Fourth Quarter 2023 Highlights Sales of $5.1B Operating margin expansion of 340 basis points and adjusted operating margin expansion of 80 basis points GAAP EPS of $0.49, up 53% vs. 2022 and adjusted EPS of $0.53, up 33% vs. 2022 Net cash flow from operating activities of $1.1B and free cash flow of $829M Full Year 2023 Highlights Sales of $22.1B, up 8% compared to 2022 including 3% organic growth Gross margins up 210 basis points compared to 2022 GAAP EPS of $1.58 and adjusted EPS of $2.73 Net cash flow ...

Financial Performance - Carrier Global Corporation reported net sales of $2,217 million for 2023, a decrease from $2,640 million in 2022, reflecting a decline of approximately 16%[27]. - The company has significant indebtedness, with a need for substantial cash flow to service its debt obligations, which may be impacted by various economic and competitive factors[39]. - Future amortization of intangible assets is projected to be $175 million in 2024, decreasing to $75 million by 2028[45]. - The company is subject to various indemnity obligations related to taxes from the Separation, which could have a material impact on financial results[88]. - The company may incur unanticipated costs related to asset impairment and other charges associated with acquisitions, which could affect financial results[68]. - The company may recognize impairment charges for goodwill and intangible assets, which could adversely affect financial results[114]. - The company is subject to income taxes in the U.S. and various international jurisdictions, with changes in tax laws potentially impacting tax receivables and liabilities[135]. Operational Efficiency and Strategy - The HVAC segment continues to focus on enhancing building performance, health, energy efficiency, and sustainability, with a strong emphasis on environmentally-friendly refrigerants and energy-efficient technologies[12]. - The company emphasizes operational excellence through its Carrier Excellence framework, aiming to drive sales and earnings growth while managing costs effectively[17]. - Carrier's strategy includes a focus on digitalization and automation to enhance operational efficiency and meet the evolving needs of customers[12]. - The company plans to grow through strategic acquisitions, having completed the acquisition of the VCS Business on January 2, 2024, and expects to continue pursuing similar opportunities in the future[37]. Risk Factors - The company’s operations are subject to various financial risks due to climate change, which may impact material costs and operational decisions[62]. - The company’s business performance is dependent on substantial investments in information technology infrastructure, which may be vulnerable to cyber-attacks[65]. - The company’s operations and those of its suppliers are subject to disruptions from various factors, including health-related shutdowns and natural disasters[72]. - The company’s competitive position may be adversely impacted by limitations on obtaining necessary licenses concerning data important to product development[71]. - Changes in global economic conditions and geopolitical risks could adversely affect the company's business, operating results, cash flows, and financial condition[133]. Shareholder Considerations - The company issued 58,608,959 shares of common stock to Viessmann as part of the acquisition of the VCS Business, which may lead to dilution of existing shareholders' ownership[93]. - The company’s shareowners' percentage of ownership in common stock may be diluted in the future[125]. - Quarterly cash dividends may be discontinued or modified, which could affect the price of the company's common stock[126]. - The company’s quarterly cash dividends are subject to the discretion of the Board of Directors and may be changed or discontinued based on various factors[94]. Compliance and Governance - The company accounts for leases in accordance with ASC 842, requiring the recognition of right-of-use assets and lease liabilities for leases longer than 12 months[63]. - Cybersecurity risk oversight is a top priority for the Board of Directors, with the Audit Committee maintaining primary responsibility through the ERM program[144]. - The company is subject to compliance with various laws and regulations regarding the import and export of products, which could adversely affect its competitive position[112]. - The company may face potential liabilities due to fraudulent transfer considerations, which could adversely affect its financial condition and results of operations[121]. Market and Economic Conditions - The trading price of the company's common stock has been volatile, and trading volume may fluctuate[122]. - The company’s credit ratings from Moody's, S&P, and Fitch Ratings could be downgraded, increasing borrowing costs and impacting liquidity[115]. - Approximately 35% of Carrier's inventory utilized the last-in, first-out (LIFO) method as of December 31, 2023, with a potential increase in net book value of $226 million if valued under the first-in, first-out (FIFO) method[28]. - The company has operations worldwide, exposing it to foreign currency exchange rate movements, which can affect reported results[348]. - Substantially all of the company's long-term debt has fixed interest rates, minimizing the impact of market interest rate fluctuations on operations[350].

Investors are always looking for stocks that are poised to beat at earnings season and Carrier Global Corporation (CARR) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Carrier is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty ...

The upcoming report from Carrier Global (CARR) is expected to reveal quarterly earnings of $0.51 per share, indicating an increase of 27.5% compared to the year-ago period. Analysts forecast revenues of $5.25 billion, representing an increase of 2.8% year over year.The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior ...

PALM BEACH GARDENS, Fla., Jan. 16, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, will release its fourth quarter 2023 earnings on Tuesday, February 6, 2024 and host a conference call and webcast at 7:30 a.m. ET. The webcast and presentation will be available at ir.carrier.com. To listen to the earnings call by phone, participants must pre-register at Carrier Earnings Call Registration. All registrants will receive dial-in information ...

Carrier Global Corporation (NYSE:CARR) Baird’s Global Industrial Conference Call November 7, 2023 12:25 PM ET Company Participants Dave Gitlin - Chairman and Chief Executive Officer Conference Call Participants Tim Wojs - Baird Tim Wojs I am Tim Wojs. I cover building products here at Baird. And we are absolutely delighted to have Carrier Global join us again at our Global Industrial Conference this year. Carrier is a leading manufacturer of residential and commercial HVAC. They have got a transport in a co ...

