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) reported 2020 results with sales of $17.5 billion, a 6% decline, and a GAAP operating profit of $3.1 billion, up 24%. The company experienced strong performance in North American residential HVAC in Q4, contributing to a sales growth of 2% year-over-year. For 2021, Carrier forecasts 6-8% sales growth, 13.5% adjusted operating margin, and adjusted EPS between $1.85 and $1.95. Additionally, a $350 million share repurchase program was authorized by the Board to enhance shareholder value.
Carrier has launched its first e-commerce website, CarrierAtHome.com, allowing consumers to purchase indoor air quality products. The site features Carrier's new room air purifiers, which capture over 99% of airborne contaminants. These purifiers come in two sizes, suitable for rooms up to 400 and 550 square feet. Additionally, customers can find replacement filters and a quiz to find suitable air quality solutions. Carrier is part of Carrier Global Corporation (NYSE: CARR), focusing on providing sustainable building solutions.
The Board of Directors of Carrier Global Corporation (NYSE: CARR) has elected David Gitlin as Chairman, effective immediately after the 2021 Annual Meeting on April 19, 2021. Gitlin, who has served as CEO since June 2019, succeeds John V. Faraci, who will remain on the Board. The change reflects confidence in Gitlin's leadership amid challenges, including the impact of COVID-19. Jean-Pierre Garnier will continue as Lead Independent Director, enhancing governance stability as Carrier implements its growth strategy.
Automated Logic has launched its latest WebCTRL 8 software, enhancing building automation systems with support for open standards and improved commissioning tools. Key features include support for BACnet protocols, IPv6, and Haystack semantic tagging, aimed at improving interoperability and security in building management. The software also offers ACxelerate™ VAV auto-commissioning and custom reporting enhancements for better data visualization. This development reflects Automated Logic's commitment to energy efficiency and occupant comfort.
Carrier Global Corporation has collaborated with Syracuse University to develop an assessment tool aimed at reducing airborne pathogen transmission in buildings. This new tool leverages research indicating that customized mitigation strategies can lower risks by up to 80% through various tactics, including improved ventilation and air filtration. The study utilized the Wells-Riley equation to estimate baseline risks associated with SARS-COV-2. Carrier continues to implement innovative solutions, reinforcing its commitment to healthier indoor environments.
Carrier Global Corporation (NYSE: CARR) announced that Sanhua has joined its Carrier Alliance program, establishing a strategic long-term agreement. This pact enables Sanhua to supply vital components such as valves and heat exchangers for Carrier's HVAC and Refrigeration sectors. Carrier aims to enhance supply chain efficiency and reduce costs while promoting innovative technologies in energy efficiency. Both companies have a history of collaboration focused on minimizing environmental impact. The partnership is expected to offer new growth opportunities for both parties.
Carrier Global Corporation (NYSE: CARR) has welcomed Koura Fluorochemicals as a new supplier in its Carrier Alliance program. This long-term strategic agreement allows Koura to expand its operations globally across Carrier's HVAC and Refrigeration portfolios in North America, Europe, and Asia Pacific. Carrier emphasizes quality, sustainability, and cost excellence in its partnerships, and Koura aligns with these values. This collaboration aims to enhance the supply chain and foster growth opportunities for both companies.
Carrier Global Corporation (NYSE:CARR) is set to release its fourth quarter 2020 earnings on February 9, 2021, at 9:00 a.m. ET. The company will host a conference call and webcast for investors, available at ir.carrier.com. The earnings call can also be accessed by phone at (877) 742-9091, with a replay available following the event until February 16, 2021. Carrier Global is a leader in healthy, safe, and sustainable building solutions, dedicated to innovation and customer-centric services.
Carrier Global Corporation (NYSE: CARR) has announced that Broad-Ocean Motor has joined its Carrier Alliance program, establishing a long-term agreement for supplying OEM and replacement motors for Carrier's HVAC and Refrigeration portfolios in North America and Asia. This partnership aims to enhance supply chain efficiency and drive cost savings. Broad-Ocean Motor has a decade-long relationship with Carrier and has increased its manufacturing capacity to meet evolving efficiency and regulatory needs.
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