Q3 2024 Carrier Global Corp Earnings Call Transcript
Key Points
- Carrier Global Corp (CARR) reported a 20% increase in organic orders compared to last year, indicating strong demand and positioning for future growth.
- The company achieved 4% organic sales growth, driven by strong performance in key verticals such as data centers and decarbonization-related infrastructure.
- Carrier Global Corp (CARR) delivered double-digit aftermarket growth for the fourth consecutive year, highlighting the success of its aftermarket strategy.
- The company repurchased approximately $400 million worth of shares in Q3 and plans to repurchase around $5 billion worth of shares by the end of next year, demonstrating a commitment to returning value to shareholders.
- Carrier Global Corp (CARR) is on track to complete its portfolio transformation by year-end, with the sale of its commercial refrigeration business already closed and the final divestiture of its commercial and residential fire business expected soon.
- Carrier Global Corp (CARR) faced continued headwinds in residential and light commercial HVAC markets in Europe and China, impacting overall sales growth.
- The company's adjusted operating margin was down 40 basis points in Q3, partly due to the deconsolidation of Visteon Climate Solutions, which represented a 130 basis point headwind.
- Preliminary free cash flow was an outflow of about $370 million in the quarter, impacted by cash taxes on business exit gains and transaction costs.
- The refrigeration segment experienced a decline in North America truck and trailer sales, down over 15%, contributing to a challenging market environment.
- Carrier Global Corp (CARR) adjusted its full-year sales expectation to $22.5 billion, reflecting a transition to discontinued operations for its Fire & Security exits, which impacted overall guidance.
Good morning, and welcome to carriers Third Quarter 2024 earnings conference call. I would like to introduce your host for today's conference, Sam Pearlstein, Vice President of Investor Relations and CFO of the Fire & Security segment. Please go ahead, sir.
Thank you and good morning, and welcome to carriers Third Quarter 2024 earnings conference call. With me here today are David Gotland, Chairman and Chief Executive Officer, and Patrick Goris, Chief Financial Officer, will be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in our earnings presentation, which is available to download from carriers website at ir dot kroger.com. The Company reminds listeners that the sales, earnings and cash flow expectations and any other forward-looking statements provided during the call are subject
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
