Carrier Global Corporation Conference Call Summary Company Overview - **Company**: Carrier Global Corporation (NYSE:CARR) - **Industry**: HVAC (Heating, Ventilation, and Air Conditioning) and Transportation Refrigeration - **Participants**: David Gitlin (Chairman & CEO), Patrick Goris (CFO), Mike Rednor (IR) Key Points Portfolio Transformation - Carrier has completed its portfolio transformation, focusing on becoming a pure-play global climate and energy solutions leader [4][10] - Exiting the Commercial Refrigeration business is expected to generate approximately $22 billion in annual sales for the current year [5][6] Business Segmentation - Carrier's business is divided into five segments: - $6 billion in global commercial HVAC - $7 billion in residential and light commercial in North America - $4 billion in residential and light commercial in Europe - $2 billion in residential and light commercial in Asia - $3 billion in transport refrigeration [6] Growth and Market Position - Commercial HVAC orders are up 16% year-to-date, with a backlog increase of 30% over two years, driven by data centers and other key verticals [6] - The company anticipates double-digit growth in its aftermarket business, which constitutes 25% of total sales [9] Regional Insights - North America is expected to benefit from the transition to refrigerant 454B, while Europe has favorable comparisons due to improving fundamentals [7][8] - Asia presents mixed results, with Southeast Asia showing progress and China being a concern [8] Operational Excellence - Carrier aims for at least 50 basis points of annual margin expansion, with a target of 150 basis points for the current year [9] - The company has proactively addressed stranded costs, eliminating over $200 million in run-rate costs this year [15] Future Focus - The focus for 2025 includes executing on the Viessmann acquisition, driving productivity, and enhancing customer focus and innovation [12][14] - Carrier is targeting double-digit revenue growth for Viessmann even in a flat market environment [30] Regulatory Environment - The regulatory landscape in Europe is evolving, but Carrier remains committed to achieving its business case despite potential changes [33] Decarbonization Trends - The company sees a strong demand for HVAC systems as businesses aim to meet decarbonization targets, with a typical payback period of 2-3 years for system upgrades [54] Capital Allocation Strategy - Carrier plans to return to a net debt level of 2x as quickly as possible, with a focus on share repurchases and funding organic growth [48][49] Market Growth Projections - The company targets a long-term growth rate of 6% to 8%, driven by GDP growth, geographic expansion, and sustainability initiatives [50][51] Customer Engagement - Carrier is exploring performance contracting and energy management solutions to create recurring revenue streams and enhance customer relationships [55][58] Additional Insights - The company has improved its product portfolio and invested in R&D, positioning itself well in the data center market [41][42] - Carrier is doubling its chiller capacity in North America to meet growing demand [43] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Carrier's focus on growth, operational efficiency, and market adaptation.

GE Aerospace's Chairman and CEO, H. Lawrence Culp, Jr., Presented Carrier with Prestigious Award PALM BEACH GARDENS, Fla., Nov. 14, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, was awarded the World Environment Center's (WEC) 40th Annual Gold Medal for International Corporate Achievement in Sustainable Development. Past award winners of the global competition include Microsoft, Walmart, IBM and Starbucks. "Carrier is honored to be r ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 ____________________________________ FORM 10-Q ____________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-39220 ____________________________________ CARRIER GLOBAL CORPORATION (Exact n ...

