Core Viewpoint - Carrier Global Corp. has provided its adjusted earnings and sales guidance for the full year 2026, projecting adjusted earnings of approximately $2.80 per share with sales and organic sales growth expected to be flat to low-single-digits [1] Financial Projections - For fiscal 2026, analysts expect the company to report earnings of $2.88 per share with revenue growth of 2.89 percent, translating to approximately $22.61 billion in revenue [2] - The company's full-year guidance includes the anticipated divestiture of Riello, expected to conclude by the end of Q1 2026, which will result in a year-over-year sales headwind of about $350 million and a reduction of approximately $0.03 in adjusted earnings per share [2] Market Performance - In pre-market trading on Thursday, Carrier Global Corp. shares are priced at $60.80, reflecting a decrease of $2.86 or 4.49 percent [3]

FISCAL Q1 2026 Earnings Conference Call February 4, 2026 FORWARD-LOOKING AND CAUTIONARY STATEMENTS/NON-GAAP FINANCIAL INFORMATION Johnson Controls International plc cautionary statement regarding forward-looking statements Johnson Controls International plc has made statements in this communication that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the me ...

Core Insights - Johnson Controls International plc reported fiscal Q1 2026 GAAP earnings per share (EPS) of $0.90, with adjusted EPS at $0.89, reflecting a strong start to the year with solid revenue growth and margin expansion [2][4][9] - Total sales for Q1 increased by 7% to $5.8 billion, with organic sales growth of 6% [2][9] - The company experienced a significant order growth of nearly 40%, indicating strong customer demand in core markets [4][9] Financial Performance - GAAP net income from continuing operations attributable to Johnson Controls was $555 million, while adjusted net income was $547 million [3][9] - Cash provided by operating activities was $611 million, with free cash flow at $531 million and adjusted free cash flow at $428 million [19][42] - The company paid dividends totaling $245 million and completed the sale of its ADT Mexico Security business for net proceeds of $207 million, recognizing a pre-tax gain of $70 million [19] Segment Results - **Americas**: Sales reached $3.8 billion, a 6% increase year-over-year, with a gross margin of $1.375 billion [7][10] - **EMEA**: Sales increased by 9% to $1.3 billion, with a gross margin of $448 million and a segment EBITA margin of 12.5% [10][11] - **APAC**: Sales grew by 8% to $693 million, with a segment EBITA margin of 16.9%, reflecting strong performance in products and systems [12] Orders and Backlog - Excluding M&A and adjusted for foreign currency, orders increased by 56% year-over-year, with a backlog of $13.3 billion, up 22% year-over-year [8][9] - The overall backlog increased to $18.2 billion, reflecting a 20% organic growth year-over-year [9] Corporate Expenses - Corporate expenses decreased to $156 million from $171 million year-over-year, with adjusted corporate expenses at $107 million [13][19] Guidance and Future Outlook - The company provided guidance for fiscal 2026, indicating expectations for continued organic revenue growth and operating leverage improvements [20][15]

INTEGRITY | RESPECT | EXCELLENCE FOURTH QUARTER 2025 EARNINGS RELEASE JANUARY 28, 2026 FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES The statements in this presentation that are not historical statements, including statements regarding the 2026 full-year outlook and expected consolidated and segment financial results, as well as financial targets for future years, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking state ...

