Specialist
Former strategy leader at Trane Technologies (Ingersoll-Rand)
Agenda
- Residential HVAC (heating, ventilation and air conditioning) winter demand update and replacement cycle
- SEER (seasonal energy efficiency ratio) standards – innovation drivers and upcoming legislation
- Trane Technologies’ (NYSE: TT) competitive landscape – market share breakdown and China-based HVAC entrants
Questions
1.
What trends are affecting the HVAC [heating, ventilation and air conditioning] industry’s operating environment?
2.
Could you elaborate on the regulatory tailwinds?
3.
Are there any geographic differentiations with IAQ [indoor air quality]? Are we seeing pressure from governments or anyone else? Is it accelerating across geographic segments or mostly in the US or the EU? I know India has a problem with this, but how is IAQ perceived across geographies?
4.
What could specifically impact the HVAC industry in the short vs long term? Do you expect any changes or disruptors over the next 1-2 years?
5.
How might an incoming recession impact Trane Technologies? Will we start to see fewer new builds and reduced demand in the residential segment? How did the company perform in the last recession?
6.
Could you elaborate on SEER [seasonal energy efficiency ratio] standards? As you mentioned, they will be effective from January 2023. How would these new standards affect the HVAC industry? What are these standards replacing?
7.
Is Trane well-positioned to address the incoming demand necessitated by the new SEER standards, or are pandemic-related supply chain constraints still affecting the company’s lead times?
8.
Could you outline HVAC demand as it stands across residential and commercial? Besides the key drivers of replacement due to SEER standards, what are the typical drivers of HVAC demand?
9.
What are Trane’s specific offerings in the transport refrigeration segment? You also mentioned Carrier. Are there any key differentiating factors between the players’ offerings?
10.
Could you dive into more detail about the dealer channel?
11.
What’s your take on Trane’s typical acquisitions or organic vs inorganic growth strategy? Which segments would you highlight as potential growth areas?
12.
What key challenges do you anticipate for Trane in the coming years? We’ve discussed key acquisitions, growth opportunities, demand and the macro environment, but what might be upcoming challenges in the pipeline?
13.
What are your closing thoughts on Trane or the HVAC industry overall?
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