15.8% +180 bps Y/Y Adjusted EPS1 $2.56 +16% Y/Y Adjusted Operating Profit1 Sales $22,486M Organic1 +3% Y/Y Adjusted Operating Margin1 February 11, 2025 2024 Summary Paid down debt – back to ~2x net leverage Highlights >$2.6B returned to shareholders through dividends and repurchases Strong results while successfully completing game-changing portfolio transformation 1. See appendix for additional information regarding non-GAAP measures 2. Excludes NORESCO Carrier orders up low-teens, commercial HVAC backlog ...

Financial Data and Key Metrics Changes - Carrier achieved 3% organic growth in 2024, with adjusted EPS growth of 16% and close to 100% core earnings conversion [6][7][16] - Reported sales for Q4 were $5.1 billion, reflecting 6% organic sales growth, with adjusted operating profit up 65% year-over-year [22][23] - Adjusted operating margin expanded by 370 basis points compared to last year, with adjusted EPS of $0.54, up 50% year-over-year [24][25] Business Line Data and Key Metrics Changes - HVAC segment saw organic sales growth of 11%, with Americas organic sales up high teens [27][28] - Refrigeration segment was down 1% organically for the full year, with global truck and trailer business down around 10% [30][31] - Total company organic orders were up low teens, with HVAC orders up about 5% [32] Market Data and Key Metrics Changes - Organic sales in EMEA were flat, driven by double-digit growth in commercial, offset by declines in residential and light commercial HVAC [29] - Organic sales in Asia were slightly positive, with strength in Japan and South Asia, but declines in residential and light commercial business in China [29] Company Strategy and Development Direction - Carrier is focused on margin expansion through operational excellence and disciplined capital allocation, with a strategic emphasis on digital lifecycle solutions [11][15] - The company expects continued double-digit growth in aftermarket and global commercial HVAC, with a focus on integrated systems and energy management solutions [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, despite political and economic uncertainties in Europe, and expects organic growth in single digits [18][21] - The company anticipates a strong year with accelerated organic growth, margin expansion, and strong free cash flow [21][39] Other Important Information - Carrier completed a significant portfolio transformation, yielding over $10 billion in gross proceeds from divestitures [8][10] - The company plans to repurchase about $3 billion in shares and increase the dividend per share by 18% [39][43] Q&A Session Summary Question: Can you elaborate on residential HVAC performance and inventory levels? - Management indicated a slight prebuy of $75 million to $100 million in Q4, with strong movement from distributors to dealers [48][49] Question: What is the outlook for revenue growth in 2025? - Management expects flat to down mid-single digits in market volume, with positive mix from heat pumps and aftermarket growth [60][62] Question: How are tariffs affecting operations, particularly in Mexico? - Management is actively monitoring tariff implications and is prepared to take pricing and operational actions to mitigate impacts [120][121] Question: Can you provide updates on capacity additions in Americas Commercial? - A new facility for commercial HVAC was established, significantly increasing output capacity, which positions the company for growth [90][92] Question: What are the expectations for Viessmann's margins in 2025? - Management expects EBITDA ROS to improve from low teens to mid-teens, with cost synergies increasing from $75 million to $150 million [94][95]

