Why Carrier Global Shares Are Surging Today
Carrier Global Corp Q1 FY24 Results:
- Net sales increased by 17% Y/Y to $6.18 billion, falling short of the consensus.
- Adjusted operating profit surged by 44% Y/Y to $927 million, with an expanded margin of 15.0%.
- Reported adjusted EPS was $0.62, surpassing the expected $0.51.
- Ended the quarter with $1.31 billion in cash and cash equivalents.
Strategic Moves and Outlook:
- Acquired Viessmann Climate Solutions at the beginning of the year.
- Expects adj. EPS of $2.80-$2.90 for FY24, with a revised sales outlook of ~$26 billion.
- Anticipates mid-single-digit organic growth and an adjusted operating margin of 15.5%.
- Projects free cash flow of approximately $0.4 billion.
Shareholder Information:
- Plans to resume share repurchases in 2024.
- Investors can access Carrier Global Corp through ETFs like FPX and CSD.
Future Investments:
- Carrier Global is investing in Strategic Thermal Labs for Data Center Cooling Solutions.
Market Performance:
- Carrier Global Corp shares rose by 7.3% to $58.77 following the earnings report.
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