Impax Asset Management, an investment management company, released its “Impax Global Environmental Markets Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Global equities saw strong gains in Q3 2025, driven by solid macroeconomic conditions, rising corporate earnings, fiscal stimulus, and banking deregulation. However, the focus on hypergrowth, cyclical, and value stocks posed challenges for quality-focused investors, leading to increased market concentration. The port ...

Core Viewpoint - Carrier Global Corporation announced a quarterly dividend of $0.24 per share, reflecting a 200% increase since its spin-off in early 2020, demonstrating a commitment to capital allocation and returning value to shareholders [1] Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [1] - The company has a history of over a century, having invented modern air conditioning in 1902, and continues to prioritize customer-centric solutions [1] Dividend Announcement - The declared dividend of $0.24 per share will be payable on February 9, 2026, to shareholders of record as of January 20, 2026 [1] - The increase in dividend is part of the company's disciplined approach to capital allocation [1]

Core Insights - Carrier Global Corporation is a leading company in intelligent climate and energy solutions, with a significant stock purchase by CEO David Gitlin indicating confidence in the company's future [1][4]. Company Overview - Carrier Global is known for its innovations in climate solutions, including temperature control, air quality, and transportation, and has been a leader in the industry since inventing modern air conditioning in 1902 [2]. Stock Performance - The current stock price of Carrier is $53.74, reflecting a 3.85% increase or $1.99, with a trading range today between $52.14 and $53.85. Over the past year, the stock has reached a high of $81.09 and a low of $50.30. The company's market capitalization is approximately $45.26 billion, with a trading volume of 3,703,977 shares on the NYSE [3]. Leadership Engagement - Carrier's leadership, including CEO David Gitlin and Senior VP & CFO Patrick Goris, actively engages with investors and stakeholders, recently participating in the Baird 55th Annual Global Industrial Conference, providing insights into the company's strategic directions [4]. Upcoming Events - David Gitlin is scheduled to speak at the Goldman Sachs Industrials and Materials Conference on December 4, 2025, with the event being broadcast live and a webcast replay available on Carrier's investor relations website, highlighting the company's commitment to transparency and communication [5].

Core Insights - The article discusses the performance of dividend stocks compared to growth stocks, highlighting a trend where dividend stocks have lagged behind the broader market, with the Dividend Aristocrat Index rising nearly 4% since the start of 2025, while the broader market gained approximately 15% [2] - There is a growing preference among investors for US companies that invest in AI innovation over traditional shareholder returns, leading to a reduction in share buyback growth forecasts by Goldman Sachs from 12% to 9% [3] - Capital expenditure plans for S&P 500 companies have reached a record $1.2 trillion in 2025, with the nine largest companies accounting for nearly 30% of this total [4] Dividend Performance - A report indicated that there were 421 dividend increases in Q3 2025, down from 480 in Q3 2024, marking a 12.3% year-over-year decline. Total dividend increases over the past 12 months amounted to $57.5 billion, a decrease from $74.7 billion in the previous period [5] - In Q3 2025, 43 companies cut their dividends, representing a 59.3% increase compared to 27 companies in Q3 2024 [5][6] Company-Specific Insights - **Ethan Allen Interiors Inc. (NYSE:ETD)**: Reported a 52-week share price decline of 22.12%. For Q1 2026, the company had consolidated net sales of $147 million and a gross margin of 61.4%. Operating cash flow was $16.8 million, with $193.7 million in cash and investments [10][12][13] - **Motorola Solutions, Inc. (NYSE:MSI)**: Experienced a 52-week share price decline of 22.5%. In Q3 2025, the company reported revenue of $3 billion, an 8% increase year-over-year, with operating cash flow reaching $799 million [15][17][18] - **Carrier Global Corporation (NYSE:CARR)**: Noted a 52-week share price decline of 26.9%. The company reported Q3 2025 sales of $5.6 billion, a 7% decline from the previous year, and expects full-year revenue to be close to $22 billion [20][21][22]

