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Meridian Flight Systems Joins Altair Aerospace Startup Acceleration Program (ASAP)

Meridian to utilize Altair software and services to enhance development of Corra UAV and HERMES projects

TROY, Mich., Feb. 6, 2025 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Meridian Flight Systems to the Altair Aerospace Startup Acceleration Program (ASAP). Within ASAP, Meridian will utilize Altair’s next-generation simulation, data analytics, and high-performance computing (HPC) software and technical support to enhance the development of the Corra unmanned aerial vehicle (UAV) and its Hybrid Electric Range-Extending Microturbine Energy System (HERMES).

Altair is welcoming Meridian Flight Systems to the Altair Aerospace Startup Acceleration Program (ASAP). Within ASAP, Meridian will utilize Altair’s software and services to enhance development of Corra UAV and HERMES projects.
Altair is welcoming Meridian Flight Systems to the Altair Aerospace Startup Acceleration Program (ASAP). Within ASAP, Meridian will utilize Altair’s software and services to enhance development of Corra UAV and HERMES projects.

“Meridian marks yet another fantastic addition to ASAP. We are excited to collaborate with them to push innovation in the development of heavy-lift UAVs,” said Pietro Cervellera, senior vice president of aerospace and defense, Altair. “With our world-class software and technical support, we look forward to seeing what technologies arise from the Corra and HERMES projects.”

“Joining ASAP marks a significant advancement in our mission to develop cutting-edge UAV and hybrid power technologies,” said Saïf-Deen Akanni, chief executive officer and chief technical officer, Meridian Flight Systems. “Altair’s best-in-class software solutions and technical expertise will be instrumental in optimizing the design and performance of the Corra UAV, while accelerating the development of the Hybrid Electric Range-extending Microturbine Energy System (HERMES) towards achieving airworthiness certification and operational readiness.”

Altair’s solutions and guidance will enable Meridian to optimize design processes, perform sophisticated simulations, and expedite the Corra UAV and HERMES projects from conception to certification and deployment. The collaboration’s key aspects include:

  • Comprehensive Software Access: Meridian will utilize Altair’s advanced simulation and optimization software, encompassing aerodynamics, structural integrity, aeroelastics, and thermal systems.
  • Dedicated Technical Support: Altair will provide expert guidance to ensure effective application of its software in complex aerospace projects.
  • Collaborative Research Initiatives: Both companies will coauthor research papers and present at industry conferences, sharing insights and new data derived from the Corra UAV and HERMES projects.

Meridian will demonstrate how Altair’s simulation tools facilitate the design, performance, and certification processes for both the Corra UAV and HERMES projects. This collaboration exemplifies a shared dedication to advancing aerospace innovation through rigorous analysis, data-driven research, and the broad dissemination of knowledge.

To learn more about ASAP, visit https://altair.com/aerospace-startup-acceleration-program. To learn more about Meridian, visit https://www.meridianflight.com/.

About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.

Media contacts

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+1.216.769.2658                                             

+1.669.328.9111

corp-newsroom@altair.com                     

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Altair Europe/The Middle East/Africa     

Altair Asia-Pacific

Louise Wilce                                                       

Man Wang

+44 (0)7392 437 635

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emea-newsroom@altair.com                   

apac-newsroom@altair.com

 

 

Henlius and Dr. Reddy’s Ink Licensing Deal for HLX15 (investigational daratumumab biosimilar) Expansion in Europe and the U.S.

SHANGHAI, Feb. 6, 2025 /PRNewswire/ — Shanghai Henlius Biotech, Inc. (2696.HK) today announced it has entered into a license agreement with Dr. Reddy’s Laboratories SA, wholly-owned subsidiary of Dr. Reddy’s Laboratories Ltd., (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY, along with its subsidiaries hereafter referred to as “Dr. Reddy’s”) for the company’s independently developed investigational daratumumab biosimilar HLX15, a recombinant anti-CD38 fully human monoclonal antibody injection. Dr. Reddy’s will gain exclusive rights to commercialize both subcutaneous and intravenous formulation of HLX15 in a total of 43 countries and regions, comprising 42 European countries and regions and the United States (U.S.).