Carrier Global (CARR) reported $5.98 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 4.4%. EPS of $0.77 for the same period compares to $0.89 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $6.61 billion, representing a surprise of -9.50%. The company delivered an EPS surprise of -4.94%, with the consensus EPS estimate being $0.81.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Financial Data and Key Metrics Changes - Reported sales of $6 billion were up 21% year-over-year, with organic sales growth of 4% [18] - Adjusted operating profit increased by 19% to over $1 billion, driven by organic growth and productivity [18] - Adjusted EPS from continuing operations was $0.77, up 3% year-over-year [19] - Preliminary free cash flow was an outflow of about $370 million, with underlying performance of approximately $700 million [20] Business Line Data and Key Metrics Changes - HVAC reported sales growth of 26%, reflecting organic sales growth of 6% and contributions from Viessmann Climate Solutions [21] - Refrigeration segment saw reported and organic sales up 1%, with transport refrigeration up 3% [22] - Commercial refrigeration sales were about $750 million for the year-to-date, with immaterial adjusted operating profit contribution [23] Market Data and Key Metrics Changes - Organic orders were up close to 20%, with North America residential HVAC orders up 30% year-over-year [22] - Orders for data centers increased more than 3x year-to-date, indicating strong demand in that vertical [8] - In Europe, heat pump subsidy applications were up about 50% sequentially and doubled compared to last year [15] Company Strategy and Development Direction - The company aims to be the global leader in intelligent climate and energy solutions, focusing on differentiation and customer solutions [7] - Continued emphasis on aftermarket growth, with expectations for double-digit growth for the fourth consecutive year [6] - The company is on track to eliminate $200 million of run-rate costs throughout 2024, contributing to improved profitability [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2025, highlighting strong backlog and expected double-digit adjusted EPS growth from organic revenue growth [42] - The company is confident in its ability to manage peak hour demand and introduce new energy management solutions [10] - Management noted that the transformation process is largely behind them, allowing a focus on customer growth and innovation [30] Other Important Information - The company closed the sale of its commercial refrigeration business on October 1 and is on track to finalize the divestiture of the fire and security segment by year-end [7] - Settlements related to AFFF liabilities are expected to resolve most current and future claims, with cash settlement payments amounting to $615 million [29][30] Q&A Session Summary Question: Can you share your view on the bottoming process for Viessmann and revenue expectations into 2025? - Management indicated that recent order trends have shown improvement, suggesting a potential turning point, especially with subsidies starting to be paid [33] Question: What are the expectations regarding the pre-buy of 410A? - Management confirmed they have the capacity to meet demand and are building inventory to support underlying demand for the first quarter of next year [34] Question: Can you clarify the differences in adjusted EPS guidance? - Management explained the $0.10 delta between the core and continuing operations guidance is due to the allocation of headquarter charges and interest expense treatment [38] Question: What are the expectations for the light commercial business next year? - Management noted that while it is early to predict, they aim to end the year with balanced inventory and expect continued strength from ESSER funding [62] Question: How do you view the aftermarket strategy moving forward? - Management described the new aftermarket strategy as more sophisticated, focusing on inventory management and value-added services, with expectations for higher margins [78]

Carrier Global (CARR) came out with quarterly earnings of $0.77 per share, missing the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.94%. A quarter ago, it was expected that this company would post earnings of $0.85 per share when it actually produced earnings of $0.87, delivering a surprise of 2.35%.Over the last four quarters, the company ha ...

Exhibit 99 Carrier Reports Strong Third Quarter 2024 Results • Fire & Security segment now reported as discontinued operations making prior guidance not comparable • Net sales of $6.0 billion up 21% versus third quarter 2023; organic sales up 4% • GAAP EPS from continuing operations of $0.62 and adjusted EPS from continuing operations of $0.77 • Total GAAP EPS of $0.49 and adjusted EPS of $0.83 • Final business exit on-track to close around year end • Board increases remaining share repurchase authorization ...

Fire & Security segment now reported as discontinued operations making prior guidance not comparableNet sales of $6.0 billion up 21% versus third quarter 2023; organic sales up 4%GAAP EPS from continuing operations of $0.62 and adjusted EPS from continuing operations of $0.77Total GAAP EPS of $0.49 and adjusted EPS of $0.83Final business exit on-track to close around year endBoard increases remaining share repurchase authorization to $4.7 billionUpdated full year guidance to reflect the impact of discontinu ...

In its upcoming report, Carrier Global (CARR) is predicted by Wall Street analysts to post quarterly earnings of $0.81 per share, reflecting a decline of 9% compared to the same period last year. Revenues are forecasted to be $6.61 billion, representing a year-over-year increase of 15.4%.Over the last 30 days, there has been an upward revision of 3.7% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Eve ...