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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.
Honeywell has finalized its $4.95 billion acquisition of Carrier's Global Access Solutions business, enhancing its position in the security solutions sector. This acquisition aligns Honeywell with automation and digitalization megatrends, adding brands like LenelS2, Onity, and Supra to its portfolio.
The deal brings 1,200 employees to Honeywell and is expected to be accretive to adjusted earnings per share in the first year. Honeywell forecasts annual sales over $1 billion from this acquisition, boosting its Building Automation segment.
The company updated its 2024 outlook, projecting full-year sales of $38.5 billion to $39.3 billion, with organic growth of 4% to 6%. Segment margin is expected to be 23.8% to 24.1%, and adjusted earnings per share between $10.15 and $10.45. Operating cash flow is projected at $6.7 billion to $7.1 billion, with free cash flow between $5.6 billion and $6 billion.
Carrier Global, a leader in intelligent climate and energy solutions, was named one of 'America's Climate Leaders' by USA Today on May 30, 2024. This recognition highlights Carrier's efforts in reducing greenhouse gas emissions. Carrier's initiatives in 2022 aimed at carbon neutrality and energy efficiency include energy audits, fleet decarbonization, and refrigerant management. The company is committed to achieving carbon-neutral operations and helping customers avoid over 1 gigaton of greenhouse gas emissions by 2030. Carrier has set science-based targets to limit global warming to 1.5 degrees Celsius and aims for net-zero emissions by 2050, focusing on electrification and environmentally responsible refrigerants.
Carrier has been named the 'Best Air Conditioner Brand' by USA Today, following two years as the Best HVAC Company by U.S. News & World Report. Carrier, a part of Carrier Global (NYSE: CARR), is celebrated for its quiet operation, energy efficiency, and smart-home connectivity. The accolade reinforces Carrier's commitment to homeowner satisfaction and innovation in HVAC systems. Other recognitions include Forbes HOME's 'Best Reliability' and 'Best Smart Home Compatibility' and Modernize's '#1 Air Conditioner Brand.' To learn more, visit their website.
Nlyte Software, part of Carrier Global (NYSE: CARR), has been recognized as a leader in the Data Center Infrastructure Management (DCIM) category by G2 Grid.
The company received top rankings in energy consumption, server performance, and workflow automation.
Nlyte Software's commitment to excellence, innovation, and customer satisfaction were key factors in this recognition.
The company's solutions are particularly well-received by enterprise clients due to their scalability and comprehensive analytics.
Nlyte's DCIM solutions support Carrier's 2030 Environmental, Social & Governance (ESG) goals to help customers avoid more than 1 gigaton of greenhouse gas emissions by 2030.
Carrier Global (NYSE: CARR) announced that Chairman & CEO David Gitlin and SVP & CFO Patrick Goris will present at the Wolfe Research 17th Annual Global Transportation & Industrials Conference on May 21, 2024, at 12:20 p.m. ET. The presentation will be broadcast live and available for replay at ir.carrier.com. Carrier, a leader in intelligent climate and energy solutions, continues to innovate and focus on customer-centric solutions.
Contact for media inquiries is Jason Shockley, and for investor relations, Sam Pearlstein. For more information, visit Carrier's website or follow their social media channels.
Carrier Global (NYSE: CARR) will be presenting at the Oppenheimer 19th Annual Industrial Growth Conference. Senior VP & CFO Patrick Goris will speak on May 6, 2024, at 3:00 p.m. ET. Carrier is a global leader in intelligent climate and energy solutions, focusing on innovation and customer-centricity.
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