Under the terms of the agreement, Henlius will be responsible for development, manufacturing and commercial supply, and may receive up to a total of $131.6 million, including a $33 million upfront payment and additional milestone payments. In addition, Henlius is eligible to receive royalties on annual net sales of the product. Dr. Reddy’s is a global pharmaceutical company, operating in over 75 countries across the globe. Through a partnership with Dr. Reddy’s, Henlius aims to boost the growth and reach of its products in the European and U.S. markets, providing local patients with enhanced treatment options.

“This collaboration with Dr. Reddy’s on HLX15 is a significant step in our response to global health needs and improving access to advanced biologics,” said Dr. Jason Zhu, Executive Director and Chief Executive Officer of Henlius. “Dr. Reddy’s has a long-standing dedication to oncology, driven by the purpose that ‘Good Health Can’t Wait’, and is committed to timely access to affordable and high-quality medicines, which complement Henlius’ focus on addressing unmet medical needs in research and development. We are confident that this partnership will enhance the global market competitiveness of both organizations in oncology treatment, ultimately allowing us to reach and support more patients around the world.”

“We are pleased to join hands with Dr. Reddy’s, signifying a pivotal moment in Henlius’ journey to expand our global partner network,” said Ping Cao, Chief Business Development Officer and SVP of Henlius, “Henlius’ robust product development capabilities in biosimilars, along with its advanced manufacturing and quality systems that meet global standards, paired with Dr. Reddy’s vast experience and resources in the global commercialization of biosimilars, positions this collaboration to effectively harness the strengths of both organizations. Together, we aim to deliver more high-quality and affordable treatment options to the U.S. and European markets.”

Erez Israeli, Chief Executive Officer of Dr. Reddy’s, said: “We are pleased to collaborate with Henlius to make this daratumumab biosimilar available to patients in the U.S., and Europe. Over the years, we have created a portfolio of biosimilar products that are being marketed in several emerging markets. This latest collaboration with Henlius further progresses our regulated markets journey in biosimilars. Additionally, oncology has been a top focus therapy area for us. We look forward to leveraging our strong commercial capabilities in these markets to ensure patients receive access to best-in-class therapies and affordable treatment options.”

About HLX15

HLX15 is a fully human anti-CD38 IgG1κ monoclonal antibody independently developed by Henlius, and is a biosimilar candidate to Darzalex® & Darzalex Faspro®* which are indicated for the treatment of multiple myeloma. In accordance with the biosimilar guidelines of NMPA, EMA, and USFDA, HLX15 is being developed following the principles of stepwise development. HLX15 and reference daratumumab are considered comparable based on analytical similarity assessment and pre-clinical studies. In June 2024, the Phase 1 clinical study (NCT05679258) of HLX15 was successfully completed, meeting its primary endpoint. The findings indicate that HLX15 had similar pharmacokinetic characteristics, as well as comparable safety and immunogenicity profiles to the US-, EU-, and CN-sourced daratumumab. Comparative efficacy studies are currently underway.

*Darzalex® & Darzalex Faspro® are registered trademarks of Johnson & Johnson.

About Dr. Reddy’s

Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan ahead and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: www.drreddys.com.

About Henlius

Henlius (2696.HK) is a global biopharmaceutical company with the vision to offer high-quality, affordable and innovative biologic medicines for patients worldwide with a focus on oncology, autoimmune diseases and ophthalmic diseases. Up to date, 6 products have been launched in China, 4 have been approved for marketing in overseas markets, and 4 marketing applications have been accepted for review in China, the U.S. and the EU, respectively. Since its inception in 2010, Henlius has built an integrated biopharmaceutical platform with core capabilities of high-efficiency and innovation embedded throughout the whole product life cycle including R&D, manufacturing and commercialization. It has established global innovation centre and Shanghai-based commercial manufacturing facilities certificated by China, the EU and U.S. GMP.

