As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the hvac and water systems industry, including Trane Technologies (NYSE: TT) and its peers.

Many HVAC and water systems companies sell essential, non-discretionary infrastructure for buildings. Since the useful lives of these water heaters and vents are fairly standard, these companies have a portion of predictable replacement revenue. In the last decade, trends in energy efficiency and clean water are driving innovation that is leading to incremental demand. On the other hand, new installations for these companies are at the whim of residential and commercial construction volumes, which tend to be cyclical and can be impacted heavily by economic factors such as interest rates.

The 9 HVAC and water systems stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.6% while next quarter’s revenue guidance was 0.8% below.

Thankfully, share prices of the companies have been resilient as they are up 5.6% on average since the latest earnings results.

Trane Technologies (NYSE: TT)

With low-pressure heating systems as its first product, Trane (NYSE: TT) designs, manufactures, and sells HVAC and refrigeration systems, the former to commercial and residential building customers and the latter to commercial truck manufacturers.

Trane Technologies reported revenues of $5.74 billion, up 5.5% year on year. This print fell short of analysts’ expectations by 0.9%, but it was still a satisfactory quarter for the company with an impressive beat of analysts’ adjusted operating income estimates but a slight miss of analysts’ revenue estimates.

Unsurprisingly, the stock is down 9.7% since reporting and currently trades at $385.86.

Is now the time to buy Trane Technologies? Access our full analysis of the earnings results here, it’s free.

Best Q3: Northwest Pipe (NASDAQ: NWPX)

Playing a large role in the Integrated Pipeline (IPL) project in Texas to deliver ~350 million gallons of water per day, Northwest Pipe (NASDAQ: NWPX) is a manufacturer of pipeline systems for water infrastructure.

Northwest Pipe reported revenues of $151.1 million, up 16% year on year, outperforming analysts’ expectations by 14.4%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Northwest Pipe pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 25.3% since reporting. It currently trades at $69.75.

Is now the time to buy Northwest Pipe? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Lennox (NYSE: LII)

Based in Texas and founded over a century ago, Lennox (NYSE: LII) is a climate control solutions company offering heating, ventilation, air conditioning, and refrigeration (HVACR) goods.

Lennox reported revenues of $1.43 billion, down 4.8% year on year, falling short of analysts’ expectations by 3.9%. It was a slower quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ organic revenue estimates.

Lennox delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 3% since the results and currently trades at $532.75.

Read our full analysis of Lennox’s results here.

AAON (NASDAQ: AAON)

Backed by two million square feet of lab testing space, AAON (NASDAQ: AAON) makes heating, ventilation, and air conditioning equipment for different types of buildings.

AAON reported revenues of $384.2 million, up 17.4% year on year. This result topped analysts’ expectations by 13.8%. It was an exceptional quarter as it also produced a solid beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.

The stock is down 9.4% since reporting and currently trades at $84.71.

Read our full, actionable report on AAON here, it’s free.

Carrier Global (NYSE: CARR)

Founded by the inventor of air conditioning, Carrier Global (NYSE: CARR) manufactures heating, ventilation, air conditioning, and refrigeration products.

Carrier Global reported revenues of $5.58 billion, down 6.8% year on year. This print met analysts’ expectations. Overall, it was a very strong quarter as it also put up an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.

Carrier Global achieved the highest full-year guidance raise but had the slowest revenue growth among its peers. The stock is down 4.8% since reporting and currently trades at $55.50.

Read our full, actionable report on Carrier Global here, it’s free.

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