Financial Data and Key Metrics Changes - The company reported sales of $5.7 billion with organic growth of 3%, benefiting from a 1% tailwind from foreign currency translation and a 1% net contribution from acquisitions and divestitures [24] - Adjusted EPS increased by 27% year-over-year to $0.89, with free cash flow of approximately $950 million, up 35% compared to last year [25] - Adjusted operating profit exceeded $1 billion, up more than 20% year-over-year, with adjusted operating margins expanding by 240 basis points to 18.2% [35] Business Line Data and Key Metrics Changes - HVAC segment organic sales grew by 4%, driven by high single-digit growth in commercial HVAC and 30% growth in light commercial, while North America residential HVAC sales declined low single digits [8][6] - Fire & Security segment reported sales up 2% with 6% organic growth, driven by high single-digit growth in Industrial Fire & Security [38] - Refrigeration segment saw reported sales flat with organic sales down 3%, but global truck and trailer sales were up high single digits, primarily due to over 20% growth in European truck and trailer [37] Market Data and Key Metrics Changes - Total company orders decreased by less than 10% in the quarter, primarily due to declines in shorter cycle businesses, with HVAC orders down about 10% [9] - North America truck and trailer orders were up low single digits year-to-date, while commercial refrigeration and container orders showed confidence in returning to organic growth in Q4 [40] - European commercial heat pump sales increased by 70% in Q3, indicating strong demand in that market [102] Company Strategy and Development Direction - The company is focused on cost reduction activities and margin expansion, entering 2024 with detailed plans [4] - The acquisition of Viessmann Climate Solutions is expected to enhance the company's position in the heat pump market, which is projected to grow significantly in Europe [7][21] - The company aims to leverage its digital platforms and sustainability initiatives to drive recurring revenue and market share [20][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit organic growth and margin expansion despite macro challenges [18] - The company anticipates destocking in the residential HVAC market but expects light commercial HVAC sales to increase by about 30% [53] - Management highlighted the importance of regulatory changes in Europe and their potential impact on heat pump demand, emphasizing the company's readiness to adapt [112] Other Important Information - The company plans to fund the Viessmann acquisition through a mix of equity, cash on hand, and debt, with hedging strategies in place for currency risks [10] - The adjusted effective tax rate for the full year is now expected to be between 21.5% and 22% [42] - The company is focused on deleveraging post-acquisition and plans to return to share repurchases once net leverage is around 2x [43] Q&A Session Summary Question: What is the current state of channel inventory for heat pumps in Europe? - Management noted that Viessmann Climate Solutions' sales are up about 18% year-to-date, with heat pump sales increasing over 35% [48] Question: What are the drivers behind the 30% growth in light commercial? - The company highlighted strong demand in key verticals such as K-12 education and value-based retailers, contributing to the growth [49][77] Question: How is the company preparing for the transition to new refrigerants? - Management indicated that they are ready to manage the transition and expect to see increased demand for 454-B systems, with pricing adjustments anticipated [66][83] Question: What is the outlook for the North America residential HVAC market? - The company expects residential volumes to be down mid-teens for the full year, with inventory levels targeted to decrease by at least 15% compared to the previous year [53][80] Question: How does the company view the impact of regulatory changes on future sales? - Management expressed confidence in the ongoing transition to heat pumps in Europe, despite potential short-term fluctuations due to regulatory changes [112]

[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) Carrier Global Corporation's Form 10-Q filing details, including registrant information and SEC compliance status [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides Carrier Global Corporation's basic identification details and SEC filing status - Carrier Global Corporation is incorporated in Delaware with its principal executive offices in Palm Beach Gardens, Florida[2](index=2&type=chunk) - The company's common stock (CARR) is registered on the New York Stock Exchange[10](index=10&type=chunk) - Carrier Global Corporation is a **large accelerated filer** and has filed all required reports during the preceding 12 months[2](index=2&type=chunk) Shares of Common Stock Outstanding | Metric | Value | | :-------------------------------------- | :------------ | | Shares of Common Stock Outstanding (as of Oct 16, 2023) | 839,046,579 | [PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This part presents Carrier Global Corporation's unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Carrier Global Corporation's unaudited condensed consolidated financial statements and related notes [Condensed Consolidated Statement of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) This statement details Carrier Global Corporation's net sales, operating profit, and net income for the reported periods Key Financial Highlights (Three Months Ended September 30) | Metric | 2023 ($M) | 2022 ($M) | YoY Change (%) | | :-------------------------------------- | :-------- | :-------- | :------------- | | Net sales | 5,731 | 5,451 | 5% | | Operating profit | 645 | 1,526 | (58)% | | Net income attributable to common shareowners | 357 | 1,312 | (73)% | | Basic EPS | 0.43 | 1.56 | (72)% | | Diluted EPS | 0.42 | 1.53 | (73)% | Key Financial Highlights (Nine Months Ended September 30) | Metric | 2023 ($M) | 2022 ($M) | YoY Change (%) | | :-------------------------------------- | :-------- | :-------- | :------------- | | Net sales | 16,996 | 15,316 | 11% | | Operating profit | 1,689 | 4,082 | (59)% | | Net income attributable to common shareowners | 929 | 3,264 | (72)% | | Basic EPS | 1.11 | 3.86 | (71)% | | Diluted EPS | 1.09 | 3.78 | (71)% | [Condensed Consolidated Statement of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20%28Loss%29) This statement presents Carrier Global Corporation's net income and other comprehensive income (loss) components Comprehensive Income (Loss) (Three Months Ended September 30) | Metric | 2023 ($M) | 2022 ($M) | | :-------------------------------------- | :-------- | :-------- | | Net income from operations | 381 | 1,332 | | Other comprehensive income (loss), net of tax | (166) | (643) | | Comprehensive income (loss) | 215 | 689 | | Comprehensive income (loss) attributable to common shareowners | 192 | 682 | Comprehensive Income (Loss) (Nine Months Ended September 30) | Metric | 2023 ($M) | 2022 ($M) | | :-------------------------------------- | :-------- | :-------- | | Net income from operations | 1,001 | 3,306 | | Other comprehensive income (loss), net of tax | (175) | (1,438) | | Comprehensive income (loss) | 826 | 1,868 | | Comprehensive income (loss) attributable to common shareowners | 761 | 1,848 | [Condensed Consolidated Balance Sheet](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) This statement provides Carrier Global Corporation's financial position, including assets, liabilities, and equity Key Balance Sheet Items (in millions) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :-------------------------------------- | :----------- | :----------- | | Cash and cash equivalents | $3,902 | $3,520 | | Total current assets | $10,511 | $9,879 | | Goodwill | $9,825 | $9,977 | | Total Assets | $26,544 | $26,086 | | Total current liabilities | $6,349 | $6,032 | | Long-term debt | $8,651 | $8,702 | | Total Liabilities | $18,042 | $18,010 | | Total Equity | $8,502 | $8,076 | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines changes in Carrier Global Corporation's total equity over the reporting periods Changes in Total Equity (in millions) | Period | Balance as of Dec 31, 2022 | Balance as of Sep 30, 2023 | | :-------------------------------------- | :------------------------- | :------------------------- | | Total Equity | $8,076 | $8,502 | - Net income attributable to common shareowners for the three months ended September 30, 2023, was **$357 million**[19](index=19&type=chunk) - Accumulated Other Comprehensive Loss increased from **$(1,688) million** as of December 31, 2022, to **$(1,856) million** as of September 30, 2023[19](index=19&type=chunk)[81](index=81&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes Carrier Global Corporation's cash inflows and outflows from operating, investing, and financing activities Cash Flow Summary (Nine Months Ended September 30, in millions) | Activity | 2023 ($M) | 2022 ($M) | YoY Change ($M) | | :-------------------------------------- | :-------- | :-------- | :-------------- | | Operating Activities | 1,545 | 620 | 925 | | Investing Activities | (431) | 2,045 | (2,476) | | Financing Activities | (688) | (2,584) | 1,896 | | Effect of foreign exchange rate changes | (45) | (115) | 70 | | Net increase (decrease) in cash | 381 | (34) | 415 | - Net cash provided by operating activities significantly increased due to improved working capital management, including better inventory management and higher accounts payable balances[372](index=372&type=chunk) - Net cash used in investing activities shifted from a net inflow in 2022 to a net outflow in 2023, primarily due to capital expenditures and the deconsolidation of Kidde-Fenwal, Inc., partially offset by the prior year's Chubb Sale proceeds[373](index=373&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the condensed consolidated financial statements [NOTE 1: DESCRIPTION OF THE BUSINESS](index=9&type=section&id=NOTE%201%3A%20DESCRIPTION%20OF%20THE%20BUSINESS) This note describes Carrier Global Corporation's business, including its global leadership in climate and energy solutions and operating segments - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, providing HVAC, refrigeration, fire, security, and building automation technologies[27](index=27&type=chunk) - The company's operations are classified into three segments: HVAC, Refrigeration, and Fire & Security[27](index=27&type=chunk) [NOTE 2: BASIS OF PRESENTATION](index=9&type=section&id=NOTE%202%3A%20BASIS%20OF%20PRESENTATION) This note outlines the accounting policies and significant events impacting the financial statement presentation, including acquisitions and deconsolidations - The company announced plans to acquire Viessmann's climate solutions business for approximately **€12 billion** and to exit its Fire & Security and Commercial Refrigeration businesses over 2024[56](index=56&type=chunk) - Kidde-Fenwal, Inc. (KFI) was deconsolidated on May 14, 2023, following its Chapter 11 bankruptcy filing, leading to derecognition of its assets and liabilities[57](index=57&type=chunk) - Carrier acquired a majority ownership interest in Toshiba Carrier Corporation (TCC) on August 1, 2022, consolidating TCC's results within the HVAC segment[58](index=58&type=chunk)[83](index=83&type=chunk) [NOTE 3: INVENTORIES, NET](index=11&type=section&id=NOTE%203%3A%20INVENTORIES,%20NET) This note details Carrier Global Corporation's inventory valuation methods and composition, including raw materials, work-in-process, and finished goods - Inventories are stated at the lower of cost or estimated net realizable value, primarily using FIFO or average cost methods[34](index=34&type=chunk) Inventories, Net (in millions) | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------- | :----------- | :----------- | | Raw materials | $782 | $884 | | Work-in-process | $260 | $230 | | Finished goods | $1,520 | $1,526 | | **Total** | **$2,562** | **$2,640** | - Valuation reserves for excess and obsolete inventory increased to **$230 million** as of September 30, 2023, from **$190 million** as of December 31, 2022[62](index=62&type=chunk) [NOTE 4: GOODWILL AND INTANGIBLE ASSETS](index=11&type=section&id=NOTE%204%3A%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) This note provides information on Carrier Global Corporation's goodwill and intangible assets, including impairment testing and amortization expense - Goodwill and indefinite-lived intangible assets are tested annually for impairment on July 