Henlius has pro-actively built a diversified and high-quality product pipeline covering over 50 molecules and has continued to explore immuno-oncology combination therapies with proprietary HANSIZHUANG (anti-PD-1 mAb) as the backbone. To date, the company’s launched products include HANLIKANG (rituximab), the first China-developed biosimilar, HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac® in Europe), a China-developed mAb biosimilar approved in China, Europe and U.S., HANDAYUAN (adalimumab), HANBEITAI (bevacizumab), HANSIZHUANG (serplulimab, trade name: Hetronifly® in the EU), the world’s first anti-PD-1 mAb for the first-line treatment of SCLC, and HANNAIJIA (neratinib). What’s more, Henlius has conducted over 30 clinical studies for 16 products, expanding its presence in major markets as well as emerging markets.

The Maybourne Saint-Germain: Maybourne to bring palace-style hotel and ultra-luxury branded residences to a historic landmark in Paris

LONDON, Feb. 6, 2025 /PRNewswire/ — Maybourne has today announced a 2027 opening for its newest development in the Parisian quarter of Saint-Germain-des-Prés, The Maybourne Saint-Germain, bringing a palace-style hotel with 101 keys and 23 ultra-luxury branded residences to Paris for the first time.

The Maybourne Saint-Germain: Maybourne to bring palace-style hotel and ultra-luxurybranded residences to a historic landmark in Paris
The Maybourne Saint-Germain: Maybourne to bring palace-style hotel and ultra-luxurybranded residences to a historic landmark in Paris

Expanding its prestigious hotel portfolio, Maybourne is creating an extraordinary property that reimagines bespoke hospitality in the City of Light, affirming its status as the eminent choice for global luxurians and strategically focusing on growth within select urban gateways.

The Maybourne Saint-Germain is located along the Rive Gauche within the iconic 17th-century Îlot Saint-Germain, marking a new era for the historic building. The 23 residences will be envisioned by two renowned French interior designers, with seven by Pierre-Yves Rochon along Rue Saint-Dominque, and 16 residences by Laura Gonzalez, located on Rue de l’Université.

In launching the first ever branded residences in Paris, Maybourne brings a unique offering to one of the world’s most vibrant cities, continuing its legacy of fusing historical character with contemporary luxury and innovative hospitality.

Paris, with its elegance and timeless style, is an ideal match for Maybourne’s vision of luxury hospitality,” said Gianluca Muzzi, Co-CEO of Maybourne. “Our presence in this iconic city reflects our commitment to creating elevated experiences that celebrate the local culture and our brand’s dedication to excellence. This opening marks an exciting step in our strategy to grow selectively in key urban gateways around the world, allowing us to build meaningful connections with our guests through rich and distinctive experiences.”

Positioned between Boulevard Saint-Germain and Rue Saint-Dominique, the Îlot Saint-Germain has been a Parisian landmark since the 17th century. Re-concepted for the 21st century, The Maybourne Saint-Germain will create a fourth era for Îlot Saint-Germain, seamlessly integrating with its heritage and creating a new layer of history.

As with each of Maybourne’s properties, The Maybourne Saint-Germain will be extraordinary in its own right while remaining connected to its sister hotels through the brand’s signature craft, progressive vision, and unrivalled locations. The hotel will feature 50 suites and 51 rooms, surrounding a serene inner courtyard.

Aspiring to be the living room of Saint-Germain, residents and guests will also have access to six food and beverage outlets, including a Japanese restaurant, patisserie, Salon de Thé, and more, and Maybourne’s new wellness and longevity brand, Surrenne. A central part of the project, Surrenne will be one of Paris’ largest luxury spa and health clubs offering immersive health, fitness, and beauty, as well as access to a third pool within the property. The 23 branded residences, all serviced by the hotel, will include access to a designated 25-metre pool accessible only by residents, in addition to the hotel’s 30-metre rooftop pool (pictured above).

This opening, born from a fusion of avant-garde Parisian chic with heritage and artistic flair, will mark Maybourne’s first property in Paris and its second in France.

To find out further information about The Maybourne Saint-Germain please visit maybourne.com/development.

About Maybourne

Maybourne operates some of the world’s most storied and extraordinary bespoke hotels, including Claridge’s, The Connaught, The Berkeley, The Emory, The Maybourne Beverly Hills and The Maybourne Riviera. Maybourne’s purpose is to create stories of distinction that reflect the individual nature of its properties, its guests and its people, whilst maintaining a timeless and intuitive service style that are the hallmarks of its values.

