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) 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.
Carrier Global Corporation (NYSE: CARR) has partnered with Office Partners XXIII Block G1 LLC to design and operate a high-efficiency heating and cooling plant for the new FNB Financial Center in Pittsburgh. This 26-story, 475,000-square-foot mixed-use tower aims for a targeted LEED Silver rating. Carrier's Cooling-as-a-Service model will enhance energy efficiency and reduce operational costs. Construction is expected to complete by late 2023, positioning the FNB Financial Center as a key development in the Lower Hill District redevelopment.
Carrier Global Corporation (NYSE:CARR) will report its Q2 2022 earnings on July 28 at 7:30 a.m. ET. A conference call and webcast will follow, with access details provided upon pre-registration. Carrier is a leading provider of sustainable building and cold chain solutions, focusing on making environments safer and more comfortable. The presentation can be accessed through ir.carrier.com.
Carrier Global Corporation has announced a collaboration with Procter & Gamble to enhance indoor air quality and home safety. The initiative aims to raise awareness of healthy home practices, particularly in light of increased consumer concern since the pandemic. Key strategies include education on home health, innovative product development, and integrated solutions to simplify home maintenance. This partnership reflects a growing consumer interest in wellbeing and safety, and aims to provide actionable insights for improving home environments.
Kidde, the leading fire safety brand in North America, unveiled its new Kidde HomeSafe suite of Wi-Fi-enabled safety devices aimed at enhancing home safety. These products allow comprehensive monitoring of smoke, carbon monoxide, air quality, and water leaks through integration with the Kidde app. A survey shows 83% of Americans own smart devices for safety, with 60% depending on them for family protection. The Kidde HomeSafe devices are designed to provide real-time alerts and peace of mind, reinforcing the brand's commitment to creating safer homes.
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