Carrier Reports Strong First Quarter 2024 Results • Net sales up 17% versus first quarter 2023; organic sales up 2% • GAAP EPS of $0.29 and adjusted EPS of $0.62 • GAAP operating margin down 240 bps year over year; adjusted operating margin expanded 280 bps • Maintaining full year 2024 adjusted EPS guidance range despite additional $0.05 headwind from the earlier timing of business exits • Increasing full year 2024 adjusted operating margin guidance to ~15.5% • Expect to resume share repurchases in 2024 "We ...

In this articleCARRHeat pumps are becoming more popular for residential housing with energy prices increasing and the need to reduce use of fossil fuel heating systems.Andrew Aitchison | In Pictures | Getty ImagesIn case you haven't noticed, heat pumps are hot. Although these devices, which use electricity to generate both air conditioning and heat, have been around for decades, the latest models are much more efficient and cost-effective alternatives to conventional fossil-fuel furnaces and air conditioner ...

PALM BEACH GARDENS, Fla., April 18, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, announced today that its Board of Directors declared a quarterly dividend of $0.19 per outstanding share of Carrier common stock. The dividend will be payable on May 22, 2024 to shareowners of record at the close of business on May 3, 2024. About CarrierCarrier Global Corporation, global leader in intelligent climate and energy solutions, is committed t ...

PALM BEACH GARDENS, Fla., April 4, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, will release its first quarter 2024 earnings on Thursday, April 25, 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 a ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Carrier Global (CARR) , which belongs to the Zacks Electronics - Miscellaneous Products industry, could be a great candidate to consider.This company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 9.01%.For the last reporte ...

Carrier Global Corporation Conference Call Summary Company Overview - **Company**: Carrier Global Corporation (NYSE:CARR) - **Industry**: Intelligent climate and energy solutions - **Key Segments**: Commercial HVAC, Transport Refrigeration, and Residential HVAC - **Recent Developments**: Combination with Viessmann Climate Solutions and divestiture of $4 billion in revenues from Fire & Security and Commercial Refrigeration businesses [3][5] Core Points and Arguments Business Transformation - Carrier is undergoing a portfolio transformation to focus on HVAC, climate, electrification, and energy transition, resulting in a simpler and more focused company [5][6] - The company expects to achieve a higher growth profile post-transformation, targeting organic growth of 6% to 8% [8][19] Financial Performance and Projections - Anticipated adjusted EPS growth of approximately 15% for the core business in 2024, with expectations for double-digit growth in subsequent years [16][18] - Free cash flow generation projected at $1.4 billion for the current year, with expectations to grow in 2025, leading to a total of about $3 billion available for share repurchases and other capital deployment [27][18] Aftermarket Opportunities - Carrier's aftermarket revenue is currently at $5.5 billion, representing only 25% of the total market potential, with a target growth rate of high single digits to double digits [11] - The aftermarket business is characterized by recurring revenue and higher gross margins, making it a significant focus for the company [11] Digital Platforms and Innovation - Investments in digital platforms like Lynx and Abound are aimed at enhancing aftermarket revenues and creating new revenue streams [3][45] - The company is leveraging its global scale to optimize product development and technology sharing across its acquisitions [13] Market Trends and Demand Drivers - Carrier is positioned to benefit from secular trends such as climate change, electrification, and sustainability, which are driving demand for more efficient products [9][19] - The company expects to see a shift in product mix towards higher efficiency units, which will positively impact revenue and margins [23][61] Additional Important Insights Divestitures and Debt Management - Carrier plans to use approximately $5.5 billion from divestitures to reduce debt, aiming for a net leverage ratio of about 2x by the end of the year [14][15] - The company has a strong desire to repurchase shares equivalent to those issued to the Viessmann family, approximately 60 million shares [15][27] Regional Market Insights - In Europe, Viessmann is expected to achieve mid-single-digit revenue growth, with a unique direct-to-installer business model that differentiates it from competitors [46][48] - In North America, the residential HVAC market is anticipated to return to growth in the second quarter of 2024 after a period of destocking [54][56] Challenges and Competitive Landscape - The commercial real estate sector remains weak, impacting overall performance, but data centers and educational sectors are expected to drive growth [70][72] - The transition to new refrigerants is projected to increase prices by 15% to 20% over the next two years, contributing to revenue growth [58][61] Conclusion Carrier Global Corporation is strategically transforming its business to focus on high-growth areas within the HVAC and energy solutions market. The company is well-positioned to capitalize on emerging trends in electrification and sustainability, with a strong emphasis on aftermarket services and digital innovation. Financially, Carrier is targeting significant growth in adjusted EPS and free cash flow, while actively managing its debt and planning for share repurchases.

PALM BEACH GARDENS, Fla., March 18, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR) Senior Vice President & Chief Financial Officer Patrick Goris will speak at the Bank of America Global Industrials Conference in London on Thursday, March 21, 2024 at 5:40 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 committe ...

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]