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 announced a strategic long-term agreement with Samsung Electronics, which has joined the Carrier Alliance program. Samsung will supply compressors and inverter technologies for Carrier's Residential HVAC portfolio. The arrangement includes providing Carrier-branded replacement compressors, enhancing service and supply chain efficiency. Both companies aim to foster innovation and drive cost savings through this collaboration, further integrating Samsung's technology into Carrier's products.
Supra, a global leader in access solutions for real estate, has enhanced its services to boost efficiency and minimize contact amid COVID-19. As part of Carrier's Healthy Homes Program, Supra now offers remote eKEY installations and keybox programming, allowing agents to operate safely without in-person interactions. By June 2020, real estate showings reached pre-pandemic levels with over 1 million weekly facilitated by Supra's solutions. This expansion aims to meet the escalating demand for safe and effective tools, reinforcing Supra's commitment to customer support and innovation in the real estate sector.
Carrier Global Corporation (NYSE: CARR) has reported strong momentum for its newly launched BluEdge service platform, securing over 300 service agreements across three business segments within six weeks. The HVAC segment alone accounted for more than 200 agreements, while refrigeration contracts covered over 900 refrigerated units in North America. The platform offers a tiered-service model, including Core, Enhance, and Elite options to cater to various customer needs. Notably, the Marioff Marine division won a multiyear service contract for the world’s largest heavy lift vessel, showcasing the platform's capabilities.
Carrier Global Corporation (NYSE:CARR) reported second quarter sales of $4.0 billion, a 20% decline from last year, primarily due to COVID-19 impacts. The GAAP operating profit was $442 million, down 45%, with adjusted operating profit at $476 million, a 42% decrease. Despite these declines, the company achieved free cash flow of $463 million, representing 177% of net income. Carrier has revised its full-year 2020 outlook upwards, projecting sales between $15.5 to $17.0 billion and adjusted operating profit of $1.8 to $2.0 billion, indicating a focus on strategic recovery and investment.
On July 23, 2020, LenelS2 announced its enhanced solutions within Carrier's Healthy Buildings Program, aiming to optimize building health and efficiency. These solutions include Touchless Access with BlueDiamond technology, Occupancy Management, and Proactive Screening Solutions. Designed for businesses and schools reopening post-pandemic, these tools support safe entry and occupancy management, ensuring healthier environments. LenelS2 seeks to empower organizations with customized packages aligned with their specific operational needs across various industries.
Carrier Global Corporation (NYSE: CARR) has launched a webinar series titled A Healthier Future Starts Indoors, in collaboration with Dr. Joseph Allen from Harvard, focusing on ensuring safe building operations amid COVID-19. The series will address various sectors including education and healthcare, with practical guidelines for reopening. Carrier emphasizes the importance of healthy indoor environments for long-term health benefits, highlighting their expertise in optimizing HVAC and safety systems. The first session is set for July 21, 2020.
Kidde, part of Carrier Global Corporation (CARR), has launched an awareness campaign for Pet Fire Safety Day to educate pet owners about keeping their pets safe from home fires. Each year, 500,000 pets suffer from smoke inhalation, with 40,000 fatalities attributed to such incidents. The campaign emphasizes the importance of pet training, providing window clings for emergency responders, including pets in fire escape plans, and ensuring smoke alarms are functional. To support this initiative, Kidde is offering 25% off online orders through July 31, 2020.
Carrier Global Corporation (NYSE: CARR) announced the launch of Carrier Alliance, a program aimed at optimizing its supply chain by enhancing relationships with suppliers. This initiative is expected to provide growth opportunities and cost savings, contributing to the company's $600 million cost-saving target over three years. The Alliance will facilitate long-term engagements with suppliers, minimizing risks in the supply chain while enabling Carrier to focus on R&D and digital solutions.
Carrier announced the launch of the OptiClean™ 1500-cfm Dual-Mode Air Scrubber & Negative Air Machine, designed for improving indoor air quality in K-12 schools. This new model follows the previously launched 500-cfm unit and is aimed at larger spaces such as libraries and gyms. Both units utilize a HEPA filter to remove contaminants with over 99.97% efficiency, aligning with ASHRAE school reopening recommendations. These portable units help reduce the spread of diseases like COVID-19, making them suitable for classrooms and public spaces.
Carrier Global Corporation (NYSE: CARR) announced the launch of its new service platform, BluEdge, aimed at enhancing service offerings across HVAC, Refrigeration, and Fire & Security segments. The BluEdge platform features a tiered model with options including Core, Enhance, and Elite services, providing customizable and comprehensive solutions to maximize uptime and performance. The initial rollout targets select businesses with a broader launch anticipated in late 2020, reflecting Carrier's commitment to innovation and improving customer value through connected technology.
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