$CARR (+0 %) | Carrier Global Q3'24 Earnings Highlights:

🔹 Adj EPS: $0.83 (Est. $0.81) 🟢

🔹 Revenue: $6.0B (Est. $6.58B) 🔴; UP +21% YoY

🔸 Organic Sales Growth: +4% YoY

🔹 Adj Operating Profit: Over $1.0B; UP +19% YoY

FY24 Guidance:

🔸 Adjusted EPS: ~$2.50 (Est. $2.85) 🔴

🔸 Sales: ~$22.5B

🔸 Adjusted Operating Margin: ~15.5%

🔸 Organic Sales Growth: ~3%

🔸 Free Cash Flow: ~($0.2B) (Includes $2.6B in tax payments on business exits and restructuring costs)

Segment Performance:

HVAC Segment:

🔹 Americas: UP HSD, with +20% growth in Commercial HVAC and double-digit growth in Residential HVAC

🔹 EMEA: UP LSD, driven by Commercial HVAC growth, offset by declines in Residential and Light Commercial HVAC

🔹 Asia-Pacific: DOWN LSD, impacted by declines in China’s residential light commercial HVAC

🔹 Viessmann Climate Solutions: Sales DOWN ~25% YoY but UP +8% sequentially

Refrigeration Segment:

🔹 Sales UP +1% organically, driven by 30% growth in container business

🔹 Offset by declines in North America truck and trailer businesses

Business and Strategic Updates:

🔸 Fire & Security Segment: Reclassified as discontinued operations

🔸 Divestitures: On track for completion by the end of 2024

🔸 Share Repurchase Authorization: Increased to $4.7B

CEO David Gitlin's Commentary:

🔸 "Organic sales growth was up mid-single digits – with aftermarket up 10% – and we grew orders roughly 20%."

🔸 "We plan to complete all divestitures by the end of this year."

🔸 "Our new share repurchase authorization reflects our commitment to deliver shareholder value through disciplined capital allocation."