Core Insights - Carrier Global Corporation will participate in the 13th Annual Morgan Stanley Laguna Conference on September 10, 2025, with Chairman & CEO David Gitlin and Senior VP & CFO Patrick Goris speaking [1] Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [2] - The company has a history of advancements in climate solutions, including temperature control, air quality, and transportation, aimed at improving lives and ensuring the safe transport of essential goods [2] - Since its inception in 1902, Carrier has been committed to enhancing the quality of life and the environment through its inclusive workforce and customer-centric approach [2]

How to Maintain Healthier Indoor Air Quality During Wildfires and Other Events: Carrier provides an expanded suite of advanced solutions to help deliver healthier, safer, more efficient indoor air quality, including: In addition to offering actionable guidance and advanced solutions to help protect indoor air quality during wildfire events, earlier this year Carrier donated more than $2.5 million in indoor air purifiers to support Los Angeles wildfire relief efforts. The donation, which included 5,000 air p ...

PALM BEACH GARDENS, Fla., Aug. 4, 2025 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced that it has acquired Blaich Automation GmbH as an Automated Logic field office. Blaich Automation is a German provider of integrated automation solutions for buildings, industrial systems and media technologies. Automated Logic is a leading provider of innovative building-management solutions. The acquisition establishes Automated Logic's ...

Core Insights - Automated Logic – Canada, Ltd. (ALC) has acquired Control Solutions, Ltd. (CSL), enhancing its building-automation capabilities in Western Canada [1][2] - The acquisition marks ALC's first company-owned controls field office in Vancouver, expanding its market presence [1][2] - Control Solutions, Ltd. specializes in integrated building automation systems for various sectors, including commercial real estate and education [3] Company Overview - ALC is part of Carrier Global Corporation, a leader in intelligent climate and energy solutions, focusing on maximizing energy efficiency and sustainable building operations [6] - Control Solutions, Ltd. employs over 100 staff, providing advanced automation solutions and multi-year service contracts to optimize energy performance [3][4] - The existing leadership and employees of CSL will continue operations from their Coquitlam office, ensuring continuity for their customers [4]

Core Insights - The individual has extensive experience in the energy industry, having worked for 22 years in various roles including engineering, planning, and financial analysis [1] - The investment strategy focuses on achieving returns that match the S&P 500 with lower volatility and higher income, emphasizing long-term holdings unless compelling reasons to sell arise [1] - The approach to investment is agnostic to asset class, market cap, sector, or yield, prioritizing total return by purchasing undervalued assets [1] Company and Industry Insights - The individual has been managing their own investment portfolio since 1998, indicating a long-term commitment to investment strategies [1] - There is a beneficial long position in the shares of CARR, suggesting confidence in the company's future performance [2] - The article reflects personal opinions and does not represent any business relationship with the mentioned company, ensuring an independent perspective [2]

Core Viewpoint - Carrier Global (NYSE: CARR) was assigned a 'Strong Buy' rating in May 2025 due to its ability to mitigate tariff impacts despite a stock price drop of over 10% following its Q2 FY25 earnings report [1]. Group 1 - The company has demonstrated resilience in managing tariff-related challenges, which is a key factor for its investment appeal [1]. - Following the Q2 FY25 earnings report, the stock experienced a significant decline, indicating potential market concerns or reactions to the earnings results [1].