 

VinFast Builds Trust in EV with Long Warranties

VinFast is redefining the EV market with industry-leading warranties, including a 10-year/200,000-kilometer vehicle warranty and unlimited mileage battery coverage, easing consumer doubts and building trust.


MANILA, PHILIPPINES – Media OutReach Newswire – 6 February 2025 – Just a few years ago, car warranties were predictable: a standard three years or nearly 60,000 kilometers—whichever came first. It didn’t matter whether the vehicle was a luxury sedan or a modest hatchback – this was the norm. Today, this long-standing rule is being upended. Automakers are now competing to offer more generous warranty policies, a trend that underscores a shifting automotive landscape. Among these disruptors, VinFast, the upstart electric vehicle (EV) manufacturer, has drawn attention with its industry-leading warranty terms.

VinFast's warranty strategy does more than instill confidence; it fosters lasting relationships between the brand and its customers.
VinFast’s warranty strategy does more than instill confidence; it fosters lasting relationships between the brand and its customers.

Long Warranties Are Essential in the EV Era

Historically, warranties were an afterthought for many buyers. In the early days of the modern automobile, coverage was meager—90 days for materials and just 30 days for labor. As vehicle quality improved, so did warranty offerings. By 2019, the industry standard had risen to three years or nearly 60,000 kilometers. Still, for most drivers, this coverage expired well before their vehicles had aged significantly.

The shift toward longer warranties is not coincidental. It reflects rising confidence in manufacturing quality and serves as a powerful tool for building customer trust while easing concerns about repair costs.

This assurance is particularly vital for EVs, a technology still unfamiliar to many consumers. Unlike internal combustion engine vehicles, EVs rely on advanced batteries and electric drivetrains—components that can intimidate first-time buyers. Long warranties alleviate these concerns, making them invaluable tools for convincing skeptics to embrace electric mobility.

“Our study shows that 67% of dealers believe that extended warranties help reduce uncertainty among potential car buyers. In addition, warranties also reduce uncertainty when purchasing electric cars (56%)…,” said Konrad Wessner, Managing Director at puls Marktforschung GmbH, a German-based market research company.

In terms of long warranty, VinFast stands out. Its latest offering in the Philippines, the VF 7, comes with a 10-year/200,000-kilometer vehicle warranty and a 10-year unlimited mileage battery warranty (for battery purchases). Other models, such as the VF 3 and VF 5, also boast segment-leading warranties, including a seven-year/160,000-kilometer vehicle warranty and an eight-year unlimited mileage battery warranty for units purchased with a battery.

VinFast’s Approach to Customer Confidence and Loyalty

VinFast’s warranty strategy does more than instill confidence; it fosters lasting relationships between the brand and its customers. This approach aligns with findings from CarGarantie, a European provider specializing in warranty solutions and repair cost insurance.

“Warranties make it easier to sell vehicles, bind buyers to dealers, and protect customers from additional costs. This makes purchasing decisions easier and increases profitability,” said Marcus Söldner, CEO of CarGarantie.

This model benefits both customers and manufacturers. For buyers, it’s a financial safety net, shielding them from unforeseen repair expenses. For automakers like VinFast, it’s a demonstration of product quality and a commitment to long-term customer satisfaction. The result is a mutually beneficial relationship, akin to the binding agreements seen in mobile phone contracts, where both parties have something to gain.

The impact of this customer-centric strategy is evident in VinFast’s rapid rise. In its home market of Vietnam, the company achieved record-breaking sales in December 2024, securing its position as the top-selling automaker for the fourth quarter of the year. This success underscores the effectiveness of its customer-first approach, which pairs cutting-edge EV technology with unparalleled after-sales support.

A New Standard in the Automotive Industry

As the industry evolves, long warranties may well become the norm, setting a higher bar for what customers demand. Viewed in this lens, VinFast’s warranty policies are redefining what customers can expect from their vehicles. The commitment to a segment-leading warranty speaks volumes about the company’s confidence in its products and its dedication to customer satisfaction.

