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 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.
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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