Key Takeaways Carrier posted Q2 earnings of 92cents per share and $6.11B in sales, both beating the consensus estimates.Climate Solutions Americas revenue grew 13.5% year over year, led by 45% growth in Commercial sales.Adjusted operating margin expanded 130 bps to 19.1%, with strong contributions from CSA and CST segments.Carrier Global (CARR) reported second-quarter 2025 adjusted earnings of 92 cents per share, which beat the Zacks Consensus Estimate by 1.10% and surged 26% year over year.Net sales of $6. ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q2 2025 financial statements report a 3% net sales increase and strong operating profit growth, offset by a net earnings decrease due to a prior-year discontinued operations gain, alongside increased assets and improved operating cash flow [Condensed Consolidated Statement of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 net sales increased 3% to **$6.11 billion**, with operating profit up 25% to **$903 million**, though net earnings attributable to common shareowners significantly decreased due to a prior-year gain from discontinued operations Consolidated Statement of Operations Highlights (Q2 & H1 2025 vs 2024) | Metric (In millions, except EPS) | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Net Sales** | $6,113 | $5,934 | +3.0% | $11,331 | $11,354 | -0.2% | | **Operating Profit** | $903 | $724 | +24.7% | $1,532 | $1,109 | +38.1% | | **Earnings from Continuing Operations** | $650 | $447 | +45.4% | $1,087 | $644 | +68.8% | | **Net Earnings Attributable to Common Shareowners** | $591 | $2,337 | -74.7% | $1,003 | $2,606 | -61.5% | | **Diluted EPS (Continuing Operations)** | $0.70 | $0.45 | +55.6% | $1.17 | $0.65 | +80.0% | | **Diluted EPS (Net Earnings)** | $0.68 | $2.55 | -73.3% | $1.15 | $2.85 | -59.6% | [Condensed Consolidated Balance Sheet](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets grew to **$38.49 billion** driven by goodwill, while cash and cash equivalents decreased significantly, and total equity increased to **$15.01 billion** Balance Sheet Summary (As of June 30, 2025 vs. Dec 31, 2024) | Account (In millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,797 | $3,969 | | Goodwill | $15,672 | $14,601 | | Total Assets | $38,493 | $37,403 | | Long-term debt | $11,336 | $11,026 | | Total Liabilities | $23,479 | $23,008 | | Total Equity | $15,014 | $14,395 | [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, net cash from continuing operating activities increased to **$752 million**, while investing activities used significantly less cash, and financing activities saw increased outflows due to share repurchases and debt repayments Cash Flow Summary (Six Months Ended June 30) | Cash Flow Category (In millions) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from continuing operating activities | $752 | $609 | | Net cash from continuing investing activities | $(113) | $(11,147) | | Net cash from continuing financing activities | $(3,294) | $(1,391) | | Net (decrease) in cash and cash equivalents | $(2,172) | $(7,095) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's 2024 portfolio transformation, including the VCS acquisition and segment reorganization, alongside information on goodwill, debt, new segment revenues, restructuring, and AFFF litigation settlement - Completed a major portfolio transformation in 2024, acquiring the Viessmann Climate Solutions (VCS) Business and divesting the Fire & Security and Commercial Refrigeration businesses to become a pure-play climate and energy solutions provider[20](index=20&type=chunk) - Revised its reportable segments in Q1 2025 to Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific, Middle East & Africa, and Climate Solutions Transportation to reflect the new business strategy[21](index=21&type=chunk) - Goodwill increased to **$15.67 billion** as of June 30, 2025, up from **$14.60 billion** at year-end 2024, primarily due to foreign currency translation effects[30](index=30&type=chunk) - Entered into a settlement agreement related to Aqueous Film Forming Foam (AFFF) litigation, recording a liability of **$565 million** in Q3 2024, in addition to a **$50 million** liability from the deconsolidation of its subsidiary KFI[106](index=106&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's transformation into a pure-play climate and energy solutions provider, highlighting Q2 2025 net sales growth of 3% (6% organic), improved gross margin, increased adjusted operating profit, active portfolio management, and strong liquidity [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2025 net sales increased 3% to **$6.1 billion** (6% organic), with gross margin expanding to **28.9%** and operating profit rising 25% to **$903 million**, while H1 2025 operating profit grew 38% Q2 2025 vs Q2 2024 Performance | Metric (In millions) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net sales | $6,113 | $5,934 | 3% | | Gross margin | $1,769 | $1,575 | 12% | | Operating profit | $903 | $724 | 25% | | Adjusted operating profit | $1,166 | $1,056 | 10.4% | Net Sales Change Breakdown (Q2 2025) | Component | % Change | | :--- | :--- | | Organic | 6% | | Foreign currency translation | 1% | | Acquisitions and divestitures, net | (4)% | | **Total % change** | **3%** | [Segment Review](index=39&type=section&id=Segment%20Review) In Q2 2025, Climate Solutions Americas led with **14% organic sales growth** and **23% profit increase**, while Europe saw flat organic sales, Asia Pacific/MEA declined, and Transportation's organic sales dipped 1% Segment Performance (Q2 2025 vs Q2 2024) | Segment | Net Sales (M) | YoY Change | Organic Change | Segment Operating Profit (M) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Climate Solutions Americas | $3,252 | +14% | +14% | $879 | +23% | | Climate Solutions Europe | $1,253 | +5% | 0% | $99 | +6% | | Climate Solutions Asia Pacific, MEA | $882 | -2% | -4% | $135 | -14% | | Climate Solutions Transportation | $726 | -25% | -1% | $128 | -7% | [Liquidity and Financial Condition](index=46&type=section&id=Liquidity%20and%20Financial%20Condition) The company maintains strong liquidity with **$1.8 billion** cash and a **$2.5 billion** credit facility, while total debt is **$11.4 billion**, and **$1.9 billion** in common stock was repurchased in H1 2025 Key Financial Condition Metrics | Metric (In millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,797 | $3,969 | | Total debt | $11,443 | $12,278 | | Net debt | $9,646 | $8,309 | | Total debt to total capitalization | 43% | 46% | - Repurchased **28.8 million shares** of common stock for an aggregate price of **$1.9 billion** during the six months ended June 30, 2025[185](index=185&type=chunk) - Maintains a **$2.5 billion** revolving credit facility and a **$2.0 billion** commercial paper program, with no borrowings outstanding under either as of June 30, 2025[179](index=179&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no significant changes in its market risk exposure during the first six months of 2025, referring to its 2024 Form 10-K for detailed discussion - There has been no significant change in the company's exposure to market risk during the three and six months ended June 30, 2025[191](index=191&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, the CEO and CFO concluded the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting in Q2 2025 - Management, including the CEO and CFO, concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[192](index=192&type=chunk) - No changes in internal control over financial reporting occurred during Q2 2025 that have materially affected, or are reasonably likely to materially affect, these controls[193](index=193&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 19 for legal proceedings information, reporting no other material developments since its 2024 Form 10-K filing - For information regarding legal proceedings, the company directs readers to Note 19 – Commitments and Contingent Liabilities in the financial statements[198](index=198&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors from those disclosed in its 2024 Annual Report on Form 10-K - There have been no material changes in the Company's risk factors from those disclosed in the 2024 Form 10-K[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased **9.834 million shares** of common stock at an average price of **$64.15** per share, as part of a board-authorized program Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased (in 000's) | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 5,438 | $59.18 | | May 2025 | 129 | $70.23 | | June 2025 | 4,267 | $70.30 | | **Total** | **9,834** | **$64.15** | [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2025 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[202](index=202&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - The exhibits filed with this report include CEO and CFO certifications as required by the Sarbanes-Oxley Act and interactive data files in XBRL format[203](index=203&type=chunk)

Core Insights - Carrier Global reported $6.11 billion in revenue for the quarter ended June 2025, reflecting a year-over-year decline of 8.6% while EPS increased to $0.92 from $0.87 a year ago, indicating a positive trend in earnings despite revenue decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $6.06 billion by 0.88%, and the EPS also surpassed the consensus estimate of $0.91 by 1.1% [1] Revenue Performance - Revenue from CSA was $3.25 billion, slightly above the estimated $3.2 billion by analysts [4] - Revenue from CST was $726 million, slightly below the average estimate of $728.85 million [4] - Revenue from CSAME was $882 million, also below the average estimate of $898.31 million [4] - Revenue from CSE was $1.25 billion, exceeding the average estimate of $1.22 billion [4] Stock Performance - Shares of Carrier Global have returned +9.6% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

It's time for Jim to stop trading. >> Just to tell you how hard it is when you're trying to figure out these quarters. Dave Gitlin who has done a remarkable job at Carrier just a spin-off with the RTX spin-off technology I thought delivered a very good quarter.Sales up 6% earnings up 26% aftermarket up 13%. Data center on track to double this year to 1 billion. Pre-cash flow strong.They raised their first quarter but they kept their uh fullear guidance unchanged. And that's the kiss of death in this market. ...