Core Insights - Lennox reported a decline in revenue and adjusted earnings per share for Q4 2025, with revenue at $1.2 billion, down 11%, and adjusted diluted EPS at $4.45, down 22% year-over-year [1][2] - The company achieved annual margins over 20% for the first time, attributed to cost reduction actions and favorable product mix [1] - For full year 2026, Lennox anticipates revenue growth of approximately 6% to 7%, with adjusted EPS expected to be in the range of $23.50 to $25.00 [2] Q4 2025 Financial Highlights - Revenue was $1.2 billion, down 11% due to unfavorable sales volumes [1] - GAAP operating income was $196 million, down 22%, with an operating profit margin of 16.4%, down 220 basis points [1] - Segment profit decreased 16% to $212 million, with a segment profit margin of 17.7%, down 110 basis points [1] Full Year 2025 Financial Highlights - Total revenue for 2025 was $5.2 billion, down 3% [2] - GAAP diluted EPS was $22.79, compared to $22.66 in the prior year, showing a slight increase [2] - Operating income remained flat at $1 billion, with a profit margin of 20.0%, up 50 basis points [2] Segment Performance - Home Comfort Solutions segment revenue was $700 million, down 21%, with segment profit down 29% to $137 million [1] - Building Climate Solutions segment revenue grew 8% to $495 million, with segment profit up 11% to $115 million [1] - Corporate expenses were $40 million, down from the prior year [1] Cash Flow and Capital Expenditures - Operating cash flow was $406 million, up from $332 million in the prior year [1] - Net capital expenditures were $29 million, down from $60 million in the prior year [1] - Share repurchases totaled $150 million in Q4 2025 [1] 2026 Guidance - Revenue is expected to increase by approximately 6% to 7%, with growth from completed acquisitions contributing about 4% [2] - Adjusted earnings per share is projected to be between $23.50 and $25.00 [2] - Capital expenditures are estimated at approximately $250 million, with free cash flow expected to be between $750 million and $850 million [2]

Core Viewpoint - Lennox International (LII) is expected to report a decline in quarterly earnings and revenues, indicating potential challenges in its financial performance [1]. Earnings Estimates - Wall Street analysts predict quarterly earnings of $4.76 per share, reflecting a 15% decline compared to the same period last year [1]. - The consensus EPS estimate has been adjusted downward by 2% over the past 30 days, indicating a reassessment of initial projections by analysts [2]. Revenue Projections - Revenues are forecasted to be $1.27 billion, representing a year-over-year decrease of 5.6% [1]. - Analysts estimate 'Net Sales- Building Climate Solutions' will reach $503.10 million, indicating a year-over-year increase of 9.9% [5]. - 'Net Sales- Home Comfort Solutions' is projected to be $769.74 million, reflecting a year-over-year decline of 13.3% [5]. Segment Profit Estimates - 'Segment Profit (loss)- Building Climate Solutions' is expected to be $113.32 million, compared to $98.80 million from the previous year [6]. - The average prediction for 'Segment Profit (loss)- Home Comfort Solutions' is $154.54 million, down from $192.60 million a year ago [6]. Stock Performance - Over the past month, Lennox shares have recorded a return of +3.2%, outperforming the Zacks S&P 500 composite's +0.4% change [6]. - Based on its Zacks Rank 4 (Sell), LII is expected to underperform the overall market in the upcoming period [6].

Core Insights - Trane Technologies (TT) is expected to report quarterly earnings of $2.82 per share, reflecting an 8.1% increase year-over-year, with revenues projected at $5.08 billion, a 4.2% increase from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised downward by 1.4% in the last 30 days, indicating a reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and stock price performance [3] Revenue Projections - Analysts project 'Net Revenues- Americas' to reach $3.98 billion, marking a 4.7% increase year-over-year [5] - 'Net Revenues- EMEA' is expected to be $747.10 million, reflecting an 8.2% increase from the prior year [5] - 'Net Revenues- Asia Pacific' is forecasted at $362.67 million, indicating a 4.9% decrease year-over-year [5] Bookings and EBITDA Estimates - 'Total Bookings' are anticipated to be $4.98 billion, compared to $4.66 billion in the same quarter last year [6] - The consensus estimate for 'Adjusted EBITDA- Americas' is $789.68 million, up from $741.40 million year-over-year [6] - 'Adjusted EBITDA- EMEA' is projected at $133.88 million, an increase from $130.40 million in the previous year [6] - 'Adjusted EBITDA- Asia Pacific' is expected to be $91.63 million, down from $100.90 million year-over-year [7] Stock Performance - Trane Technologies shares have decreased by 1.6% over the past month, while the Zacks S&P 500 composite has increased by 0.2% [7] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [7]

Core Viewpoint - Carrier Global Corporation is set to release its fourth quarter 2025 earnings on February 5, 2026, and will host a conference call and webcast at 7:30 a.m. ET [1]. Group 1: Earnings Release - The earnings release will be accompanied by a conference call and webcast, with a presentation and news release available on the investor relations website prior to the call [2]. - A recording of the conference call will be accessible on the website later in the day [2]. Group 2: Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [3]. - The company has a long history of advancements in climate solutions, including temperature control and air quality, and is committed to improving lives and empowering critical industries [3]. - Carrier has been a pioneer in modern air conditioning since 1902 and emphasizes a customer-centric approach through its inclusive workforce [3].

Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the HVAC (Heating, Ventilation, and Air Conditioning) industry and liquid cooling technologies, particularly in relation to NVIDIA's new Vera Rubin chip platform [1][2]. Core Insights 1. **Advancements in Liquid Cooling**: NVIDIA's CEO announced that the new Vera Rubin chips can be cooled using liquid cooling systems instead of traditional water chillers, which has implications for HVAC OEMs [1]. 2. **Market Reaction**: Following the announcement, HVAC OEMs such as Johnson Controls (JCI), Trane Technologies (TT), and Carrier Global (CARR) experienced a sell-off, while liquid cooling companies like nVent Electric (NVT) and Vertiv (VRT) saw modest gains [1]. 3. **Continued Need for Traditional Chillers**: Despite the advancements, traditional chillers remain essential for cooling data centers, especially during peak temperature days, indicating that the sell-off of HVAC OEMs may have been unwarranted [2]. 4. **Collaboration with Chip Manufacturers**: HVAC OEMs are actively collaborating with chip manufacturers on next-generation technology roadmaps, exemplified by TT's partnership with NVIDIA on a thermal management system for AI infrastructure [2]. 5. **Future of Liquid Cooling**: The need for advanced liquid cooling technologies is expected to grow as next-generation chips will have significantly higher compute capacities, necessitating continued innovation in cooling solutions [2]. 6. **Two-Phase Cooling Adoption**: The CES announcement may accelerate the adoption of two-phase cooling technologies, which are anticipated to be more energy-efficient than current single-phase systems [2]. 7. **Investment Activity**: JCI's investment of approximately $25 million in Accelsius, a leader in dual-phase cooling, highlights the industry's shift towards more advanced cooling solutions [2]. Additional Considerations 1. **Short-Term Market Volatility**: The industry has seen several short-term sell-offs due to new technology developments, which have historically provided "buy the dip" opportunities for investors [2][6]. 2. **Earnings Outlook**: The upcoming 4Q earnings reports are expected to address the resilience and growth potential of both HVAC OEMs and liquid cooling companies, which could influence market sentiment [2]. 3. **Valuation and Risks**: - nVent Electric (NVT) is rated as a Buy with a 12-month price target of $145, based on a multiple of 21.0x EBITDA [10]. - Vertiv (VRT) is also rated as a Buy with a price target of $204, based on a multiple of 23x EBITDA [11]. - Carrier Global (CARR) and Johnson Controls (JCI) are rated as Buy with price targets of $68 and $137, respectively, while Trane Technologies (TT) is rated Neutral with a price target of $458 [13][15][16]. Conclusion - The developments at CES 2026 signal a transformative period for the HVAC and liquid cooling industries, with significant implications for market dynamics and investment opportunities. The ongoing collaboration between HVAC OEMs and chip manufacturers, along with advancements in cooling technologies, will be critical in shaping the future landscape of the industry [2].

Group 1 - Modine Manufacturing Co. shares experienced a significant decline, dropping as much as 21% before closing about 7.5% lower, impacting other companies in the water-cooled systems sector such as Johnson Controls International PLC, Trane Technologies PLC, and Carrier Global Corp., which fell by up to 6.2% [1] - The decline in shares is attributed to Nvidia's announcement of a new generation of computer chips that will not require traditional cooling systems, as the new Rubin platform integrates various components, reducing the need for chillers [2] - Nvidia's CEO described the new 100% liquid-cooled system as a breakthrough, which has raised concerns among investors since chillers have been essential in data centers [3]