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Carrier Global Corporation (NYSE: CARR) is a leading provider in the heating, ventilation, and air conditioning (HVAC), refrigeration, and fire & security sectors. The company serves both residential and commercial markets, with the HVAC segment contributing significantly to its revenue—60% from commercial and 40% from residential markets. Carrier's refrigeration segment includes transportation refrigeration, Sensitech supply chain monitoring, and commercial refrigeration businesses. The fire and security division manufactures a range of products, including fire detection and suppression systems, access control, and intrusion detection solutions.
Recently, Carrier has been actively transforming its portfolio. In April 2023, the firm announced plans to divest its fire and security and commercial refrigeration businesses. This strategic move was complemented by the acquisition of Germany-based Viessmann Climate Solutions for approximately $13 billion, aiming to bolster its climate and energy solutions offerings.
In a recent announcement on March 5, 2024, Carrier entered into a definitive agreement to sell its Industrial Fire business to Sentinel Capital Partners for $1.425 billion. This sale includes prominent brands like Det-Tronics, Marioff, Autronica, and Fireye. The transaction, expected to close in the third quarter of 2024, will allow Carrier to focus on its vision of becoming a global leader in intelligent climate and energy solutions. The firm plans to use the proceeds from this sale to pay down debt and resume share repurchases.
Carrier continues to innovate, recently leading an investment in Strategic Thermal Labs for a revolutionary liquid cooling solution for data centers. This initiative aligns with the company's goal to enhance energy efficiency and support high-density computing needs. Additionally, Carrier's financial performance remains strong, as evidenced by its robust first-quarter 2024 results showing a 17% increase in sales, bolstered by the Viessmann acquisition and organic growth.
Further solidifying its transformation, Carrier successfully sold its Global Access Solutions business to Honeywell for $4.95 billion, marking a significant milestone in its portfolio realignment efforts. This transaction is part of Carrier's broader strategy to focus on high-growth, high-margin segments within the intelligent climate and energy solutions market.
Carrier Global has been awarded the World Environment Center's 2024 Gold Medal for International Corporate Achievement in Sustainable Development. The prestigious award, presented to Chairman & CEO David Gitlin in Washington, D.C., recognizes Carrier's commitment to sustainability and innovative climate solutions.
The company aims to help customers avoid more than one gigaton of carbon emissions by 2030 through electrification, energy efficiency, and digital solutions. The award was presented by GE Aerospace's Chairman and CEO, H. Lawrence Culp, Jr., joining past winners including Microsoft, Walmart, IBM, and Starbucks.
The recognition highlights Carrier's global leadership in sustainable development and its progress toward 2030 sustainability goals.
Carrier Global (NYSE: CARR) has announced its participation in the Baird 2024 Global Industrial Conference. Chairman & CEO David Gitlin and Senior VP & CFO Patrick Goris will present on Tuesday, November 12, 2024, at 11:50 a.m. ET. The presentation will be available via live webcast on ir.carrier.com, with a replay option available afterward.
Carrier, a global leader in intelligent climate and energy solutions, continues its tradition of innovation in creating sustainable solutions for people and the planet. The company emphasizes its commitment to customer-centric approaches through its diverse workforce.
Carrier Global (NYSE: CARR) reported strong Q3 2024 results with net sales of $6.0 billion, up 21% versus Q3 2023, including 4% organic growth. GAAP EPS from continuing operations was $0.62, while adjusted EPS was $0.77. The HVAC segment showed 6% organic growth, with Commercial HVAC in Americas up nearly 20%. The company's Board approved a $3 billion share repurchase authorization, bringing total authorization to $4.7 billion. The company updated its full-year 2024 guidance to reflect Fire & Security segment as discontinued operations, projecting sales of ~$22.5B with organic growth of ~3% and adjusted EPS of ~$2.50.
Xylem Inc. (NYSE: XYL) has appointed Meredith Emmerich as Senior Vice President and President of its Applied Water segment, effective October 21. Emmerich, who will report to CEO Matthew Pine, brings over 20 years of experience in smart solutions for industrial and commercial buildings. She previously served as Vice President of Carrier Global 's Global Enterprise Solutions.