1[37](index=37&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk) Goodwill by Segment (in millions) | Segment | Dec 31, 2022 | Sep 30, 2023 | Change ($M) | | :---------------- | :----------- | :----------- | :---------- | | HVAC | $6,392 | $6,301 | $(91) | | Refrigeration | $1,197 | $1,177 | $(20) | | Fire & Security | $2,388 | $2,347 | $(41) | | **Total Goodwill**| **$9,977** | **$9,825** | **$(152)** | Amortization Expense of Intangible Assets (in millions) | Period | 2023 | 2022 | | :----------------------------------- | :--- | :--- | | Three Months Ended September 30, | $60 | $38 | | Nine Months Ended September 30, | $185 | $79 | [NOTE 5: BORROWINGS AND LINES OF CREDIT](index=13&type=section&id=NOTE%205%3A%20BORROWINGS%20AND%20LINES%20OF%20CREDIT) This note details Carrier Global Corporation's debt structure, including long-term notes, credit facilities, and compliance with covenants Long-term Debt (in millions) | Category | Sep 30, 2023 | Dec 31, 2022 | | :------------------------------------------------------ | :----------- | :----------- | | Total long-term notes | $8,350 | $8,350 | | Japanese Term Loan Facility | $362 | $404 | | Other debt | $154 | $149 | | Discounts and debt issuance costs | $(81) | $(61) | | **Total debt** | **$8,785** | **$8,842** | | Less: current portion of long-term debt | $(134) | $(140) | | **Long-term debt, net of current portion** | **$8,651** | **$8,702** | - The company entered into a new **$2.0 billion** Revolving Credit Facility in May 2023, maturing in May 2028, with no outstanding borrowings as of September 30, 2023[91](index=91&type=chunk) - Carrier maintains a **$2.0 billion** unsecured commercial paper program, with no outstanding borrowings as of September 30, 2023[92](index=92&type=chunk) - The company was in compliance with all covenants under its outstanding indebtedness agreements as of September 30, 2023[71](index=71&type=chunk) [NOTE 6: FAIR VALUE MEASUREMENTS](index=14&type=section&id=NOTE%206%3A%20FAIR%20VALUE%20MEASUREMENTS) This note explains Carrier Global Corporation's fair value hierarchy and measurements for financial instruments, including derivative assets and liabilities - The company uses a three-level fair value hierarchy (Level 1: quoted prices, Level 2: observable inputs, Level 3: unobservable inputs) for fair value measurements[72](index=72&type=chunk)[95](index=95&type=chunk) - A **$257 million loss** (Q3 2023) and **$368 million loss** (YTD Q3 2023) were recognized on the mark-to-market valuation of window forward contracts related to the Viessmann acquisition[75](index=75&type=chunk) Derivative Assets and Liabilities (in millions) | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | | Derivative assets | $116 | $28 | | Derivative liabilities | $(408) | $(48) | [NOTE 7: EMPLOYEE BENEFIT PLANS](index=16&type=section&id=NOTE%207%3A%20EMPLOYEE%20BENEFIT%20PLANS) This note provides details on Carrier Global Corporation's contributions to various employee benefit plans, including defined benefit and contribution plans Contributions to Employee Benefit Plans (in millions) | Plan Type | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :---------------------------- | :------ | :------ | :---------- | :---------- | | Defined benefit plans | $6 | $4 | $17 | $10 | | Defined contribution plans | $30 | $29 | $96 | $95 | | Multi-employer pension plans | $3 | $5 | $11 | $11 | [NOTE 8: STOCK-BASED COMPENSATION](index=17&type=section&id=NOTE%208%3A%20STOCK-BASED%20COMPENSATION) This note outlines Carrier Global Corporation's stock-based compensation plans and the associated costs recognized - Stock-based compensation plans include stock appreciation rights, restricted stock units, and performance share units, measured at fair value on the grant date[131](index=131&type=chunk) Stock-based Compensation Cost (in millions) | Award Type | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :---------------------------------------- | :------ | :------ | :---------- | :---------- | | Equity compensation costs - equity settled| $23 | $17 | $63 | $58 | | Equity compensation costs - cash settled | $1 | $1 | $3 | $(16) | | **Total** | **$24** | **$18** | **$66** | **$42** | [NOTE 9: PRODUCT WARRANTIES](index=17&type=section&id=NOTE%209%3A%20PRODUCT%20WARRANTIES) This note details Carrier Global Corporation's product warranty provisions and changes in related liabilities - Provisions for product warranties are established at the time of sale, based on product terms and historical claims experience[104](index=104&type=chunk) Changes in Warranty Related Provisions (in millions) | Item | YTD Q3 2023 | YTD Q3 2022 | | :---------------------------------------------------------------- | :---------- | :---------- | | Balance as of January 1, | $552 | $524 | | Warranties, performance guarantees issued and changes in estimated liability | $186 | $120 | | Settlements made | $(146) | $(116) | | Other | $(15) | $9 | | **Balance as of September 30,** | **$577** | **$537** | [NOTE 10: EQUITY](index=18&type=section&id=NOTE%2010%3A%20EQUITY) This note provides information on Carrier Global Corporation's common stock, share repurchases, and accumulated other comprehensive income (loss) - As of September 30, 2023, **882.5 million shares** of common stock were issued, including **43.5 million shares** of treasury stock[133](index=133&type=chunk) - The Board of Directors authorized up to **$4.1 billion** for common stock repurchases, with approximately **$2.1 billion** remaining under the current authorization as of September 30, 2023[106](index=106&type=chunk)[392](index=392&type=chunk)[393](index=393&type=chunk) Accumulated Other Comprehensive Income (Loss) (in millions) | Component | Dec 31, 2022 | Sep 30, 2023 | | :--------------------------------------- | :----------- | :----------- | | Foreign Currency Translation | $(1,604) | $(1,852) | | Pension and Postretirement Plans | $(84) | $(84) | | Unrealized Hedging Gains (Losses) | $0 | $80 | | **Total AOCI (Loss)** | **$(1,688)** | **$(1,856)** | [NOTE 11: REVENUE RECOGNITION](index=19&type=section&id=NOTE%2011%3A%20REVENUE%20RECOGNITION) This note explains Carrier Global Corporation's revenue recognition policies and presents net sales by operating segment - Revenue is recognized when control of a promised good or service is transferred to a customer, either at a point in