PresentationC. Stephen TusaJPMorgan Chase & Co, Research Division All right. This is the last one. Hopefully, you guys have enjoyed yourselves and learned a little bit about the industrials sector and had some food and drinks. So that's kind of the point of all this. But we're going to finish off here with Dave Gitlin, CEO of Carrier. Dave, thanks for being here. And sorry, Mike Redner as well. Dave, thanks for being here, and I'm going to kick it over to you for some intro and then we'll go into Q&A. ...

Summary of Carrier's Q1 2026 Earnings Call Company Overview - **Company**: Carrier - **CEO**: David Gitlin - **Focus**: Intelligent climate and energy solutions, with a strong emphasis on electrification, energy efficiency, digitalization, and data center growth [4][5] Key Industry Insights - **Sector**: Industrial sector, specifically HVAC and energy solutions - **Market Trends**: Strong demand in commercial HVAC and data centers, with a notable 400% increase in data center orders in Q4 [5][11] Financial Performance - **Sales Guidance**: Projected sales of approximately $5 billion for Q1 and $5.6 billion for Q2, reaffirming annual guidance [13][14] - **Growth Metrics**: 40% of the portfolio has seen double-digit growth over the past five years, with expectations for continued growth [5][7] Product Innovations - **New Products**: Introduction of integrated heat pumps, dual fuel rooftop units, and advanced chillers, enhancing market share and margins [6][7] - **Chiller Capacity**: Significant expansion in chiller capacity, with a 3-4x increase in North America, allowing for greater order fulfillment [30][31] Market Dynamics - **Geographic Exposure**: Minimal exposure to geopolitical risks in the Middle East, with only 1% of sales from the region [11][12] - **Order Trends**: Anticipated strong order growth in data centers, with a backlog of $1 billion for 2026 [30][31] Challenges and Risks - **Market Conditions**: Facing tough comparisons from previous years, particularly in residential and light commercial sectors, with expectations of a 20% decline in the first half of the year [14][62] - **Economic Factors**: Concerns over existing home sales, new home construction, and consumer confidence impacting overall market performance [72] Strategic Initiatives - **Digitalization**: Emphasis on digital tools to enhance customer relationships and service efficiency [5][7] - **Partnerships**: Collaborations with Google and Tesla for energy storage solutions, aiming to influence local policy and expand market reach [79][80] Future Outlook - **Growth Projections**: Anticipated growth in the second half of 2026, driven by data center shipments and new product launches [58][60] - **Market Positioning**: Carrier aims to outperform industry growth rates through strategic investments in technology and product development [79][80] Additional Insights - **Ductless Market**: Significant growth in the ductless segment, with market share increasing to nearly 20% in the U.S. [84][100] - **Liquid Cooling**: Expected to see growth in liquid cooling revenue, although currently projected to be less than $100 million in 2026 [38][41] This summary encapsulates the key points discussed during Carrier's Q1 2026 earnings call, highlighting the company's strategic focus, financial performance, market dynamics, and future outlook.

Carrier Global Corporation ( CARR ) is expected to drive revenue growth from the robust momentum in the Commercial HVAC market. Moreover, the aftermarket business should also support the revenue growth in the coming quarters. On theWe primarily focus on GARP (Growth at reasonable Price) opportunities in industrial, consumer, and technology sectors. Please click the "Follow" button to receive our latest research. If you have any questions, feel free to reach out to us through the comments section of our arti ...

Core Viewpoint - Carrier Global Corporation has made a strategic investment in Heat Geek to enhance the adoption of residential heat pumps across Europe, aligning with its strategy to expand electrified heating solutions [1][3]. Group 1: Investment and Strategic Goals - Carrier Ventures, the investment arm of Carrier Global Corporation, has invested in Heat Geek, a UK-based startup focused on accelerating heat pump adoption [1]. - The investment aims to facilitate the transition from gas boilers to electric heat pumps, providing homeowners with easier access to expert installers [3]. Group 2: Heat Geek's Operations - Heat Geek operates a digital sales platform that connects homeowners with certified local installers, utilizing AI-powered tools for efficient heat pump system design and installation [2]. - The platform supports the entire process from system design and quoting to financing, grants, and installation, enhancing user experience for homeowners [2]. Group 3: Industry Impact and Ecosystem Development - The partnership is expected to strengthen the professional ecosystem necessary for scaling electrified heating solutions in Europe, particularly in rapidly growing markets like the UK [4]. - Heat Geek's certified training program will help expand a network of skilled installers across the UK and Europe, benefiting both homeowners and Carrier [3][4].

Core Insights - Corbin Advisors has appointed Sam Pearlstein as Senior Vice President in its Investor Relations Advisory practice, enhancing its advisory capabilities and client value proposition [1][3]. Company Overview - Corbin Advisors is a strategic investor relations and investor communications advisory firm that focuses on creating sustained shareholder value for publicly traded clients [6]. - The firm utilizes Voice of Investor® research and data-driven insights, along with capital markets expertise, to support a diverse range of companies globally [6]. Sam Pearlstein's Background - Pearlstein brings over 25 years of experience in finance and investor relations, having held leadership roles in sell-side equity research, investor relations, and corporate finance [2]. - His previous positions include Chief Financial Officer at Kidde Global Solutions and leading investor relations at Carrier Global Corp [2]. Role and Responsibilities - In his new role, Pearlstein will lead client relationships and provide strategic counsel on capital markets and investor relations matters, including earnings strategy, capital allocation, and M&A [3]. - His expertise is expected to positively impact Corbin Advisors' clients and contribute to the firm's growth [4]. Leadership Perspective - Rebecca Corbin, the firm's leader, expressed enthusiasm about Pearlstein's addition, highlighting his expertise and the firm's commitment to attracting top talent [4].

