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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 (NYSE:CARR) reported strong Q2 2024 results, with net sales of $6.7 billion, up 12% year-over-year. Organic sales grew 2%, while the Viessmann Climate Solutions acquisition contributed approximately 12%. GAAP EPS increased significantly to $2.55, and adjusted EPS rose to $0.87, up double-digits. The company expanded GAAP operating margin significantly and adjusted operating margin by 200 basis points.
Carrier reaffirmed its full-year 2024 adjusted EPS guidance range and closed two of four planned business exit transactions. The company plans to repurchase about $1 billion worth of shares in the second half of 2024. Carrier's strong operational execution and portfolio transformation progress have enabled a reduction in net debt by about $5 billion in the quarter.
Carrier Global (NYSE: CARR), a leader in intelligent climate and energy solutions, will release its second quarter 2024 earnings on July 25, 2024. The conference call and webcast will begin at 7:30 a.m. ET, accessible via the company's investor relations site. Participants must pre-register to receive dial-in information and a PIN for access. An archived recording will be available later on the same site.
Carrier Global (NYSE: CARR) announced the completion of its Industrial Fire business sale to Sentinel Capital Partners for $1.425 billion. The deal aligns with Carrier's portfolio transformation strategy and marks the second completed sale. CEO David Gitlin highlighted the company's progress and anticipated the closure of its Commercial Refrigeration sale by Q3 2024. Carrier plans to use approximately $1.1 billion in net proceeds to pay down debt, targeting a net leverage ratio of ~2x by the end of 2024. The company also aims to resume share repurchases in 2024. Financial advisors for the transaction were Goldman Sachs and J.P. Morgan Securities, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison and Linklaters.
Sentinel Capital Partners has acquired Carrier's industrial fire business for $1.425 billion, forming a new standalone entity named Spectrum Safety Solutions. Headquartered in Stamford, Connecticut, Spectrum manufactures branded industrial fire detection and suppression products for high-hazard environments.
Spectrum consists of four well-known brands: Det-Tronics, Marioff, Autronica, and Fireye, serving critical infrastructure, marine, and clean energy sectors across 20 countries. With 1,400 employees and facilities in the USA, Norway, and Finland, Spectrum aims to accelerate growth under Sentinel's ownership.
Sentinel has a history of successful investments in the industrial sector, marking Spectrum as their eighth corporate carveout. Sentinel's expertise is expected to enhance Spectrum’s focus on growth and customer service.
Carrier Global , through its Sensitech business, has announced a definitive agreement to acquire Berlinger & Co.'s Monitoring Solutions business. Sensitech, a leader in supply chain visibility, aims to bolster its portfolio in the pharmaceutical and life sciences sectors. The acquisition includes Berlinger's proprietary hardware and software, such as the SmartSystem platform and Fridge-tag products, enhancing Sensitech's real-time, end-to-end cold chain monitoring capabilities. Approximately 85 employees from Berlinger will join Sensitech. The transaction, expected to close in Q3 2024, will accelerate Sensitech's growth in digital and automated monitoring solutions.
Carrier Global (NYSE: CARR) announced that their ambitious greenhouse gas emission reduction goals have been validated by the Science Based Targets initiative (SBTi). Carrier aims to reduce absolute scope 1 and 2 GHG emissions by 42% and scope 3 emissions by 25% by 2030, from a 2021 base year, and achieve net-zero emissions across the value chain by 2050. The validation supports Carrier's decarbonization leadership and aligns with the goal of limiting global warming to 1.5°C.
Carrier's targets are part of their strategic transformation through electrification, integration, and resilience, helping customers meet sustainability goals. They are committed to reducing more than 1 gigaton of GHG emissions by 2030, leveraging energy-efficient heat pumps, all-electric refrigeration, and connected technologies to enhance efficiencies in buildings, homes, and the cold chain.
Carrier is collaborating with the Department of Energy (DOE) to develop next-generation heat pump rooftop units intended for light commercial use. These units aim to increase energy efficiency and reduce lifecycle costs for users such as schools, retail, and office spaces. The initiative, part of the Better Buildings Commercial Heat Pump Accelerator, also targets significant reductions in greenhouse gas emissions and energy costs by up to 50% compared to conventional models.
The project will involve rigorous testing with the DOE's National Renewable Energy Laboratory to validate product claims. Carrier is also participating in the DOE's Cold Climate Heat Pump Challenge for residential applications, with new commercialized units expected later in 2024.
This effort is part of broader goals to cut energy waste and improve the design, equipment, and operations of buildings in the U.S., which currently spends approximately $800 billion annually on energy. Carrier continues its legacy of innovation in HVAC technologies, aiming to bring these advanced heat pump units to market by 2027.
Carrier Global (NYSE: CARR), a leader in intelligent climate and energy solutions, announced that its Board of Directors declared a quarterly cash dividend of $0.19 per share.
This dividend will be payable on August 8, 2024, to shareholders of record as of June 21, 2024. Carrier emphasizes its ongoing commitment to innovation and customer-centric solutions.
Kidde, part of Carrier Global (NYSE: CARR), announced the release of its new Detect product line, featuring advanced fire and carbon monoxide safety technology. The Kidde Detect offers 25% faster smoke detection and fewer false alarms, enhancing home safety and giving families more escape time during fires.
The launch is supported by a humorous ad campaign, 'Help Protect You From You,' highlighting how home fires are often caused by homeowner mistakes. Kidde's new devices have modern designs, easy installation, and a self-testing feature, ensuring reliability.
The Detect line meets the latest UL standards and is available nationwide, underscoring Kidde's century-long commitment to improving fire safety.
Carrier Global (NYSE: CARR) announced the completion of the sale of its security business, Global Access Solutions, to Honeywell for $4.95 billion. This transaction is part of Carrier's strategic transformation into a focused global leader in intelligent climate and energy solutions. The net proceeds of $4 billion will be utilized to pay down debt, targeting a net leverage of approximately 2x EBITDA by the end of 2024. Additionally, Carrier plans to resume share repurchases in 2024. This sale follows the acquisition of Viessmann Climate Solutions, which is expected to significantly impact Carrier's growth and the industry. Carrier is also selling its global Commercial Refrigeration and Industrial Fire businesses and has started the process to sell its Commercial and Residential Fire businesses. This restructuring aims to position Carrier as a more focused, higher-growth company ready to tackle climate challenges.
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