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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 announced its acquisition of Viessmann Climate Solutions for €12 billion, which includes significant cash and stock components. This strategic move aims to position Carrier as a premier player in the climate and energy transition market in Europe, where the heat pump segment is projected to triple to $15 billion by 2027. The acquisition enhances Carrier's portfolio, leading to greater growth opportunities and operational synergies. As part of this transformation, Carrier plans to exit its Fire & Security and Commercial Refrigeration divisions, streamlining operations and reducing complexity. The deal is expected to close by the end of 2023, subject to regulatory approvals, and will yield cost synergies of approximately €200 million. Carrier also projects modestly dilutive effects on adjusted EPS in 2024, but accretive thereafter.
Carrier Global Corporation (NYSE:CARR) reported a robust financial performance for Q1 2023, revealing a 13% increase in net sales compared to Q1 2022, totaling $5.3 billion. Organic sales rose 4%, with strong growth in commercial HVAC and controls. However, net income dropped 68% from the previous year to $373 million, while adjusted net income was $442 million. GAAP EPS stood at $0.44, with adjusted EPS at $0.52. The company generated $120 million in net cash from operations and achieved $50 million in free cash flow. Carrier reaffirmed its full-year 2023 guidance, expecting sales around $22 billion, adjusted EPS between $2.50 - $2.60, and free cash flow of $1.9 billion.
Carrier Global Corporation (NYSE: CARR) announced a quarterly dividend of $0.185 per share, payable on May 24, 2023, to shareholders on record by May 5, 2023. This payout reflects the company's commitment to providing value to its shareholders while maintaining a focus on healthy, safe, sustainable, and intelligent solutions for building and cold chain systems. Carrier continues to navigate industry challenges while delivering on its promise of innovation and customer-centric service.
The U.S. Environmental Protection Agency's National Vehicle and Fuel Emissions Laboratory in Ann Arbor, Michigan, has selected NORESCO to implement a decarbonization program through an energy savings performance contract (ESPC). This $130 million program includes energy efficiency improvements and infrastructure upgrades over a 22-year term. The initiative is projected to reduce the facility's energy consumption by 39%, cutting annual carbon dioxide emissions by 3,150 metric tons. The upgrades will enhance existing systems, with a focus on energy management and HVAC replacements. This partnership supports Carrier Global Corporation's ESG goals to cut carbon footprints significantly.
Carrier Global Corporation (NYSE: CARR) has announced a collaboration with Link Logistics to enhance energy management and analytics across Link's extensive logistics portfolio. This partnership aims to boost energy efficiency for Link's real estate assets, benefiting over 11,000 clients. By utilizing EcoEnergy Insights' AI and IoT technologies, Link will implement utility metering solutions across nearly 550 million square feet of logistics space. Link Logistics is committed to achieving carbon-neutral operations by 2025, aligning with its customers' preference for energy-efficient facilities. This initiative is part of Carrier's broader ESG goals to significantly reduce carbon footprints by 2030.
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