Shares of Trane Technologies PLC (TT) are surging 5.23% in pre-market trading on Thursday following the release of its third-quarter earnings report. The HVAC and refrigeration systems manufacturer posted better-than-expected adjusted earnings per share, despite a slight miss on revenue.

Trane Technologies reported adjusted earnings of $3.88 per share, comfortably beating the analyst consensus estimate of $3.78. This represents a 15% increase from the same period last year. While revenue slightly missed expectations at $5.74 billion compared to the projected $5.79 billion, it still showed a solid 5.5% year-over-year growth.

Investors appear particularly encouraged by the company's record bookings of $6 billion, up 15% from the previous year. The Americas Commercial HVAC segment led the charge with a remarkable 30% increase in bookings, driven by over 100% growth in applied solutions. Additionally, Trane Technologies reaffirmed its full-year 2025 guidance, projecting adjusted earnings per share between $12.95 and $13.05, in line with market expectations.