade their building control systems with the latest technological advancements. The company's Connect workshops optimize workflows, bringing together partners, system integrators, and customers, including both seasoned users of Delta Controls products and newcomers, too. Experienced participants share valuable ideas, tools, and databases to enhance efficiency, while new partners contribute fresh perspectives and innovative approaches based on their experiences with other products. This exchange of ideas improves profitability and benefits all stakeholders. Given today's landscape, Delta IBT is well-positioned to lead the building automation systems industry into its next growth phase and increase its market share in the highly competitive BAS industry. The organization's transparent approach and strong relationships establish it as a preferred partner. "Delta IBT leverages the resources of its parent company and prioritizes innovation to stay ahead of its competitors. The company strives to achieve operational efficiency following a process-oriented approach, making continuous changes to achieve better outcomes. This overall customer-first approach not only provides great value to both existing and new customers but also strengthens Delta IBT reputation in the market," added Riana Barnard, best practices research analyst at Frost & Sullivan. With its strong overall performance, Delta IBT earns Frost & Sullivan's 2024 North America Customer Value Leadership Award in the building automation systems industry. Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company's unique focus on augmenting the value that its customers receive, beyond simply good customer service, leading to improved customer retention and customer base expansion. Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success.Contact us: Start the discussion. Contact:Ashley ShreveE: ashley.shreve@frost.com About Delta Intelligent Building Technologies (Canada) Inc. Delta Intelligent Building Technologies (Delta IBT) stands at the forefront of building automation, proudly leveraging the collective strength of Delta Electronics' esteemed brands. Our mission: is to unify and enhance building environments with customizable solutions that promote sustainability, energy efficiency, and smart functionality. We offer a comprehensive suite of services designed to meet the diverse industry and vertical needs, including commercial buildings, educational institutions, healthcare facilities, and more: Lighting Control: Intelligent lighting solutions that optimize energy usage and enhance occupant comfort and productivity Architectural Performance-grade Lighting: Award-winning interior and exterior lighting delivering striking aesthetics and superior performance Intelligent Room Control: Advanced systems allowing for seamless management of HVAC, lighting, and other systems, ensuring optimal occupant conditions. Energy Management: Solutions that monitor and manage energy consumption, providing actionable insights to reduce costs and improve sustainability. Building Management Systems: Integrated platforms that facilitate the centralized control of various building systems for improved operational efficiency. Security and Access Control: Robust solutions to ensure the safety and security of building occupants and assets. Data Analytics and Reporting: Tools that provide insights into building performance, enabling informed decision-making and continuous improvement. By integrating these innovative technologies, we empower organizations to create smarter, more efficient spaces for a greener future. Our commitment to excellence and continuous improvement drives us to stay ahead of industry trends, ensuring our clients benefit from the latest advancements in building automation.
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