Welcome to our dedicated page for Carrier Global Corporation news (Ticker: CARR), a resource for investors and traders seeking the latest updates and insights on Carrier Global Corporation stock.
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 Corporation (NYSE: CARR) announced strategic partnerships with the United Nations World Food Programme and the African Centre of Excellence for Sustainable Cooling and Cold-chain to enhance cold chain capabilities in Africa. Key projects include a cold chain center in Kigali, Rwanda, focused on skill development and best practices, and a Transport Training Centre in Accra, Ghana, aimed at improving transportation logistics for temperature-sensitive goods. These initiatives aim to reduce food loss and improve health outcomes while aligning with Carrier's 2030 Environmental, Social & Governance goals.
Carrier Global Corporation (NYSE: CARR) is set to present at the Stephens Annual Investment Conference on Nov. 15, 2022, at 11 a.m. ET. Chairman & CEO David Gitlin and Senior VP & CFO Patrick Goris will represent the company. The event will be available via live broadcast on ir.carrier.com, with a replay accessible post-event.
Carrier leads globally in providing sustainable building and cold chain solutions, dedicated to enhancing safety and comfort for future generations.
Carrier Global Corporation (CARR) announced a robust third quarter, reporting net sales of $5.5 billion, up 2% year-over-year, with organic sales increasing 8%. GAAP EPS reached $1.53 and adjusted EPS was $0.70. The company generated net cash flows from operating activities of $790 million and free cash flow of $699 million. Carrier's Board authorized a $2 billion share repurchase program, reflecting confidence in its long-term strategy. The updated full-year adjusted EPS guidance is between $2.30 and $2.35, while free cash flow outlook has been revised to ~$1.4 billion due to delayed supply chain improvements.
Carrier Global Corporation (NYSE: CARR) announced a quarterly dividend of $0.15 per share, payable on Nov. 21, 2022, to shareholders on record as of Oct. 28, 2022. This reflects the company's commitment to returning value to its investors amidst ongoing business operations in sustainable building and cold chain solutions. The announcement aligns with the company's financial strategy, although future dividends may be subject to fluctuations based on management's forward-looking statements.
Kidde has launched the Cause For Alarm campaign in the Bronx, New York, aiming to raise fire safety awareness and address educational gaps. The initiative is supported by actor Jesse Williams and features a mural by artist Cey Adams. Statistics indicate African Americans are at nearly double the risk for house fire deaths. Kidde collaborates with The Home Depot and others to donate fire safety products, pledging $1 per alarm sold, up to $1 million. The mural will be displayed until October 31, 2022, aimed at inspiring community change.
Carrier Global Corporation (NYSE: CARR) is set to announce its third quarter earnings on October 27, 2022, with a conference call scheduled for 7:30 a.m. ET. Investors can access the webcast at ir.carrier.com. Registration is required for phone participation. Carrier is a leader in providing sustainable building and cold chain solutions, emphasizing innovation and a customer-centric approach. This earnings release will provide critical insights into the company's financial health and operational performance.
Carrier Global Corporation (NYSE: CARR) announced the election of Susan N. Story to its Board of Directors, effective January 15, 2023. Story, former CEO of American Water Works, brings extensive experience in finance, operations, and sustainability, which aligns with Carrier's ESG initiatives. Her previous roles include Senior VP and CFO at Southern Company and various director positions at other companies. Carrier aims to drive its sustainability growth strategy further with Story's leadership.
Carrier Global Corporation (NYSE: CARR) has announced investments in three innovative startups—Archilogic, Butlr, and Transaera—aimed at supporting decarbonization and sustainability in building technologies. Through Carrier Ventures, these investments focus on advanced tech that enhances building efficiency and occupant health. Archilogic provides a digital platform for spatial data; Butlr develops a sensing platform to improve energy efficiency; and Transaera creates energy-efficient cooling systems. Carrier plans to invest over $2 billion by 2030 as part of its commitment to reduce carbon footprints.
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