time (e.g., shipment) or over time[136](index=136&type=chunk) Net Sales by Segment (in millions) | Segment | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :---------------- | :------ | :------ | :---------- | :---------- | | HVAC | $4,008 | $3,734 | $11,846 | $10,092 | | Refrigeration | $924 | $923 | $2,794 | $2,940 | | Fire & Security | $923 | $905 | $2,724 | $2,610 | | **Total Net Sales** | **$5,731** | **$5,451** | **$16,996** | **$15,316** | - The company recognized **$325 million** in revenue during the nine months ended September 30, 2023, related to contract liabilities as of January 1, 2023[111](index=111&type=chunk) [NOTE 12: RESTRUCTURING COSTS](index=20&type=section&id=NOTE%2012%3A%20RESTRUCTURING%20COSTS) This note details Carrier Global Corporation's restructuring initiatives and associated pre-tax costs - Restructuring initiatives aim to improve operating performance, profitability, and working capital, involving workforce reductions and facility consolidations[113](index=113&type=chunk)[345](index=345&type=chunk) Net Pre-Tax Restructuring Costs (in millions) | Item | YTD Q3 2023 | YTD Q3 2022 | | :---------------------------------- | :---------- | :---------- | | Balance as of January 1, | $24 | $54 | | Net pre-tax restructuring costs | $54 | $29 | | Utilization, foreign exchange and other | $(34) | $(50) | | **Balance as of September 30,** | **$44** | **$33** | [NOTE 13: INCOME TAXES](index=21&type=section&id=NOTE%2013%3A%20INCOME%20TAXES) This note provides information on Carrier Global Corporation's effective tax rate and the factors influencing its year-over-year changes Effective Tax Rate | Period | 2023 | 2022 | | :-------------------------------------- | :------ | :------ | | Three Months Ended September 30, | 35.9% | 9.4% | | Nine Months Ended September 30, | 34.4% | 15.6% | - The year-over-year increase in the effective tax rate was primarily driven by a **$297 million non-deductible loss** on the deconsolidation of KFI and a **$368 million loss** on the mark-to-market valuation of window forward contracts for the VCS Business acquisition[115](index=115&type=chunk)[258](index=258&type=chunk) - The nine months ended September 30, 2022, included a lower effective tax rate due to a **$732 million non-cash gain** from TCC equity investments and a **$1.1 billion Chubb gain**[116](index=116&type=chunk)[259](index=259&type=chunk) [NOTE 14: EARNINGS PER SHARE](index=23&type=section&id=NOTE%2014%3A%20EARNINGS%20PER%20SHARE) This note details the calculation of Carrier Global Corporation's basic and diluted earnings per share - Earnings per share is calculated by dividing net income attributable to common shareowners by the weighted-average number of common shares outstanding[118](index=118&type=chunk) Earnings Per Share (in millions, except per share amounts) | Item | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :------------------------------------------ | :------ | :------ | :---------- | :---------- | | Net income attributable to common shareowners | $357 | $1,312 | $929 | $3,264 | | Basic EPS | $0.43 | $1.56 | $1.11 | $3.86 | | Diluted EPS | $0.42 | $1.53 | $1.09 | $3.78 | | Basic weighted-average shares outstanding | 838.7 | 839.6 | 836.6 | 846.1 | | Diluted weighted-average shares outstanding | 854.7 | 856.5 | 852.7 | 864.3 | [NOTE 15: ACQUISITIONS](index=23&type=section&id=NOTE%2015%3A%20ACQUISITIONS) This note provides details on Carrier Global Corporation's significant acquisitions, including Toshiba Carrier Corporation and the planned Viessmann Climate Solutions Business acquisition - Carrier acquired a majority ownership interest in Toshiba Carrier Corporation (TCC) on August 1, 2022, for **$920 million**, recognizing **$876 million** in goodwill and **$965 million** in intangible assets[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[341](index=341&type=chunk) - The TCC acquisition resulted in a **$696 million non-cash gain** from recognizing previously held TCC equity investments at fair value[181](index=181&type=chunk)[327](index=327&type=chunk) - Carrier announced an agreement to acquire Viessmann Climate Solutions (VCS) Business for approximately **€12 billion**, expected to close by the end of 2023, with **20% paid in stock** and **80% in cash**[56](index=56&type=chunk)[348](index=348&type=chunk) [NOTE 16: DIVESTITURES](index=25&type=section&id=NOTE%2016%3A%20DIVESTITURES) This note outlines Carrier Global Corporation's divestiture activities, including the Chubb Fire & Security business sale and planned exits - The sale of the Chubb Fire & Security business was completed on January 3, 2022, for net proceeds of **$2.9 billion**, resulting in a **$1.1 billion net gain**[32](index=32&type=chunk)[183](index=183&type=chunk) - Carrier plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024[56](index=56&type=chunk)[342](index=342&type=chunk) [NOTE 17: SEGMENT FINANCIAL DATA](index=26&type=section&id=NOTE%2017%3A%20SEGMENT%20FINANCIAL%20DATA) This note presents Carrier Global Corporation's net sales and operating profit broken down by its HVAC, Refrigeration, and Fire & Security segments Net Sales by Segment (in millions) | Segment | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :---------------- | :------ | :------ | :---------- | :---------- | | HVAC | $4,008 | $3,734 | $11,846 | $10,092 | | Refrigeration | $924 | $923 | $2,794 | $2,940 | | Fire & Security | $923 | $905 | $2,724 | $2,610 | | **Total Segment** | **$5,855** | **$5,562** | **$17,364** | **$15,642** | Operating Profit by Segment (in millions) | Segment | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :---------------- | :------ | :------ | :---------- | :---------- | | HVAC | $763 | $1,314 | $1,940 | $2,369 | | Refrigeration | $107 | $116 | $327 | $370 | | Fire & Security | $164 | $142 | $100 | $1,494 | | **Total Segment** | **$1,034** | **$1,572** | **$2,367** | **$4,233** | Geographic External Sales (in millions) | Region | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :------------- | :------ | :------ | :---------- | :---------- | | United States | $3,335 | $3,154 | $9,584 | $9,109 | | International | $2,396 | $2,297 | $7,412 | $6,207 | | **Net Sales** | **$5,731** | **$5,451** | **$16,996** | **$15,316** | [NOTE 18: RELATED PARTIES](index=27&type=section&id=NOTE%2018%3A%20RELATED%20PARTIES) This