$CARR (+0ย %) | Carrier Global Q3'24 Earnings Highlights:
๐น Adj EPS: $0.83 (Est. $0.81) ๐ข
๐น Revenue: $6.0B (Est. $6.58B) ๐ด; UP +21% YoY
๐ธ Organic Sales Growth: +4% YoY
๐น Adj Operating Profit: Over $1.0B; UP +19% YoY
FY24 Guidance:
๐ธ Adjusted EPS: ~$2.50 (Est. $2.85) ๐ด
๐ธ Sales: ~$22.5B
๐ธ Adjusted Operating Margin: ~15.5%
๐ธ Organic Sales Growth: ~3%
๐ธ Free Cash Flow: ~($0.2B) (Includes $2.6B in tax payments on business exits and restructuring costs)
Segment Performance:
HVAC Segment:
๐น Americas: UP HSD, with +20% growth in Commercial HVAC and double-digit growth in Residential HVAC
๐น EMEA: UP LSD, driven by Commercial HVAC growth, offset by declines in Residential and Light Commercial HVAC
๐น Asia-Pacific: DOWN LSD, impacted by declines in Chinaโs residential light commercial HVAC
๐น Viessmann Climate Solutions: Sales DOWN ~25% YoY but UP +8% sequentially
Refrigeration Segment:
๐น Sales UP +1% organically, driven by 30% growth in container business
๐น Offset by declines in North America truck and trailer businesses
Business and Strategic Updates:
๐ธ Fire & Security Segment: Reclassified as discontinued operations
๐ธ Divestitures: On track for completion by the end of 2024
๐ธ Share Repurchase Authorization: Increased to $4.7B
CEO David Gitlin's Commentary:
๐ธ "Organic sales growth was up mid-single digits โ with aftermarket up 10% โ and we grew orders roughly 20%."
๐ธ "We plan to complete all divestitures by the end of this year."
๐ธ "Our new share repurchase authorization reflects our commitment to deliver shareholder value through disciplined capital allocation."