Financial Performance - For the year ended December 31, 2024, Carrier's net sales were $22.5 billion, with an operating profit of $2.6 billion[19]. - Total net sales for 2024 reached $22,486 million, a 18.0% increase from $18,951 million in 2023[285]. - Operating profit for 2024 was $2,646 million, compared to $2,160 million in 2023, marking a 21.5% increase[285]. - Net earnings attributable to common shareholders for 2024 were $5,604 million, significantly up from $1,349 million in 2023[285]. - Net earnings for 2024 reached $5,708 million, a significant increase from $1,440 million in 2023 and $3,584 million in 2022, reflecting strong operational performance[296]. - The total income before income taxes was $2,274 million, an increase of 13.8% from $1,999 million in 2023[415]. Sales and Revenue Composition - Net sales distribution: Americas (52%), EMEA (31%), Asia-Pacific (17%), with international operations representing approximately 50% of total net sales[19]. - New equipment accounted for 75% of net sales, while parts and service made up 25%[19]. - Product sales increased to $19,990 million in 2024, up 19.0% from $16,665 million in 2023[285]. - Service sales rose to $2,496 million, reflecting a 9.2% increase from $2,286 million in 2023[285]. - Total segment sales for 2024 reached $22,486 million, compared to $18,951 million in 2023, indicating a growth of approximately 8.1%[395]. Acquisitions and Divestitures - On January 2, 2024, Carrier completed the acquisition of the climate solutions business of Viessmann Group, enhancing its HVAC segment[26]. - Carrier sold its Access Solutions business for cash proceeds of $5.0 billion on June 2, 2024, recognizing a net gain of $1.8 billion[27]. - The sale of the Industrial Fire business generated cash proceeds of $1.4 billion on July 1, 2024, with a net gain of $319 million[28]. - Carrier completed the sale of its Commercial Refrigeration business for $679 million on October 1, 2024, recognizing a net gain of $292 million[29]. - The sale of the Commercial and Residential Fire business brought in $2.9 billion on December 2, 2024, with a net gain of $1.4 billion[30]. - The acquisition of the VCS Business was completed on January 2, 2024, for a total consideration of $14.2 billion, with 20% paid in stock and 80% in cash[347]. Employee and Operational Metrics - As of December 31, 2024, the company had approximately 48,000 employees worldwide, with 35% in the Americas, 36% in EMEA, and 29% in Asia Pacific[47]. - The total recordable incident rate (TRIR) for 2024 was 0.32, and the lost time incident rate (LTIR) was 0.15, indicating a focus on employee safety[51]. - The company promotes learning and development through various programs, including technical and leadership training, to enhance employee skills[49]. Financial Position and Assets - Total assets increased to $37,403 million in 2024, up from $32,822 million in 2023, representing a 14.3% growth[290]. - Total liabilities decreased to $23,008 million in 2024 from $23,817 million in 2023[290]. - The company’s total equity increased to $14,395 million by December 31, 2024, from $9,005 million in 2023[296]. - The Company reported a total long-term debt of $11,728 million in 2024, a decrease from $13,951 million in 2023, representing a reduction of 16.0%[346]. Research and Development - Research and development expenses increased to $686 million in 2024, up from $493 million in 2023 and $416 million in 2022, reflecting a focus on new product development and technology innovation[329]. Sustainability and Strategic Focus - Carrier's strategic focus includes investing in product and technology innovation, particularly in energy management solutions and sustainable technologies[18][34]. - The company aims to enhance its operational excellence through the Carrier Excellence framework, focusing on digitalization and supply chain productivity[40]. - The company has set ambitious sustainability goals to be achieved by 2030, including investing over $4 billion in intelligent climate and energy solutions[44]. - The company aims to avoid more than 1 gigaton of customer greenhouse gas emissions and achieve carbon neutral operations[44]. Stock and Shareholder Information - The company declared dividends of $0.795 per share in 2024, totaling $712 million, compared to $624 million in 2023[296]. - The company repurchased $1,943 million in common stock in 2024, up from $62 million in 2023[296]. - The company repurchased 70.1 million shares of common stock for an aggregate purchase price of $3.9 billion, leaving approximately $3.2 billion remaining under the current authorization as of December 31, 2024[390]. Taxation - The total income tax expense for 2024 was $1,062 million, which is a 103.9% increase compared to $521 million in 2023[417]. - The federal income tax expense in the United States increased to $920 million in 2024, up from $361 million in 2023[417]. - The total current income tax expense for 2024 was $1,414 million, which is a significant increase from $764 million in 2023[417].

Carrier Global (CARR) reported $5.15 billion in revenue for the quarter ended December 2024, representing a year-over-year increase of 0.9%. EPS of $0.54 for the same period compares to $0.53 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $5.33 billion, representing a surprise of -3.48%. The company delivered an EPS surprise of +5.88%, with the consensus EPS estimate being $0.51.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- a ...