note details Carrier Global Corporation's transactions and balances with equity method investees Transactions with Equity Method Investees (in millions) | Item | Q3 2023 | Q3 2022 | YTD Q3 2023 | YTD Q3 2022 | | :------------------------------------------ | :------ | :------ | :---------- | :---------- | | Sales to equity method investees | $730 | $718 | $2,371 | $2,129 | | Purchases from equity method investees | $57 | $60 | $159 | $261 | Receivables/Payables with Equity Method Investees (in millions) | Item | Sep 30, 2023 | Dec 31, 2022 | | :------------------------------------------ | :----------- | :----------- | | Receivables from equity method investees | $289 | $154 | | Payables to equity method investees | $35 | $44 | [NOTE 19: COMMITMENTS AND CONTINGENT LIABILITIES](index=28&type=section&id=NOTE%2019%3A%20COMMITMENTS%20AND%20CONTINGENT%20LIABILITIES) This note discloses Carrier Global Corporation's environmental, asbestos, and other contingent liabilities, including the Kidde-Fenwal, Inc. bankruptcy - Accrued environmental liabilities totaled **$220 million** as of September 30, 2023, down from **$235 million** as of December 31, 2022[190](index=190&type=chunk) - Total asbestos liabilities were **$223 million** as of September 30, 2023, with **$94 million** in related insurance recoveries[330](index=330&type=chunk) - Kidde-Fenwal, Inc. (KFI) filed for Chapter 11 bankruptcy on May 14, 2023, leading to its deconsolidation and a **$297 million loss**, effectively staying AFFF-related litigation against Carrier[168](index=168&type=chunk)[197](index=197&type=chunk) [Report of Independent Registered Public Accounting Firm](index=33&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP reviewed the interim financial statements, finding no material modifications needed for U.S. GAAP conformity - PricewaterhouseCoopers LLP reviewed the condensed consolidated financial statements for the periods ended September 30, 2023 and 2022[227](index=227&type=chunk) - No material modifications were found to be necessary for the interim financial information to be in conformity with U.S. GAAP[227](index=227&type=chunk) - The review is substantially less in scope than an audit, and therefore, an audit opinion is not expressed[228](index=228&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Carrier Global Corporation's financial condition, operational results, strategic developments, and key performance drivers - Carrier is a global leader in intelligent climate and energy solutions, operating in HVAC, Refrigeration, and Fire & Security segments[204](index=204&type=chunk) - The company announced plans to acquire Viessmann Climate Solutions (VCS) Business for approximately **€12 billion** and to exit its Fire & Security and Commercial Refrigeration businesses by 2024[207](index=207&type=chunk) - Global supply chain challenges, inflationary cost pressures, and component shortages continue to affect results, though moderation has begun[179](index=179&type=chunk) [BUSINESS OVERVIEW](index=34&type=section&id=BUSINESS%20OVERVIEW) This section provides an overview of Carrier Global Corporation's business, strategic developments, and market trends - Carrier is a global leader in intelligent climate and energy solutions, benefiting from secular trends like urbanization, climate change, and increasing food safety requirements[178](index=178&type=chunk)[204](index=204&type=chunk) - Supply chain challenges and inflationary cost pressures continue to impact results, but the company is taking proactive steps to mitigate these, including investments in supply chain resilience[179](index=179&type=chunk)[206](index=206&type=chunk) - Key recent developments include the planned acquisition of Viessmann Climate Solutions Business, the deconsolidation of Kidde-Fenwal, Inc. due to bankruptcy, and the acquisition of Toshiba Carrier Corporation[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) [RESULTS OF OPERATIONS](index=36&type=section&id=RESULTS%20OF%20OPERATIONS) This section analyzes Carrier Global Corporation's financial performance, including net sales, gross margin, and operating expenses - Net sales increased **5%** for the three months and **11%** for the nine months ended September 30, 2023, driven by organic growth and the Toshiba Carrier Corporation (TCC) acquisition[240](index=240&type=chunk)[275](index=275&type=chunk) - Operating profit decreased significantly by **58%** for the three months and **59%** for the nine months, primarily due to a large non-cash gain from TCC equity investments in the prior year and current period losses on window forward contracts and KFI deconsolidation[240](index=240&type=chunk)[275](index=275&type=chunk)[219](index=219&type=chunk)[256](index=256&type=chunk) - Gross margin as a percentage of net sales increased by **460 basis points** for the three months and **160 basis points** for the nine months, reflecting pricing improvements and productivity initiatives[243](index=243&type=chunk)[277](index=277&type=chunk) [Three Months Ended September 30, 2023 Compared with the Three Months Ended September 30, 2022](index=36&type=section&id=Three%20Months%20Ended%20September%2030,%202023%20Compared%20with%20the%20Three%20Months%20Ended%20September%2030,%202022) This section compares Carrier Global Corporation's financial results for the three months ended September 30, 2023, against the prior year Net Sales Performance (Three Months Ended September 30) | Component | % Change | | :--------------------------------- | :------- | | Organic | 3% | | Foreign currency translation | 1% | | Acquisitions and divestitures, net | 1% | | **Total % change** | **5%** | - Gross margin increased by **$339 million (23%)** to **$1.8 billion**, with the percentage of net sales rising to **31.7%** from **27.1%**, driven by customer demand, pricing, and productivity[216](index=216&type=chunk)[243](index=243&type=chunk) - Operating expenses decreased by **2,490%** to **$(1.2) billion**, primarily due to a **$732 million non-cash gain** from TCC equity investments in 2022, partially offset by a **$257 million loss** on window forward contracts in 2023[217](index=217&type=chunk)[244](index=244&type=chunk)[246](index=246&type=chunk) [Nine Months Ended September 30, 2023 Compared with the Nine Months Ended September 30, 