Core Insights - Carrier Global Corporation reported a 7% decline in net sales for Q3 2025, totaling $5.6 billion compared to $5.98 billion in Q3 2024, with organic sales down 4% [3][4] - The company experienced strong growth in Commercial HVAC, which increased by 30% in the Americas, but this was offset by a significant decline in the Residential segment [2][5] - Carrier announced a $5 billion share repurchase authorization, reflecting confidence in its strategy and commitment to shareholder value [2] Financial Performance - Total net sales for Q3 2025 were $5,579 million, down from $5,984 million in Q3 2024, marking a 7% decrease [3] - Operating profit decreased by 29% to $539 million, with an operating margin of 9.7%, down from 12.8% the previous year [3][4] - Adjusted operating profit was $823 million, a 21% decline year-over-year, with an adjusted operating margin of 14.8% [4][8] Segment Performance - Climate Solutions Americas (CSA) reported net sales of $2,711 million, an 8% decrease, with organic sales also down 8% [5][6] - Climate Solutions Europe (CSE) saw a 4% increase in net sales to $1,290 million, although organic sales declined by 3% [7][8] - Climate Solutions Asia Pacific, Middle East & Africa (CSAME) experienced a slight decline in net sales by 1% to $833 million, with organic sales down 2% [9][10] - Climate Solutions Transportation (CST) reported a significant 20% decline in net sales to $745 million, although organic sales increased by 6% [11][12] Cash Flow and Shareholder Returns - Net cash flows from operating activities were $341 million, with free cash flow of $224 million for the quarter [13][27] - The company returned $3 billion to shareholders year-to-date, including $2.4 billion in share repurchases [8][14] - Carrier expects full-year 2025 sales to be approximately $22 billion and adjusted EPS around $2.65 [8][14] Guidance and Future Outlook - Carrier anticipates a revenue headwind of approximately $750 million from the exit of Commercial Refrigeration [14] - The company projects organic sales to be flat for the full year, with adjusted operating margin guidance of 15.0% to 15.5% [14]

Core Viewpoint - Carrier Global Corporation has announced a $5 billion share repurchase authorization, reflecting confidence in its strategy and commitment to shareholder value [1]. Summary by Sections Share Repurchase Authorization - The new share repurchase authorization amounts to $5 billion, in addition to the remaining balance of approximately $800 million as of September 30, 2025, bringing the total current repurchase authorization to approximately $5.8 billion [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 [4]. - The company has a history of leadership in climate solutions, including temperature control and air quality, and aims to improve lives and empower critical industries [4].

Core Insights - Carrier Global Corporation, a leader in intelligent climate and energy solutions, will announce its Q3 2025 earnings on October 28, 2025, and will host a conference call at 7:30 a.m. ET [1][2] Company Overview - Carrier Global Corporation is dedicated to innovations that enhance comfort, safety, and sustainability, focusing on advancements in climate solutions such as temperature control and air quality [3] - The company has a long history, having invented modern air conditioning in 1902, and continues to prioritize customer-centric solutions through its inclusive workforce [3]

Core Insights - Carrier Global Corporation has been recognized on Fortune's 2025 Change the World list for its positive impact through business strategies [1] Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions [1]

Core Insights - Carrier Global Corporation will participate in the 13th Annual Morgan Stanley Laguna Conference on September 10, 2025, with Chairman & CEO David Gitlin and Senior VP & CFO Patrick Goris speaking [1] Company Overview - Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on innovations that enhance comfort, safety, and sustainability [2] - 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 [2] - Since its inception in 1902, Carrier has been committed to enhancing the quality of life and the environment through its inclusive workforce and customer-centric approach [2]

Core Insights - Carrier Global Corporation reported strong financial results for Q2 2025, with a reaffirmation of its full-year guidance, indicating robust growth and operational efficiency [1][2]. Financial Performance - The company achieved net sales of $6.113 billion, a 3% increase from $5.934 billion in Q2 2024, with organic sales growth of 6% [3][4]. - Adjusted operating profit rose to $1.166 billion, up 10% from $1.056 billion in the previous year, driven by strong organic growth and productivity [4][29]. - The diluted earnings per share (EPS) from continuing operations was $0.70, a 56% increase compared to $0.45 in Q2 2024, while adjusted EPS was $0.92, up 26% from $0.73 [4][29]. Segment Performance - Climate Solutions Americas segment reported net sales of $3.252 billion, a 14% increase, with organic sales growth also at 14%, driven by a 45% increase in Commercial1 sales [6][7]. - Climate Solutions Europe saw a 5% increase in net sales to $1.253 billion, while organic sales remained flat [8][9]. - Climate Solutions Asia Pacific, Middle East & Africa experienced a 2% decline in sales, with organic sales down 4%, primarily due to challenges in the Residential Light Commercial sector in China [10][11]. - Climate Solutions Transportation segment sales declined by 25% to $726 million, impacted by the divestiture of Commercial Refrigeration [13][14]. Cash Flow and Guidance - Net cash flows from operating activities were $649 million, with free cash flow reported at $568 million [16][27]. - The company reaffirmed its full-year 2025 guidance, expecting organic sales growth in the mid-single digits and adjusted EPS growth of approximately 17-21% [17][18].