With each new vehicle sold, VinFast isn’t just delivering an EV—it’s delivering peace of mind. And in a world increasingly defined by uncertainty, that may be the most valuable offering of all.

Hashtag: #VinFast #EV

The issuer is solely responsible for the content of this announcement.

Hexagon Purus upgrades to IFS Cloud to drive supply chain efficiency and optimize global growth

Leader in zero emissions mobility and infrastructure technology will deploy IFS.ai capabilities to meet global demand for market-leading hydrogen and battery electric technologies.

LONDON, Feb. 6, 2025 /PRNewswire/ — IFS, the leading enterprise cloud and Industrial AI software provider, today announced that Hexagon Purus, the global leader in zero emission infrastructure and mobility solutions, is set to implement IFS Cloud to increase efficiency across its entire supply chain – from material and capacity planning to financial management.

Hexagon Purus has opened seven new manufacturing facilities across three continents within 18 months, to meet worldwide demand for its advanced hydrogen storage and battery systems technology and vehicle integration solutions. With IFS Cloud’s advanced functionality, user-friendly simplicity, and superior third-party tool integration, the ERP solution will provide Hexagon Purus with critical Industrial AI-driven data insights for faster and better supply chain decisions.

Headquartered in Norway, Hexagon Purus drives decarbonization across industry and mobility end-markets including light, medium, and heavy-duty trucking, buses, maritime, rail, aviation and aerospace and provides hydrogen ground storage, distribution and refueling. By implementing IFS Cloud, the company will gain greater transparency across every aspect of its supply chain and a detailed view of each customer order, driving significant improvements in operational performance.

IFS Cloud’s customizable dashboards will also provide Hexagon Purus employees with faster access to the data they need for their specific roles. The composable nature of the IFS Cloud platform enables Hexagon Purus to remain evergreen – no major upgrades required – on the latest innovation and functionality, reducing cost, increasing profitability and competitiveness.

In the longer term, deployment of IFS Cloud will help the company achieve its digital transformation ambitions. Hexagon Purus will connect IFS Cloud to its own data integration platform to facilitate strategic supply chain decisions across all its sites, react even faster to changes in production output, quality and capacity, and provide a better customer experience through increased visibility.

Heiko Chudzick, responsible for operations at Hexagon Purus, said: “Our technology and manufacturing expertise is second-to-none and so it was natural that we would move to IFS Cloud as we expand to meet the growing demand for our zero emission mobility solutions. Upgrading to IFS Cloud and utilizing its advanced AI capabilities will help us become even more efficient and competitive. This transition is a critical part of our overall digitalization journey and we’re excited to continue working with IFS as we enhance our global supply chain operations to drive a more sustainable planet.”

Clemens Mittnacht, Senior Director, Market Unit Leader DACH, IFS, said: “Hexagon Purus’ decision to upgrade to IFS Cloud will transform the efficiency, competitiveness and agility of its fast-expanding global supply chain. As a global leader in the use of advanced technology to reduce and eliminate harmful emissions from mobility, their expertise is unparalleled. With a shared commitment to innovation, we are proud to collaborate and help Hexagon Purus achieve its digital transformation ambitions, leverage Industrial AI and increase sustainability worldwide.”

About Hexagon Purus

Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus’ products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on X and LinkedIn

IFS Press Contacts:
EUROPE / MEA / APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: adam.gillbe@ifs.com

NORTH AMERICA / LATAM: Mairi Morgan
IFS, Director of Corporate & Executive Communications
Email: mairi.morgan@ifs.com

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/ifs/r/hexagon-purus-upgrades-to-ifs-cloud-to-drive-supply-chain-efficiency-and-optimize-global-growth,c4101766

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Trane Technologies Reports Strong Fourth-Quarter and Full-Year 2024 Results; Robust Bookings and Backlog Provide Strong Visibility Entering 2025

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-Y
Change

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)

 

Applied Intuition Acquires EpiSci, Strengthening Position as Leader in All-Domain Autonomy Software for National Security

The acquisition expands Applied Intuition’s suite of defense products to include AI-powered software for national security operations.

