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 solid third-quarter results, achieving sales of $5 billion—a 4% increase year-over-year. Growth was notably driven by a 46% surge in North American residential HVAC demand. GAAP operating profit rose 72% to $1.08 billion, with adjusted operating profit up 6% to $867 million. The company raised its full-year sales outlook to approximately $17.3 billion and projected free cash flow of $1.5 billion. Strong cash flow is expected to facilitate a $1.5 billion debt reduction in Q4 2020.
Carrier Global Corporation has introduced new Carrier Pods monitored by Sensitech to enhance cold storage solutions for COVID-19 vaccine distribution. This innovative technology combines advanced refrigeration with cargo monitoring to ensure vaccine integrity. The Pods offer flexibility for pharmaceutical companies and comply with regulatory standards. The Lynx digital platform will enhance connectivity, providing real-time data analytics and remote monitoring capabilities. This solution is part of Carrier's broader Cold Chain Program aimed at supporting the distribution of essential pharmaceuticals.
Carrier has been awarded an HVAC modernization project for the One Court Square building in Long Island City, NY, managed by Cushman & Wakefield. The project includes installing two 1,100 ton AquaEdge® 19XR-E Water-Cooled Centrifugal Chillers and a new Carrier i-Vu® Building Automation System. This upgrade is expected to save up to 20% in energy costs annually and enhance air quality and occupant comfort. Carrier, a part of Carrier Global Corporation (NYSE: CARR), specializes in sustainable building solutions.
Carrier Global Corporation (NYSE: CARR) announced the appointment of Patrick Goris as Senior Vice President & Chief Financial Officer, effective November 16, 2020, succeeding Timothy McLevish, who will remain as Special Advisor until his retirement on February 15, 2021. Goris, with over 20 years in finance and prior role as CFO at Rockwell Automation, aims to drive Carrier's growth strategy. McLevish highlights the company’s strong performance and readiness for the transition, noting their positive trajectory amid an unprecedented external environment.
Carrier Global Corporation (NYSE: CARR) declared a quarterly dividend of $0.08 per share, payable on November 23, 2020, to shareholders of record as of October 30, 2020. The company emphasizes its commitment to sustainability and innovation in building and cold chain solutions, aiming to improve global safety and comfort. The announcement highlights ongoing financial stability amid various market conditions and uncertainties, including the COVID-19 pandemic and economic fluctuations.
The San Bernardino City Unified School District in California will install 3,700 Carrier OptiClean™ Dual-Mode Air Scrubber & Negative Air Machines to enhance indoor air quality across its 72 schools. This initiative, benefiting over 60,000 students and staff, follows a recent acquisition by the Alvord Unified School District of 1,500 units. The OptiClean units are designed to remove contaminants, featuring portable models with HEPA filters and accommodating various room sizes. This effort supports safer learning environments as schools reopen amid ongoing health concerns.
Carrier Global Corporation (NYSE:CARR) will announce its third quarter 2020 earnings on Thursday, Oct. 29, at 9:00 a.m. ET. A conference call will follow where details will be discussed. Investors can access the webcast live on ir.carrier.com. A replay of the call will be available from 12:00 p.m. ET on Oct. 29 until 11:00 a.m. ET on Nov. 5. Carrier is recognized as a leader in providing healthy, safe, and sustainable building solutions.
Carrier's Infinity air purifier has been tested by the University of Colorado, demonstrating its ability to inactivate 99% of coronavirus on its filter. The technology also effectively eliminates various other viruses and bacteria. The purifier integrates into existing HVAC systems and employs a three-step process—charge, capture, and kill—to enhance indoor air quality. Carrier emphasizes the importance of maintaining a healthy home environment during increased indoor time, providing peace of mind for families with its innovative product. More details are available at carrier.com/purifier.
Carrier Global Corporation has launched its Healthy, Safe, Sustainable Cold Chain Program in response to the increasing demand for effective cold chain solutions essential for food, medicine, and vaccine preservation. This program aims to enhance cold chain resiliency by focusing on Food & Medicine Security, Safe Vaccine Distribution, Connected Cold Chain, and Sustainable Cold Chain methods. With an extensive installed base of 1.2 million transport refrigeration units, Carrier is positioned to tackle current and emerging cold chain challenges, emphasizing sustainability and efficiency in its offerings.
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