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) has appointed Beth Wozniak to its Board of Directors, effective immediately. Wozniak brings extensive experience, having previously served as CEO of nVent Electric and holding senior roles at Pentair and Honeywell. Her background in applying digital solutions to industrial companies is expected to enhance Carrier's innovative capabilities. Chairman & CEO Dave Gitlin praised her unique skillset as vital for Carrier's growth and commitment to performance and ESG leadership.
Carrier Global Corporation (NYSE: CARR) has declared a quarterly dividend of $0.12 per share, payable on August 10, 2021, to shareholders on record as of June 24, 2021. This announcement highlights Carrier's commitment to returning value to its shareholders. The company positions itself as a leader in providing sustainable building and cold chain solutions, aiming for long-term growth and stability in fluctuating market conditions.
Carrier has successfully acquired a controlling stake in Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd, enhancing its presence in the growing variable refrigerant flow (VRF) and light commercial market projected to reach $20B by 2025. The strategic acquisition aligns with Carrier's goals to expand its geographic footprint and leverage Giwee Group's strengths in HVAC solutions. Completion of the acquisition is anticipated in Q3 2021, subject to regulatory approvals.
Carrier Global Corporation (NYSE:CARR) will participate in a virtual Wolfe Research Global Transportation and Industrials Conference on May 25, 2021, at 11:10 a.m. ET. Senior VP and CFO Patrick Goris is set to speak during the event. The conference will be streamed live on ir.carrier.com, with a replay accessible afterward. With a commitment to sustainable building and cold chain solutions, Carrier aims to enhance safety and comfort worldwide.
Carrier Global Corporation (NYSE: CARR) announced that LU-VE Group has joined its Carrier Alliance program through a strategic long-term agreement. This partnership will allow LU-VE Group to supply engineered components such as heat exchangers and glass doors for Carrier's Commercial HVAC and Refrigeration portfolios. The collaboration aims to enhance heat exchanger technology and focus on sustainable refrigerant solutions. Carrier's Alliance program intends to optimize the supply chain, driving cost savings and growth opportunities for both companies.
Carrier Global Corporation (NYSE:CARR) will participate in the Goldman Sachs 2021 Industrials & Materials Virtual Conference on May 11, 2021, at 1:50 p.m. ET. The event will feature comments from Chairman & CEO Dave Gitlin and SVP & CFO Patrick Goris. Interested parties can listen to the live broadcast at ir.carrier.com, with a replay available afterwards. Carrier focuses on providing healthy, safe, and sustainable building and cold chain solutions, fostering innovation for a better future.
Carrier Global Corporation (NYSE: CARR) reported a strong first quarter of 2021 with sales reaching $4.7 billion, marking a 21% year-over-year increase. The growth was driven by a 48% surge in North American residential HVAC and positive trends in transport refrigeration and commercial HVAC. Operating profit rose 82% to $571 million, with adjusted net income at $427 million. Carrier updated its full-year outlook, projecting sales growth of 7% to 10% and adjusted EPS of $1.95 to $2.05. The company remains focused on strategic growth initiatives and expanding its service offerings, particularly with the acquisition of Guangdong Giwee Group.
Carrier Global Corporation (NYSE: CARR) launched Abound, a new cloud-native digital platform designed to enhance indoor environment health and safety. This platform provides real-time data on air quality and building performance, optimizing conditions for occupants. It integrates seamlessly with existing systems without requiring upgrades, and benchmarks against the WELL Building Standard. Abound is currently piloted across various sectors, including commercial and educational buildings. Carrier emphasizes its commitment to digital innovation with this comprehensive platform aimed at improving user experience and operational transparency.
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