Group 1 - Carrier Global Corporation's Chairman & CEO David Gitlin will participate in a fireside chat at the Barclays 43 Annual Industrial Select Conference on February 19, 2026, at 8:05 a.m. ET [1] - Later on the same day, CFO Patrick Goris will join Gitlin for a fireside chat at the Citi 2026 Global Industrial Tech & Mobility Conference at 1:00 p.m. ET [1] - Both events will be broadcast live on the company's investor relations website, with a replay available afterward [2] Group 2 - 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 history of advancements in climate solutions, including temperature control, air quality, and transportation, aimed at improving lives and ensuring the safe transport of essential goods [3] - Carrier has been a pioneer in the air conditioning industry since its invention in 1902, emphasizing a customer-centric approach through its inclusive workforce [3]

Core Viewpoint - Lennox International Inc. (LII) has faced challenges in the market, with its stock underperforming compared to broader indices, but has shown some recovery in 2026. Group 1: Company Overview - Lennox International Inc. is headquartered in Richardson, Texas, and specializes in designing, manufacturing, and marketing products for heating, ventilation, air conditioning, and refrigeration markets, with a market cap of $18.6 billion [1]. Group 2: Stock Performance - Over the past year, LII's stock has declined by 9.5%, while the S&P 500 Index has increased by nearly 14% [2]. - In 2026, LII's stock has risen by 9.1%, outperforming the S&P 500's 1.3% increase year-to-date [2]. Group 3: Market Comparison - LII's performance is also lagging behind the Industrial Select Sector SPDR Fund (XLI), which has gained approximately 25.7% over the past year [3]. - The ETF's year-to-date gains of 11.6% significantly exceed LII's returns during the same period [3]. Group 4: Financial Performance - LII reported Q4 results with an adjusted EPS of $4.45, which fell short of Wall Street expectations of $4.76, and revenue of $1.2 billion, missing forecasts of $1.3 billion [6]. - For the current fiscal year ending in December, analysts expect LII's EPS to grow by 4.2% to $24.12 on a diluted basis [7]. Group 5: Analyst Ratings - Among 19 analysts covering LII, the consensus rating is a "Moderate Buy," with six "Strong Buy" ratings, 11 "Holds," one "Moderate Sell," and one "Strong Sell" [7]. - The mean price target for LII is $552.07, indicating a 4.2% premium to current price levels, while the highest price target of $667 suggests an upside potential of 25.9% [8].

Core Viewpoint - Carrier Global's stock has declined approximately 2% over the past 12 months, indicating that despite a booming AI business, the company has struggled due to weak housing markets affecting its earnings [1]. Company Summary - Carrier Global, a manufacturer of air-conditioning systems, has not been able to leverage its strong AI business to offset challenges posed by a downturn in the housing market [1].

