PALM BEACH GARDENS, Fla., March 5, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its Industrial Fire business, which includes industry-leading brands Det-Tronics, Marioff, Autronica and Fireye, to Sentinel Capital Partners for an enterprise value of $1.425 billion. Today's announcement represents the latest step in Carrier's ongoing portfolio transformation, following the recent acqui ...

Despite the slowdown in the economy, there's one area that continues to boom, and that's non-residential construction and, specifically, manufacturing construction spending. The latter is up sharply in recent years, reaching $214 billion in 2023. I think the theme may have more room to run, and stocks like Comfort Systems USA (FIX 1.83%), Carrier (CARR 1.22%), and Germany's Siemens (SIEGY -0.84%) are poised to benefit.The non-residential and manufacturing construction boomFirst, a few words on the spending ...

Carrier Global Corporation Conference Call Summary Company Overview - **Company**: Carrier Global Corporation (NYSE:CARR) - **Event**: Barclays 41st Annual Industrial Select Conference - **Date**: February 22, 2024 Key Points Industry and Market Dynamics - **Heat Pump Transition**: The European market is undergoing a significant transition to heat pumps, driven by EU regulations targeting a 55% reduction in greenhouse gas emissions by 2030 and 90% by 2040, with heat pumps being a critical component of this transition [2][3] - **Legislative Impact**: Recent legislative debates in Germany have temporarily dulled new orders, but the long-term outlook for heat pumps remains strong [3][4] - **Country-Specific Growth**: Projected mid-single-digit growth in Germany, double-digit growth in France and Poland, and a decline in Italy. Poland is expected to see pent-up demand due to a change in administration [4] Financial Performance and Projections - **Viessmann Sales**: Viessmann's sales were flat in January, but EBITDA is expected to be higher than initial plans. The company is confident in achieving cost synergies [6][4] - **Pricing Environment**: The pricing environment is expected to remain rational, with a focus on direct installer channels rather than wholesaler inventory [8][12] - **Aftermarket Growth**: The aftermarket segment is projected to grow at double-digit rates, contributing significantly to overall business performance [3][33] Strategic Initiatives - **Revenue Synergies**: Potential revenue synergies from the Viessmann acquisition could reach hundreds of millions, particularly through multi-brand and multichannel sales strategies [22][24] - **Capacity Expansion**: Viessmann is constructing a state-of-the-art heat pump facility in Poland, expected to be completed by summer 2024 [26] - **Commercial HVAC Strength**: The commercial HVAC business is experiencing strong demand, particularly in data centers and education sectors, with a significant backlog of orders [28][30] Financial Guidance - **Margin Expansion**: The company aims for annual operating margin expansion of 50 to 100 basis points, with a target of 6% to 8% organic growth [37][49] - **Free Cash Flow**: Expected free cash flow to increase by 10% this year, with a target of achieving free cash flow at or above 100% of reported net income [43][44] Divestment Strategy - **Ongoing Exits**: The company is in the process of divesting several business units, with expectations to return to a net leverage of about 2x by the end of the year [39][40] Market Positioning - **Long-Term Growth**: Carrier is positioned as a leader in HVAC and intelligent climate solutions, with a focus on high-growth markets in residential heating in Europe and commercial HVAC [48][50] Conclusion - **Sustainability Focus**: Carrier emphasizes its commitment to sustainability as a megatrend, positioning itself to capitalize on future growth opportunities in the HVAC sector [52]

Agreement includes development of a cutting-edge manufacturing and R&D center expected to create more than 5,000 local jobs. RIYADH, Saudi Arabia, Feb. 20, 2024 /PRNewswire/ -- Alat (Alat), a PIF company, and Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced their commitment to build a cutting-edge manufacturing and R&D facility in Saudi Arabia that will deliver advanced heating, ventilation and air conditioning (HVAC) solutions. The partners ...

The Zacks Electronics – Miscellaneous Products industry has been suffering from challenging macroeconomic conditions, high levels of inventories with distributors, and steep interest rates. The global economic turmoil is expected to keep the semiconductor capex under check, which does not bode well for industry participants in the near term. However, players like KLA (KLAC) , Carrier Global (CARR) and Trimble (TRMB) are benefiting from higher spending on advanced technologies, including augmented reality (A ...

PALM BEACH GARDENS, Fla., Feb. 14, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE:CARR) Chairman & CEO David Gitlin and Senior Vice President & CFO Patrick Goris will speak at the Barclays Industrial Select Conference on Thursday, February 22, 2024 at 10:20 a.m. ET.The event will be broadcast live at ir.carrier.com. A webcast replay will be available on the website following the event.About CarrierCarrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to c ...

Uber Technologies (UBER) reported fourth-quarter 2023 earnings of 66 cents per share, which surpassed the Zacks Consensus Estimate of 15 cents and improved more than 100% year over year. Total revenues of $9,936 million beat the Zacks Consensus Estimate of $9,746.5 million. The top line jumped 15.4% year over year.In the reported quarter, the majority (54.5%) of the company’s revenues came from Mobility. Revenues from this segment jumped 34% year over year to $5,537 million. Revenues from the Delivery segme ...

Carrier Global Corporation (NYSE:CARR) Q4 2023 Earnings Conference Call February 6, 2024 7:30 AM ET Company Participants Sam Pearlstein - VP, IR David Gitlin - Chairman, CEO Patrick Goris - CFO Conference Call Participants Jeffrey Sprague - Vertical Research Partners Julian Mitchell - Barclays Andrew Kaplowitz - Citigroup Deane Dray - RBC Capital Markets Noah Kaye - Oppenheimer Joe Ritchie - Goldman Sachs Nigel Coe - Wolfe Research Jeff Hammond - KeyBanc Capital Markets Stephen Tusa - JPMorgan Brett Linzey ...

Carrier Global (CARR) reported fourth-quarter 2023 adjusted earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate by 3.92%. The figure increased 32.5% year over year.Net sales of $5.10 billion missed the Zacks Consensus Estimate by 2.82% but remained unchanged year over year.Product sales (87% of net sales) of $4.44 billion decreased 1.9% year over year. Service sales (13% of net sales) of $661 million were up 14.4% year over year.Carrier shares were up 1.32% in pre-market trading. Th ...

For the quarter ended December 2023, Carrier Global (CARR) reported revenue of $5.1 billion, down 0.1% over the same period last year. EPS came in at $0.53, compared to $0.40 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $5.25 billion, representing a surprise of -2.82%. The company delivered an EPS surprise of +3.92%, with the consensus EPS estimate being $0.51.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and h ...