2022](index=39&type=section&id=Nine%20Months%20Ended%20September%2030,%202023%20Compared%20with%20the%20Nine%20Months%20Ended%20September%2030,%202022) This section compares Carrier Global Corporation's financial results for the nine months ended September 30, 2023, against the prior year Net Sales Performance (Nine Months Ended September 30) | Component | % Change | | :--------------------------------- | :------- | | Organic | 4% | | Foreign currency translation | (1)% | | Acquisitions and divestitures, net | 8% | | **Total % change** | **11%** | - Gross margin increased by **$732 million (17%)** to **$4.9 billion**, with the percentage of net sales rising to **29.1%** from **27.5%**, driven by customer demand, pricing, and TCC operating results[253](index=253&type=chunk)[277](index=277&type=chunk) - Operating expenses increased by **2,315%** to **$(3.3) billion**, significantly impacted by a **$732 million non-cash gain** from TCC equity investments and a **$1.1 billion Chubb gain** in 2022, and a **$368 million loss** on window forward contracts and **$297 million loss** on KFI deconsolidation in 2023[254](index=254&type=chunk)[256](index=256&type=chunk)[280](index=280&type=chunk) [SEGMENT REVIEW](index=43&type=section&id=SEGMENT%20REVIEW) This section provides a detailed review of Carrier Global Corporation's performance across its HVAC, Refrigeration, and Fire & Security segments - The HVAC segment saw strong organic net sales growth driven by commercial HVAC and North America residential/light commercial businesses, but operating profit was impacted by prior year's non-cash gains[262](index=262&type=chunk)[263](index=263&type=chunk)[308](index=308&type=chunk)[296](index=296&type=chunk) - The Refrigeration segment experienced organic net sales decreases due to volume reductions in commercial refrigeration and container end-markets, leading to a decline in operating profit[291](index=291&type=chunk)[266](index=266&type=chunk)[299](index=299&type=chunk)[311](index=311&type=chunk) - The Fire & Security segment achieved organic net sales growth from pricing and volume, but its operating profit was significantly affected by the prior year's Chubb gain and the current year's KFI deconsolidation loss[306](index=306&type=chunk)[307](index=307&type=chunk)[313](index=313&type=chunk)[353](index=353&type=chunk) [Three Months Ended September 30, 2023 Compared with Three Months Ended September 30, 2022](index=43&type=section&id=Three%20Months%20Ended%20September%2030,%202023%20Compared%20with%20Three%20Months%20Ended%20September%2030,%202022) This section analyzes segment-level net sales and operating profit for the three months ended September 30, 2023, versus the prior year Segment Net Sales Growth (Q3 2023 vs Q3 2022) | Segment | Organic % Change | Acquisitions/Divestitures, net % Change | Total % Change | | :---------------- | :--------------- | :-------------------------------------- | :------------- | | HVAC | 4% | 3% | 7% | | Refrigeration | (3)% | 0% | 0% | | Fire & Security | 6% | (5)% | 2% | Segment Operating Profit Growth (Q3 2023 vs Q3 2022) | Segment | Operational % Change | Other Factors % Change | Total % Change | | :---------------- | :------------------- | :--------------------- | :------------- | | HVAC | 12% | (55)% | (42)% | | Refrigeration | (9)% | 2% | (8)% | | Fire & Security | 17% | (2)% | 15% | - HVAC operating profit decreased **42%** due to a **$732 million non-cash gain** from TCC equity investments in the prior year, despite operational improvements[263](index=263&type=chunk)[290](index=290&type=chunk) [Nine Months Ended September 30, 2023 Compared with Nine Months Ended September 30, 2022](index=46&type=section&id=Nine%20Months%20Ended%20September%2030,%202023%20Compared%20with%20Nine%20Months%20Ended%20September%2030,%202022) This section analyzes segment-level net sales and operating profit for the nine months ended September 30, 2023, versus the prior year Segment Net Sales Growth (YTD Q3 2023 vs YTD Q3 2022) | Segment | Organic % Change | Acquisitions/Divestitures, net % Change | Total % Change | | :---------------- | :--------------- | :-------------------------------------- | :------------- | | HVAC | 6% | 12% | 17% | | Refrigeration | (4)% | (1)% | (5)% | | Fire & Security | 8% | (3)% | 4% | Segment Operating Profit Growth (YTD Q3 2023 vs YTD Q3 2022) | Segment | Operational % Change | Other Factors % Change | Total % Change | | :---------------- | :------------------- | :--------------------- | :------------- | | HVAC | 8% | (32)% | (18)% | | Refrigeration | (16)% | 5% | (12)% | | Fire & Security | 2% | (95)% | (93)% | - Fire & Security operating profit decreased **93%**, primarily due to the **$1.1 billion Chubb gain** in the prior year and the **$297 million loss** on KFI deconsolidation in the current year[353](index=353&type=chunk)[314](index=314&type=chunk) [LIQUIDITY AND FINANCIAL CONDITION](index=48&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20CONDITION) This section assesses Carrier Global Corporation's liquidity, capital resources, and financial position, including cash flows and debt levels Key Liquidity Measures (in millions) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :-------------------------------------- | :----------- | :----------- | | Cash and cash equivalents | $3,902 | $3,520 | | Total debt | $8,785 | $8,842 | | Total equity | $8,502 | $8,076 | | Net debt | $4,883 | $5,322 | | Total debt to total capitalization | 51% | 52% | - The company maintains a **$2.0 billion** commercial paper program and a **$2.0 billion** revolving credit facility, with no outstanding borrowings as of September 30, 2023[331](index=331&type=chunk) - Net cash provided by operating activities increased significantly to **$1,545 million** (YTD Q3 2023) from **$620 million** (YTD Q3 2022), driven by improved working capital management[372](index=372&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section confirms no significant change in Carrier Global Corporation's market risk exposure compared to the 2022 Form 10-K - No significant change in market risk exposure during the three and nine months ended September 30, 2023[375](index=375&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded Carrier Global Corporation's disclosure controls were effective, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective