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.
On July 27, 2021, Carrier Global Corporation's Board approved a $1.75 billion stock repurchase program, increasing its total buyback authorization to approximately $2 billion. This initiative is part of its capital allocation strategy aimed at enhancing shareholder value while positioning the company for growth. Following the completion of the Chubb sale, which generated $3.1 billion, Carrier reported holding $2.6 billion in cash as of June 30. The company plans to discuss further details in its earnings call on July 29, 2021.
Carrier Global Corporation (CARR) reported strong Q2 2021 results with sales of $5.4 billion, a 37% increase year-over-year. Organic sales rose 31%, driven by solid performance across commercial HVAC, transport refrigeration, and Fire & Security segments. Net income reached $487 million, with adjusted EPS of $0.64. The company raised its full-year sales growth forecast to 14%-16% and adjusted EPS to $2.10-$2.20, indicating positive momentum. Free cash flow is projected at $1.9 billion, enhancing shareholder value.
Carrier Global Corporation (NYSE:CARR) has announced a change in the schedule for its second quarter earnings call, now set for July 29, 2021, at 8:30 a.m. ET. The earnings will be discussed along with details regarding the sale of Chubb. Interested parties can access the webcast and presentation via ir.carrier.com. A replay of the earnings call will be available from 12:00 p.m. ET on July 29 until 12:00 p.m. ET on August 5, 2021.
Carrier Global Corporation (NYSE: CARR) has announced the sale of its Chubb fire and security business to APi Group Corporation (NYSE: APG) for an enterprise value of $3.1 billion. The transaction allows Carrier to focus on its core operations and redeploy proceeds towards growth initiatives, dividends, and share repurchases. The sale, which is subject to regulatory approvals, is expected to finalize in late Q4 2021 or early Q1 2022. Carrier asserts that its global fire and security products business remains integral to its strategy for sustainable building solutions.
Carrier Global Corporation (NYSE:CARR) will be represented by Senior VP & CFO Patrick Goris at the 2021 Jefferies Virtual Industrials Conference on August 4, 2021, at 9:00 a.m. ET. The conference will be available for live viewing on ir.carrier.com, with a replay accessible afterward. Carrier is committed to providing sustainable and intelligent solutions, enhancing safety and comfort globally. For more details, visit www.Corporate.Carrier.com.
The news release issued by ECIMOS on July 19, 2021, regarding Carrier Global, the largest air conditioner manufacturer, has been officially retracted. Journalists and readers are advised to disregard the contents of this release, indicating that the information may not be accurate or relevant.
Carrier Global faces significant legal challenges after being found in contempt of a court's Permanent Injunction order regarding software use, stemming from a 2015 lawsuit by ECIMOS, LLC.
ECIMOS previously won $7.5MM in damages, while Carrier is now liable for an additional $11.75MM in criminal sanctions and $14.66MM in profit disgorgement damages. CEO David Gitlin and Corporate Representative J.C. Stewart could face prison sentences for non-compliance. Investors should be aware of potential impacts on CARR stock performance.
Carrier Global Corporation (NYSE: CARR) has appointed Timothy N. White as President of the Refrigeration segment, effective August 16, 2021. He succeeds David Appel, who will focus on the Commercial Refrigeration business. White, previously CEO at General Electric's Onshore Wind Americas, brings extensive leadership experience in electrification and sustainability. CEO Dave Gitlin emphasized the company's strategy to lead in providing intelligent cold chain solutions. White expressed enthusiasm for driving sustained growth within the Refrigeration segment.
Carrier Global Corporation (NYSE:CARR) will announce its second quarter 2021 earnings on July 29, 2021, at 9:00 a.m. ET. A conference call and webcast will follow, available at ir.carrier.com. Phone participants can join by dialing (877) 742-9091. Replay options will be available starting 12:00 p.m. ET on the same day until August 5, 2021. Carrier is a leader in building and cold chain solutions, focused on sustainability and innovative technologies.
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