Group 1 - Carrier Global Corporation (NYSE:CARR) has experienced a positive year, with its stock increasing by 16% so far in 2026 [1] - The company's recent financial results were slightly below expectations, attributed to weakness in North American residential construction [1] - Carrier Global provides climate and energy solutions through its HVAC and refrigeration products and services [3]

Core Insights - Carrier Global Corporation will present at the 2026 J.P. Morgan Industrials Conference on March 18, 2026, at 2:15 p.m. ET [1] - The event will be broadcast live and a replay will be available on the company's website [1] Company Overview - Carrier is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [1] - The company has a history of advancements in climate solutions, including temperature control, air quality, and transportation, which improve lives and support critical industries [1] - Since its inception in 1902, Carrier has been committed to enhancing the quality of life and the environment through its products and services [1] Leadership and Workforce - The company emphasizes a world-class, inclusive workforce that prioritizes customer-centric approaches in all operations [1]

Core Insights - Carrier Global's transformation is becoming evident, particularly with a significant increase in data center orders, which rose by 400% in Q4 2025, driven by the AI infrastructure boom [2][6] Data Center Business Growth - The commercial HVAC segment now constitutes 40% of Carrier's portfolio and is identified as the primary growth engine, with double-digit growth for five consecutive years expected to continue [3][6] - The data center business generated approximately $1 billion in revenue in 2025, with projections to reach around $1.5 billion in 2026, supported by a 50% increase in data center orders [4][6] Strategic Partnerships - Carrier is collaborating closely with major industry players, including NVIDIA, to develop climate-optimized cooling solutions for future AI chip requirements [4][6] Product Innovation - The introduction of the AquaEdge 30CF air-cooled centrifugal chiller, designed for mission-critical data center environments, highlights Carrier's commitment to innovation in response to market demands [5]

Company Overview - Carrier Global Corporation (CARR) is headquartered in Palm Beach Gardens, Florida, and specializes in heating, ventilating, air conditioning, refrigeration, fire, security, and building automation technologies, with a market cap of $53.4 billion [1] - The company also offers building services including audit, design, installation, system integration, repair, maintenance, and monitoring [1] Market Position - CARR is classified as a large-cap stock, with a market cap exceeding $10 billion, highlighting its size and influence in the building products and equipment industry [2] - The company boasts a diverse brand portfolio, including Carrier, Viessmann, and Toshiba, establishing it as a global leader in climate and energy solutions [2] Stock Performance - CARR's stock has experienced a decline of 21.3% from its 52-week high of $81.09, reached on July 28, 2025 [3] - Over the past three months, CARR stock gained 18.6%, outperforming the Nasdaq Composite, which saw a loss of 2.8% during the same period [3] - Year-to-date, CARR shares rose by 20.8%, while the Nasdaq Composite reported a loss of 2.1% [6] - However, over the past 52 weeks, CARR's stock dipped by 1.5%, underperforming the Nasdaq Composite's 20.7% returns [6] Financial Performance - In Q4, CARR reported an adjusted EPS of $0.34, which fell short of Wall Street expectations of $0.36, and revenue of $4.8 billion, missing forecasts of $5 billion [8] - For the full year, CARR expects an adjusted EPS of $2.80 and revenue of $22 billion [8] Market Challenges - The company's underperformance is attributed to softness in the residential and light commercial heating and cooling markets, driven by destocking and lower volumes in the Americas [7] - Despite growth in commercial HVAC and aftermarket segments, demand is expected to remain muted until macroeconomic indicators improve, with a focus on data center technology and cost reductions [7]

Core Insights - Carrier has introduced the AquaEdge® 30CF air-cooled centrifugal chiller aimed at enhancing data center reliability and uptime under real-world conditions [1] - The new chiller is part of Carrier's QuantumLeap™ portfolio, which focuses on integrated thermal management solutions for data centers [1] Product Features - The AquaEdge® 30CF operates efficiently in ambient temperatures ranging from –20°F to 140°F, ensuring cooling continuity during extreme conditions [1] - In case of a power interruption, the chiller can restore 100% cooling capacity in under three minutes, providing critical support for mission-critical operations [1] - The chiller can deliver over 3 MW of cooling capacity depending on ambient conditions [1] Technology and Efficiency - The AquaEdge® 30CF utilizes Carrier's proprietary two-stage, back-to-back centrifugal compressor with magnetic bearing technology, which is also used in the award-winning AquaEdge® 19MV water-cooled chiller [1] - This technology supports high efficiency, reduced maintenance, and reliable long-term operation, helping operators mitigate lifecycle risks [1] Market Position and Strategy - Carrier's QuantumLeap™ solutions allow customers to manage data center cooling as an integrated system, enhancing the scalability and reliability of data center infrastructure [1] - The introduction of the AquaEdge® 30CF is supported by Carrier's expanded global chiller manufacturing capacity, which aims to reduce supply chain and deployment risks for customers [1]