MOUNTAIN VIEW, Calif. and POWAY, Calif., Feb. 6, 2025 /PRNewswire/ — Applied Intuition, Inc., a vehicle software supplier to the commercial and defense industries, today announced its acquisition of EpiSys Science, Inc. (EpiSci), a leader in artificial intelligence (AI) and trusted autonomy software for national security. This strategic move positions Applied Intuition’s defense business as the premier autonomy software developer for use cases across all domains—land, air, sea and space.

Founded in 2012, EpiSci develops next-generation, mission-critical autonomy software for national security, including uncrewed aerial systems, surface warfare, maritime tracking and battle management command and control. Hardware-agnostic and operationally informed, EpiSci’s tactical AI software was used in the U.S. Air Force’s first successful dogfight between an AI-piloted fighter jet and a human-piloted aircraft.

Applied Intuition Defense will integrate EpiSci’s tactical AI-powered solutions into its suite of simulation, validation and data management software. EpiSci has also participated in simulation and live flight testing of drone swarms under AFWERX programs and live maritime demonstrations as part of the Naval Information Warfare Center’s Mission Autonomy Proving Grounds.

“This acquisition marks a pivotal moment for Applied Intuition and the larger defense ecosystem,” said Qasar Younis, co-founder and CEO of Applied Intuition. “Integrating EpiSci’s technology into our arsenal of defense products reinforces our country’s military efforts on land, air, sea and space—strengthening our national security and Applied Intuition’s position as a leading defense autonomy company.”

“As a dual-use company, our solutions are already helping the military rapidly design, test and field new technologies,” said Peter Ludwig, co-founder and CTO of Applied Intuition. “We are integrating tactical AI-driven autonomy solutions into the battlefields, enabling our warfighters to operate with greater precision, situational awareness and enhanced decision-making. Applied Intuition looks forward to elevating our autonomous capabilities through this acquisition.”

Under the agreement, EpiSci will now operate as a wholly-owned subsidiary of Applied Intuition. EpiSci co-founder and CEO Bo Ryu, co-founder Tamal Bose and the entire EpiSci team have joined Applied Intuition.

The acquisition aligns two software-first companies that share a commitment to a more secure future and marks a significant milestone in Applied Intuition Defense’s mission to bring next-generation technologies to the warfighter.

“Applied Intuition’s acquisition will enable us to accelerate the deployment of advanced software-defined all-domain autonomy capabilities at the tempo of operational needs,” said Ryu. “We are thrilled to combine our technologies to deliver trusted, scalable autonomy solutions that empower our warfighters and drive mission success.”

About Applied Intuition
Applied Intuition is a vehicle software supplier that accelerates the adoption of safe and intelligent machines worldwide. Founded in 2017, Applied Intuition delivers the AI-powered ADAS/AD toolchain, vehicle platform and autonomy stack to help customers shorten time to market, build high-quality systems and create next-generation consumer experiences. Eighteen of the top 20 global automakers trust Applied Intuition’s solutions to drive the production of modern vehicles. Applied Intuition, valued at $6 billion after its most recent fundraise, serves the automotive, trucking, construction, mining, agriculture and defense industries and is headquartered in Mountain View, Calif., with offices in Ann Arbor and Detroit, Mich., Washington, D.C., Stuttgart, Munich, Stockholm, Seoul and Tokyo. Learn more at appliedintuition.com.

About EpiSci
EpiSci is a software company that develops next-generation, tactical autonomy solutions for national security problems. EpiSci’s autonomy software is technology agnostic, operationally informed, tactically relevant, and has piloted swarms of uncrewed aerial systems and tactical fighter aircraft. Additional applications include crewed-uncrewed teaming for air dominance, cognitive sensors, and networks for advanced communications systems, as well as battle management command and control for informed decision-making. EpiSci delivers unmatched speed, cost-efficiency, and scalability as the preferred partner for defense agencies and industry teams seeking mission-critical autonomy solutions.

Irrigation Water Reservoir Set to Benefit 1,760 Families in Champasack

Huay-Vang-Hay-irrigation-reservoir-in-Phonthong-village-Champasack.

The newly constructed Huay Vang Hay irrigation reservoir in Phonthong village, Champasack, is set to significantly impact local agriculture, benefiting approximately 1,760 families.