Emmerich succeeds Franz Cerwinka, who will transition to a senior advisor role until March 2025. The Applied Water segment provides advanced water management solutions for industrial and commercial buildings markets. Xylem's CEO highlighted Emmerich's track record in driving sustainable growth and margin expansion, as well as her expertise in smart building solutions.
Carrier Global (NYSE:CARR), a leader in intelligent climate and energy solutions, has announced a quarterly dividend of $0.19 per share of common stock. The dividend will be payable on November 18, 2024 to shareholders of record at the close of business on October 25, 2024.
Carrier, known for inventing new technologies and industries, continues to lead with its world-class, diverse workforce focused on customer-centric solutions. The company is committed to creating solutions that matter for people and the planet for generations to come.
Carrier Global (NYSE: CARR), a global leader in intelligent climate and energy solutions, has announced the release of its third quarter 2024 earnings on Thursday, October 24, 2024. The company will host a conference call and webcast at 7:30 a.m. ET on the same day. Investors and interested parties can access the webcast and presentation materials at ir.carrier.com.
To participate in the earnings call via phone, pre-registration is required at the Carrier Earnings Call Registration link. Registrants will receive dial-in information and a PIN for call access. A recording of the call will be archived and made available for replay on the company's website later.
Kidde, a leading fire safety company, has launched the next phase of its Cause For Alarm campaign to promote fire safety awareness. The campaign features a 'Living Jingle', an emotional plea from child house fire survivors, aimed at inspiring families to prioritize fire safety. Despite 40% of people believing they're more likely to win the lottery than experience a home fire, over 1,000 people have died in house fires across North America this year.
Kidde has partnered with Multi-Platinum Recording Artist Jordin Sparks to champion the importance of fire safety. The campaign provides fire safety toolkits, a children's book, and other resources on CauseForAlarm.org. Kidde will donate $1 for every alarm purchased at participating retailers from September to November 2024, up to $1,000,000 in total retail value, to communities in need.
Carrier Global (NYSE: CARR) has announced the integration of its EcoEnergy Insights™ business into Carrier Abound™, marking a significant step in the company's transformation journey. This strategic move aligns EcoEnergy Insights' suite of solutions, including the rebranding of CORTIX™, under the Carrier Abound umbrella. The integration aims to offer customers a comprehensive suite of digital solutions and digitally enabled services focused on sustainability, health and well-being, and asset management.
EcoEnergy Insights, known for its AI and IoT solutions in building and equipment operations, has helped customers save over 6 billion kWh globally over nearly 15 years. This energy savings is equivalent to the greenhouse gas emissions from about one million gasoline-powered vehicles driven for a year. By leveraging Carrier's expertise in energy-efficient HVAC systems, Carrier Abound seeks to enhance operational efficiencies and enable smarter, more sustainable building management.
Haier Smart Home Co., has successfully completed its acquisition of Carrier Commercial Refrigeration from Carrier Global for an enterprise value of approximately $775 million. The acquisition, finalized on October 1st, 2024, enhances Haier's strategic position in the global commercial refrigeration market and expands its product portfolio.
The deal brings in over 4,000 employees and well-known brands such as Carrier Commercial Refrigeration, Profroid, Celsior, and Green & Cool. It also includes technologies related to commercial refrigeration, including carbon dioxide technology, which will contribute to environmental improvements and promote green transformation.
This acquisition allows Haier to broaden its reach from home refrigeration to the commercial refrigeration market, enabling the company to offer comprehensive refrigeration solutions to a wider clientele in the industrial, food retail, and cold storage sectors.
Carrier Global (NYSE: CARR) has completed the sale of its commercial refrigeration business to Haier for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. This sale, along with other completed and announced divestitures, is part of Carrier's portfolio transformation strategy to focus on its core businesses.
The transaction marks significant progress in Carrier's efforts to strengthen its global leadership position in intelligent climate and energy solutions. The net proceeds from the sale will be used to pay down debt. Carrier Transicold transport refrigeration, Sensitech, and the Lynx digital ecosystem were not included in the transaction and remain core to Carrier's vision.
BofA Securities acted as financial advisor to Carrier, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP served as external legal counsel.
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