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Introduction to Carrier Global Corporation
Carrier Global Corporation (NYSE: CARR) is a multinational powerhouse in the design, manufacture, and service of innovative climate and energy solutions. Combining decades of expertise with continuous technological innovation, Carrier provides comprehensive systems for heating, ventilation, air conditioning (HVAC), refrigeration, and fire safety. By integrating advanced digital tools such as Artificial Intelligence (AI) and the Internet of Things (IoT), Carrier delivers intelligent, energy-efficient systems that cater to the evolving needs of both residential and commercial markets.
Business Segments and Core Solutions
Carrier’s operations are built on a diverse and strategically managed portfolio comprising several distinct business segments:
- HVAC Systems: Carrier designs and manufactures high-performance heating, ventilation, and air conditioning systems for a variety of applications. With a balanced focus on commercial applications (approximately 60% of the market mix) and the residential segment, their HVAC solutions are engineered for superior performance, reliability, and energy efficiency.
- Refrigeration Solutions: Under its refrigeration division, Carrier provides specialized products including transportation refrigeration systems and advanced supply chain monitoring through integrated digital ecosystems. These solutions are critical for industries that require temperature-controlled environments such as food safety, pharmaceuticals, and other sensitive goods.
- Fire and Security: Although undergoing divestiture as part of the company’s transformation strategy, Carrier’s legacy in the fire and security segment is renowned. Historically, they have offered cutting-edge fire detection and suppression systems along with access and intrusion control solutions. This background underscores Carrier’s commitment to safety and innovation in security systems.
Innovation and Digital Transformation
Carrier’s dedication to technology is evident in its strong push towards digital innovation and integrated solutions. The launch of digitally enabled platforms and services, including advanced building management systems, exemplifies how the company leverages real-time data analytics to optimize climate control, reduce energy consumption, and enhance overall operational efficiency. Their recent initiatives in AI-driven climate solutions and IoT-enabled monitoring are part of a broader strategy to provide complete digital ecosystems for commercial and industrial applications.
Global Reach and Market Position
Operating with a global footprint, Carrier serves a diverse international clientele. With a rich history of delivering reliable climate solutions, the company’s products are installed in millions of structures worldwide—from small residential homes to expansive commercial complexes, critical infrastructure, and modern data centers. Carrier’s strategic acquisitions have further solidified its market presence. For instance, integrating complementary businesses has allowed Carrier not only to expand its product offering but also to refine its approach in addressing customer-specific needs in various climates and markets.
Transformation and Strategic Portfolio Management
In recent years, Carrier has embraced a significant portfolio transformation journey aimed at refocusing its resources on core growth areas. By executing strategic divestitures of non-core segments such as selected fire and security operations, Carrier has streamlined its focus on its primary strengths—HVAC and refrigeration solutions. This transformation is coupled with judicious capital deployment initiatives including share repurchases and targeted investments in innovative technologies. Furthermore, strategic acquisitions have enabled Carrier to integrate diverse technological capabilities, ensuring that its offerings remain at the forefront of intelligent climate and energy solutions.
Commitment to Energy Efficiency and Sustainability
Energy efficiency is central to Carrier’s innovation ethos. The company’s solutions are meticulously designed to reduce energy consumption and lower environmental impact, thereby supporting both regulatory requirements and the growing need for sustainable operations. Whether through high-efficiency HVAC systems, advanced refrigeration units, or comprehensive digital control platforms, Carrier empowers its customers to achieve significant energy savings while maintaining optimal operational performance.
Expertise, Experience, and Industry Leadership
Carrier’s long-standing commitment to excellence is reflected in its global reputation as an expert in engineered climate and energy solutions. Leveraging cutting-edge research and development alongside decades of operational experience, the company continuously evolves its products and services. Its multidisciplinary approach—integrating engineering, digital technology, and customer-centric design—enhances its standing as a trusted partner for building efficient, reliable, and secure environments.
Customer-Centric Philosophy and Aftermarket Support
At the heart of Carrier’s operational philosophy is a customer-first approach. The company not only designs and manufactures superior products but also offers comprehensive service, maintenance, and digital support to ensure high levels of customer satisfaction. These services extend the life cycle of its products through proactive maintenance and responsive customer support, thereby reinforcing Carrier’s commitment to quality and trustworthiness across global markets.
Conclusion
Carrier Global Corporation represents a cornerstone in the realm of intelligent climate and energy solutions. Its extensive, technology-driven portfolio spans HVAC, refrigeration, and, historically, fire safety. Through ongoing transformation initiatives, strategic divestitures, and continuous investment in innovation, Carrier stands as a paragon of expertise, reliability, and advanced engineering. This enduring commitment to quality and efficiency ensures that Carrier remains an influential player in shaping modern environments—delivering solutions that are both technically sophisticated and environmentally responsible.
Carrier Global (NYSE: CARR) has announced its participation in the Baird 2024 Global Industrial Conference. Chairman & CEO David Gitlin and Senior VP & CFO Patrick Goris will present on Tuesday, November 12, 2024, at 11:50 a.m. ET. The presentation will be available via live webcast on ir.carrier.com, with a replay option available afterward.
Carrier, a global leader in intelligent climate and energy solutions, continues its tradition of innovation in creating sustainable solutions for people and the planet. The company emphasizes its commitment to customer-centric approaches through its diverse workforce.
Carrier Global (NYSE: CARR) reported strong Q3 2024 results with net sales of $6.0 billion, up 21% versus Q3 2023, including 4% organic growth. GAAP EPS from continuing operations was $0.62, while adjusted EPS was $0.77. The HVAC segment showed 6% organic growth, with Commercial HVAC in Americas up nearly 20%. The company's Board approved a $3 billion share repurchase authorization, bringing total authorization to $4.7 billion. The company updated its full-year 2024 guidance to reflect Fire & Security segment as discontinued operations, projecting sales of ~$22.5B with organic growth of ~3% and adjusted EPS of ~$2.50.
