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) 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.
Carrier Global Corporation (NYSE:CARR) will be represented by Chairman & CEO David Gitlin at the 10th Annual Morgan Stanley Laguna Conference on September 14, 2022, at 3:50 p.m. ET. The event aims to discuss the company's initiatives in healthy and sustainable building solutions. The conference will be accessible via live webcast at ir.carrier.com, with a replay available post-event. Carrier continues to lead in innovation within the industry, enhancing customer focus and sustainability.
Carrier Global Corporation (NYSE:CARR) has announced a partnership with NFL quarterback Russell Wilson to enhance its Abound Ventures™ platform, focusing on sustainable indoor air quality solutions. The collaboration will promote Carrier's line of air purifiers designed to reduce carbon emissions and improve health in various environments, including homes and commercial buildings. Wilson's involvement aims to raise awareness of the importance of indoor air quality among consumers. This initiative aligns with Carrier's commitment to providing safe and healthy building solutions.
Carrier has launched its EcoHome Program to promote energy-efficient HVAC solutions amid the Inflation Reduction Act's incentives. The program offers consumers low-rate financing, potentially saving up to $3,750 through federal programs and Carrier Cool Cash. Carrier will invest $2 billion by 2030 to enhance energy-efficient technologies, with its Collierville, Tennessee facility becoming a Center of Excellence for heat pump production. This initiative aims to significantly reduce emissions and improve sustainability for homeowners.
Carrier Global Corporation (NYSE: CARR) has successfully acquired substantially all of Toshiba's ownership stake in Toshiba Carrier Corporation (TCC) for approximately $900 million. This acquisition enhances Carrier's capabilities in the variable refrigerant flow (VRF) and heat pump markets, which are key for sustainable energy solutions. TCC, which generated $2 billion in sales in 2021, will be integrated into Carrier's Global Comfort Solutions business unit, headquartered in Tokyo. CEO David Gitlin noted the strong growth opportunities this acquisition presents for Carrier.
Carrier Global Corporation (NYSE:CARR) reported a 4% decline in net sales for Q2 2022, totaling $5.2 billion, with organic sales up by 7%. The company raised its full-year adjusted EPS guidance to $2.25 - $2.35, from $2.20 - $2.30. Notably, operating profit increased by 5% year-over-year to $819 million, supported by strong price realization despite supply chain challenges. Carrier is set to finalize its acquisition of Toshiba Carrier Corporation in early August 2022, adding $800 million in incremental sales.
NORESCO, a unit of Carrier Global Corporation (NYSE: CARR), has secured a three-year contract with the California Energy Commission (CEC) to develop the state's 2025 building energy code. This partnership aims to further California's clean energy objectives, with NORESCO leveraging over 15 years of experience in enhancing energy standards. The upcoming code cycle will promote decarbonization and support the installation of 6 million heat pumps by 2030. NORESCO will deliver essential technical expertise to help meet the evolving energy priorities of California's building sector.
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