Exhibit 99 1 • Sales of $5.1 billion, up 19% compared to 2023 including 6% organic growth • GAAP EPS from continuing operations of ($0.05); adjusted EPS from continuing operations of $0.54, up 50% • Operating margin expansion of 250 basis points and adjusted operating margin expansion of 370 basis points • Sales of $22.5 billion, up 19% compared to 2023 including 3% organic growth • GAAP EPS from continuing operations of $1.22; adjusted EPS from continuing operations of $2.56 up 16% • Operating margin expan ...

Core Insights - Carrier Global Corporation reported strong financial results for Q4 and full year 2024, highlighting a transformational year with significant growth and strategic acquisitions [2][3][7] Q4 2024 Highlights - Q4 sales reached $5.1 billion, a 19% increase year-over-year, driven by 6% organic growth and a 13% contribution from acquisitions and divestitures [3][4] - The HVAC segment saw an 11% organic sales increase, with high-teens growth in the Americas, while refrigeration sales declined by 6% organically [4][5] - Adjusted operating profit for Q4 was $678 million, a 65% increase, attributed to the integration of Viessmann Climate Solutions and organic growth [5][6] Full Year 2024 Highlights - Total sales for 2024 were $22.5 billion, up 19% from the previous year, with 3% organic growth and a 16% impact from acquisitions and divestitures [7][8] - GAAP operating profit increased by 23% to $2.6 billion, while adjusted operating profit rose 34% to $3.5 billion [7][8] - The company returned approximately $2.6 billion to shareholders, including $0.7 billion in dividends and $1.9 billion in share repurchases [11] 2025 Guidance - Carrier projects accelerated organic growth in 2025, supported by ongoing innovation and a commitment to double-digit aftermarket growth [9][12] - Expected sales for 2025 are projected between $22.5 billion and $23.0 billion, with adjusted EPS anticipated to be between $2.95 and $3.05, reflecting a mid to high-teens growth [12][13]

Carrier Global (CARR) is scheduled to report its fourth-quarter 2024 results on Feb. 11.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 51 cents per share, which has increased by a penny over the past 30 days, suggesting a year-over-year decline of 3.77%The Zacks Consensus Estimate for revenues is pegged at $5.43 billion, indicating 6.42% year-over-year growth.Carrier Global’s earnings surpassed the Zacks Consensu ...

Core Insights - Carrier Global Corporation has launched Carrier QuantumLeap™, a suite of solutions aimed at the growing data center industry, with the global data center cooling market expected to reach $20 billion by 2029 [1][4] - The QuantumLeap solution integrates advanced cooling technologies, including AI-driven systems, to enhance efficiency and reliability in data center operations [2][3] Group 1: Product Offerings - Carrier QuantumLeap provides an end-to-end thermal management system, ensuring real-time optimization and adaptability across data center operations [3] - The company offers next-generation chiller solutions that are 30% more efficient than previous models, featuring integrated free cooling and optimized energy use [5] - Carrier's Cooling Distribution Unit (CDU) facilitates integration into direct-to-chip liquid cooling systems for high-density environments [5] Group 2: Strategic Investments - Carrier Ventures invested in Strategic Thermal Labs (STL), a leader in liquid cooling technologies, to enhance its capabilities in data center cooling [4] - The company is expanding its manufacturing capacity in North America, aiming to double its commercial HVAC manufacturing capacity by the end of the year [6] Group 3: Technology and Services - Carrier's advanced building management system and digital platform provide operators with enhanced control and transparency in managing data center environments [5] - The Nlyte® data center management solutions are currently deployed in over 300 data centers, managing more than one million racks and 10 million data points [5] - Carrier's digital platform, Abound™, offers real-time insights and predictive maintenance capabilities to improve operational reliability and minimize downtime [5]

Analysts on Wall Street project that Carrier Global (CARR) will announce quarterly earnings of $0.51 per share in its forthcoming report, representing a decline of 3.8% year over year. Revenues are projected to reach $5.43 billion, increasing 6.4% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 3.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimat ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Carrier Global (CARR) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 11, 2025, might help the stock move higher if these key numbers are better th ...