Xylem Inc. (NYSE: XYL) has appointed Meredith Emmerich as Senior Vice President and President of its Applied Water segment, effective October 21. Emmerich, who will report to CEO Matthew Pine, brings over 20 years of experience in smart solutions for industrial and commercial buildings. She previously served as Vice President of Carrier Global 's Global Enterprise Solutions.
Emmerich succeeds Franz Cerwinka, who will transition to a senior advisor role until March 2025. The Applied Water segment provides advanced water management solutions for industrial and commercial buildings markets. Xylem's CEO highlighted Emmerich's track record in driving sustainable growth and margin expansion, as well as her expertise in smart building solutions.
Carrier Global (NYSE:CARR), a leader in intelligent climate and energy solutions, has announced a quarterly dividend of $0.19 per share of common stock. The dividend will be payable on November 18, 2024 to shareholders of record at the close of business on October 25, 2024.
Carrier, known for inventing new technologies and industries, continues to lead with its world-class, diverse workforce focused on customer-centric solutions. The company is committed to creating solutions that matter for people and the planet for generations to come.
Carrier Global (NYSE: CARR), a global leader in intelligent climate and energy solutions, has announced the release of its third quarter 2024 earnings on Thursday, October 24, 2024. The company will host a conference call and webcast at 7:30 a.m. ET on the same day. Investors and interested parties can access the webcast and presentation materials at ir.carrier.com.
To participate in the earnings call via phone, pre-registration is required at the Carrier Earnings Call Registration link. Registrants will receive dial-in information and a PIN for call access. A recording of the call will be archived and made available for replay on the company's website later.
Kidde, a leading fire safety company, has launched the next phase of its Cause For Alarm campaign to promote fire safety awareness. The campaign features a 'Living Jingle', an emotional plea from child house fire survivors, aimed at inspiring families to prioritize fire safety. Despite 40% of people believing they're more likely to win the lottery than experience a home fire, over 1,000 people have died in house fires across North America this year.
Kidde has partnered with Multi-Platinum Recording Artist Jordin Sparks to champion the importance of fire safety. The campaign provides fire safety toolkits, a children's book, and other resources on CauseForAlarm.org. Kidde will donate $1 for every alarm purchased at participating retailers from September to November 2024, up to $1,000,000 in total retail value, to communities in need.
Carrier Global (NYSE: CARR) has announced the integration of its EcoEnergy Insights™ business into Carrier Abound™, marking a significant step in the company's transformation journey. This strategic move aligns EcoEnergy Insights' suite of solutions, including the rebranding of CORTIX™, under the Carrier Abound umbrella. The integration aims to offer customers a comprehensive suite of digital solutions and digitally enabled services focused on sustainability, health and well-being, and asset management.
EcoEnergy Insights, known for its AI and IoT solutions in building and equipment operations, has helped customers save over 6 billion kWh globally over nearly 15 years. This energy savings is equivalent to the greenhouse gas emissions from about one million gasoline-powered vehicles driven for a year. By leveraging Carrier's expertise in energy-efficient HVAC systems, Carrier Abound seeks to enhance operational efficiencies and enable smarter, more sustainable building management.
Haier Smart Home Co., has successfully completed its acquisition of Carrier Commercial Refrigeration from Carrier Global for an enterprise value of approximately $775 million. The acquisition, finalized on October 1st, 2024, enhances Haier's strategic position in the global commercial refrigeration market and expands its product portfolio.
The deal brings in over 4,000 employees and well-known brands such as Carrier Commercial Refrigeration, Profroid, Celsior, and Green & Cool. It also includes technologies related to commercial refrigeration, including carbon dioxide technology, which will contribute to environmental improvements and promote green transformation.
This acquisition allows Haier to broaden its reach from home refrigeration to the commercial refrigeration market, enabling the company to offer comprehensive refrigeration solutions to a wider clientele in the industrial, food retail, and cold storage sectors.
Carrier Global (NYSE: CARR) has completed the sale of its commercial refrigeration business to Haier for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. This sale, along with other completed and announced divestitures, is part of Carrier's portfolio transformation strategy to focus on its core businesses.
The transaction marks significant progress in Carrier's efforts to strengthen its global leadership position in intelligent climate and energy solutions. The net proceeds from the sale will be used to pay down debt. Carrier Transicold transport refrigeration, Sensitech, and the Lynx digital ecosystem were not included in the transaction and remain core to Carrier's vision.
BofA Securities acted as financial advisor to Carrier, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP served as external legal counsel.
Carrier Global (NYSE: CARR) is set to host a climate summit during Climate Week in New York City, focusing on building resilience and advancing sustainability in the built environment. The event, titled 'Reimagining the Built Environment for a Net Zero Future,' will bring together industry leaders, policymakers, and experts to discuss sustainable innovation and collaboration in achieving net-zero goals.
Key topics include innovative HVAC solutions for grid resiliency, AI technologies for managing energy demand in buildings, and financial investments for net-zero emission buildings. The summit will feature a fireside chat between David Gitlin, Carrier's Chairman and CEO, and Martin Schroeter, Chairman and CEO of Kyndryl, exploring the intersection of sustainability, business, and energy innovation.
Carrier's commitment to climate action and sustainable solutions is highlighted in its recent 2024 Sustainability and Impact Report, detailing progress towards its 2030 sustainability goals. The company offers a comprehensive suite of sustainable climate technologies and solutions, focusing on improving energy efficiency and reducing carbon emissions across buildings, homes, and the cold chain.
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