Financial Data and Key Metrics Changes - For Q4 2025, reported sales were $4.8 billion, adjusted operating profit was $455 million, and adjusted EPS was $0.34, reflecting a year-over-year decline largely due to lower volumes in higher-margin CSA residential and light commercial businesses [16][17] - Total company organic sales were down about 1% for the full year, with a 9% decline in organic growth in Q4, partially offset by a 3% tailwind from foreign currency translation [16][18] - Free cash flow for Q4 was approximately $900 million, with full-year free cash flow at about $2.1 billion, aligning with expectations [17] Business Line Data and Key Metrics Changes - CSA segment had a challenging quarter with organic sales down 17%, while commercial sales were up 12%, but this was offset by a nearly 40% decline in residential sales [18] - The CSE segment saw organic sales down 2%, with commercial up mid-single digits, but residential and light commercial faced mid-single-digit declines [20] - The transportation segment experienced a strong quarter with 10% organic sales growth, driven by exceptional growth in container business [22] Market Data and Key Metrics Changes - In China, overall sales were down about 20%, with residential and light commercial down approximately 30%, while commercial in China was down mid-single digits [21] - The residential heating market in Germany, the largest market, continues to be challenging, with expectations of mid- to high-single-digit declines in the overall industry [20][46] Company Strategy and Development Direction - The company is focused on investing in high-return opportunities, maintaining a strong balance sheet, and returning cash to shareholders, with $3.7 billion distributed through buybacks and dividends [5] - The company aims for double-digit growth in commercial HVAC and aftermarket globally, while expecting continued softness in shorter cycle businesses [23] - Strategic initiatives include expanding data center investments, with fourth quarter CSA data center orders up more than 5x, and a focus on technology differentiation [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted that the short cycle residential and light commercial market softened more than expected in the second half of 2025, but they are positioned for stronger incrementals when these markets recover [4][15] - The outlook for 2026 includes expectations of flat to low mid-single-digit organic growth, with a focus on controlling costs and productivity [23][25] - Management expressed confidence in the company's ability to outgrow markets and deliver best-in-class solutions for customers [15] Other Important Information - The company expects to repurchase about $1.5 billion in shares and anticipates adjusted EPS of approximately $2.80, reflecting high single-digit growth versus 2025 [25][26] - The company has implemented cost actions expected to deliver over $100 million in savings in 2026 [5] Q&A Session Summary Question: Can you discuss the CSA margins and drivers? - Management expects CSA margins in Q1 to be close to about 15%, with a slight improvement from Q4 due to lower sales and a favorable tax rate [32] Question: What is the full-year guidance for the CSA residential business? - Management anticipates industry units to be down 10%-15%, with their sales expected to be down high single digits year-over-year, including a low single-digit benefit from pricing [41][43] Question: How are channel inventories in CSA residential? - Management reported that channel inventories are down about 32% year-over-year, aligning with targeted levels [52] Question: What are the expectations for the residential market in China? - Management expects RLC softness to continue in China, with residential sales down about 20% and overall sales in China down about 30% [87] Question: How is the company preparing for the cooling season? - Management emphasized operational agility and readiness to support demand if it picks up, given low inventory levels in the channel [95]

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]

Company Overview - Trane Technologies plc (NYSE:TT) specializes in manufacturing and servicing heating, ventilation, air conditioning, and refrigeration systems, along with providing energy management solutions, building automation, and aftermarket parts [2]. Recent Performance - Trane Technologies' stock experienced an 8% rally recently, attributed to a strong quarterly performance [1]. - The company has faced challenges, particularly a slowdown in the residential segment of its business, which is linked to the overall weakness in the housing market [1]. Industry Context - The heating, ventilation, and air conditioning (HVAC) sector, including companies like Trane and Carrier, has generally performed well, with a specific need for climate control equipment in data centers [1]. - Carrier has shown only moderate performance over the past couple of years compared to Trane [1].

Core Viewpoint - Hudson Technologies, Inc. is facing a bid protest regarding its recently awarded contract with the U.S. Defense Logistics Agency, which has led to a review and potential rescindment of the contract award [2][3] Company Overview - Hudson Technologies is a leading provider of sustainable refrigerant products and services in the HVACR industry, recognized as one of the largest refrigerant reclaimers in the U.S. [4] - The company has invested significantly in advanced separation technology to recover and restore a variety of refrigerants to industry standards for reuse [4] - Hudson's offerings include refrigerant and industrial gas sales, refrigerant management services, and web-based monitoring services for refrigeration systems [4] Contractual Developments - The 2025 DLA Contract was awarded to Hudson Technologies in October 2025 and is set to commence in July 2026, following a competitive review process [1] - A competitor has filed a bid protest challenging the DLA's evaluation of proposals, leading to a review of the contract award and the potential rescindment of the contract [2] - Despite the ongoing protest, Hudson will continue to provide logistics support under its existing contract until July 2026 [2] Leadership Commentary - The CEO of Hudson Technologies expressed confidence in the company's long-standing relationship with the DLA and the expectation of ultimately receiving the contract despite the current challenges [3]

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 ...