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


๐Ÿ”น Adj EPS: $0.83 (Est. $0.81) ๐ŸŸข

๐Ÿ”น Revenue: $6.0B (Est. $6.58B) ๐Ÿ”ด; UP +21% YoY

๐Ÿ”ธ Organic Sales Growth: +4% YoY

๐Ÿ”น Adj Operating Profit: Over $1.0B; UP +19% YoY


FY24 Guidance:

๐Ÿ”ธ Adjusted EPS: ~$2.50 (Est. $2.85) ๐Ÿ”ด

๐Ÿ”ธ Sales: ~$22.5B

๐Ÿ”ธ Adjusted Operating Margin: ~15.5%

๐Ÿ”ธ Organic Sales Growth: ~3%

๐Ÿ”ธ Free Cash Flow: ~($0.2B) (Includes $2.6B in tax payments on business exits and restructuring costs)


Segment Performance:

HVAC Segment:

๐Ÿ”น Americas: UP HSD, with +20% growth in Commercial HVAC and double-digit growth in Residential HVAC

๐Ÿ”น EMEA: UP LSD, driven by Commercial HVAC growth, offset by declines in Residential and Light Commercial HVAC

๐Ÿ”น Asia-Pacific: DOWN LSD, impacted by declines in Chinaโ€™s residential light commercial HVAC

๐Ÿ”น Viessmann Climate Solutions: Sales DOWN ~25% YoY but UP +8% sequentially


Refrigeration Segment:

๐Ÿ”น Sales UP +1% organically, driven by 30% growth in container business

๐Ÿ”น Offset by declines in North America truck and trailer businesses


Business and Strategic Updates:

๐Ÿ”ธ Fire & Security Segment: Reclassified as discontinued operations

๐Ÿ”ธ Divestitures: On track for completion by the end of 2024

๐Ÿ”ธ Share Repurchase Authorization: Increased to $4.7B


CEO David Gitlin's Commentary:

๐Ÿ”ธ "Organic sales growth was up mid-single digits โ€“ with aftermarket up 10% โ€“ and we grew orders roughly 20%."

๐Ÿ”ธ "We plan to complete all divestitures by the end of this year."

๐Ÿ”ธ "Our new share repurchase authorization reflects our commitment to deliver shareholder value through disciplined capital allocation."

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