as of September 30, 2023[376](index=376&type=chunk)[378](index=378&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended September 30, 2023[379](index=379&type=chunk) [PART II – OTHER INFORMATION](index=52&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This part includes Carrier Global Corporation's legal proceedings, risk factors, equity sales, and other required disclosures [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 for legal proceedings, confirming no material developments beyond prior reports - Information regarding legal proceedings is detailed in Note 19 – Commitments and Contingent Liabilities[363](index=363&type=chunk) - No material developments in legal proceedings have occurred beyond previously reported information[363](index=363&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) This section confirms no material changes in Carrier Global Corporation's risk factors from the 2022 Form 10-K - No material changes in risk factors from those disclosed in the 2022 Form 10-K[380](index=380&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details Carrier Global Corporation's share repurchase program, noting no repurchases in Q3 2023 and remaining authorization - No shares of common stock were repurchased during the three months ended September 30, 2023[365](index=365&type=chunk)[393](index=393&type=chunk) - The Board of Directors authorized up to **$4.1 billion** for share repurchases, with approximately **$2.1 billion** remaining under the current authorization as of September 30, 2023[367](index=367&type=chunk)[392](index=392&type=chunk)[393](index=393&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) This section confirms no Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers in Q3 2023 - No Rule 10b5-1 trading arrangements were adopted or terminated by directors or Section 16 officers during the three months ended September 30, 2023[368](index=368&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including plan amendments, certifications, and XBRL documents - Exhibits include amendments to company automatic contribution excess plan, pension preservation plan, and savings restoration plan[370](index=370&type=chunk) - Certifications required by Rule 13a-14(a)/15d-14(a) and Section 1350 are included[370](index=370&type=chunk) - XBRL instance document and taxonomy extension documents are provided for interactive data filing[357](index=357&type=chunk)[370](index=370&type=chunk) [SIGNATURES](index=55&type=section&id=SIGNATURES) This section contains the official signatures of Carrier Global Corporation's authorized officers, certifying the Form 10-Q - The report is signed by Patrick Goris, Senior Vice President and Chief Financial Officer, and Kyle Crockett, Vice President, Controller, on October 26, 2023[360](index=360&type=chunk)

Company and Industry Overview * **Company**: Carrier Global Corporation (NYSE:CARR) * **Industry**: HVAC, Climate Solutions, Energy Efficiency Key Points Performance and Financials * **Q2 2023**: 6% organic growth, residential sales down mid-single digits, aftermarket up mid-teens YTD, full-year projected price cost positive up 300 million plus 300 million of productivity. * **Viessmann Climate Solutions**: Base business tracking to €4 billion in sales this year and €700 million EBITDA, double-digit growth profile. * **Business Exits**: Formal process of engaging with prospective buyers for security and commercial refrigeration begun, industrial fire in market next month, commercial and residential fire businesses targeting listing dates in late spring or early summer 2024. Market Trends and Opportunities * **Residential**: Sales expected to be down a few percent, volume down in high single-digit range, light commercial up around 20%. * **Light Commercial**: Strong across the board, 60% growth in Q2, 35% growth in Q1, driven by new beltless design, ESSER Funding for K-12, and lower end retail. * **Commercial Applied**: Up double digits, driven by growth in aftermarket controls, strong backlog, and focus on key verticals like K-12, healthcare, and data centers. * **Data Centers**: Strong growth, well-positioned in Europe and the United States, leveraging heat pumps and chillers, and Nlyte acquisition for heat dissipation and optimization. * **Heat Pumps**: Bullish on residential and commercial applications, driven by IRA incentives and energy efficiency benefits. * **Sustainability**: Focus on all things digitally enabled lifecycle revenues and sustainability, with strong traction in aftermarket and ESG initiatives. Competitive Positioning * **Brand**: Attractive brand recognition globally, with premier brand recognition for Carrier and other brands like Toshiba. * **Channel Access**: Deliberate channel approach that works globally. * **Product Portfolio**: Strong focus on energy efficiency, with new digital platforms and innovative products like mag-bearing chillers. * **Service**: Aftermarket tracking well, with high single-digit to low double-digit growth, strong coverage, and growing attachment rates. Strategic Initiatives * **Portfolio**: Exiting Fire and Security businesses, focusing on HVAC, Climate Solutions, and Energy Efficiency. * **Viessmann Acquisition**: Gaining a strong position in the European residential heating market and expanding into commercial and industrial markets. * **Capital Markets**: Exploring IPO for commercial and residential fire businesses to clean exit, maximize value, and improve leverage ratio. Regulatory Environment * **Germany**: Encouraging legislation for sustainability, with increased funding and subsidies for heat pumps and district heating. * **Europe**: Strong trajectory for heat pumps and greenification, with alignment with the European Green Deal-Fit for 55 and repower EU targets.

Carrier Global Corporation (NYSE:CARR) Q2 2023 Earnings Conference Call July 27, 2023 7:30 AM ET Company Participants Sam Pearlstein - Vice President of Investor Relations David Gitlin - Chairman and Chief Executive Officer Patrick Goris - Chief Financial Officer Conference Call Participants Jeffrey Sprague - Vertical Research Partners Steve Tusa - JPMorgan Julian Mitchell - Barclays Deane Dray - RBC Capital Markets Nigel Coe - Wolfe Research Joe Ritchie - Goldman Sachs Josh Pokrzywinski - Morgan Stanley No ...