CARR - Carrier Global Corporation (CARR) Q1 2024 Earnings Call Transcript
2024-04-25 11:10:26 ET
Carrier Global Corporation (CARR)
Q1 2024 Earnings Conference Call
April 25, 2024, 07:30 AM ET
Company Participants
Sam Pearlstein - VP, IR
David Gitlin - Chairman, CEO
Patrick Goris - CFO
Conference Call Participants
Julian Mitchell - Barclays
Jeffrey Sprague - Vertical Research Partners
Andy Kaplowitz - Citigroup
Tommy Moll - Stephens Inc.
Deane Dray - RBC
Noah Kaye - Oppenheimer & Company
Nigel Coe - Wolfe Research
Stephen Tusa - JPMorgan Chase & Company
Gautam Khanna - TD Cowen
Brett Linzey - Mizuho
Andrew Obin - Bank of America
Presentation
Operator
Good morning, and welcome to Carrier's First Quarter 2024 Earnings Conference Call.
I would like to introduce your host for today's conference, Sam Pearlstein, Vice President of Investor Relations. Please go ahead, sir.
Sam Pearlstein
Thank you, and good morning, and welcome to Carrier's first quarter 2024 earnings conference call. With me here today are David Gitlin, Chairman and Chief Executive Officer; and Patrick Goris, Chief Financial Officer.
We 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 Carrier's website at ir.carrier.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 to risks and uncertainties. Carrier's SEC filings, including Forms 10-K, 10-Q and 8-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.
Once the call is open for questions, we ask that you limit yourself to one question and one follow-up to give everyone the opportunity to participate.
With that, I'd like to turn the call over to our Chairman and CEO, Dave Gitlin.
David Gitlin
Thank you, Sam, and good morning, everyone.
We've had an exciting start to the year. We welcomed 12,000 new team members from Viessmann Climate Solutions to the Carrier family, made great progress on our business exits and delivered very strong financial results, positioning us for yet another year of significant margin expansion and solid growth.
Starting with the highlights of our strong first quarter results on Slide 3. On low-single-digit organic sales growth, we drove 280 basis points of adjusted margin expansion and 19% adjusted EPS growth. I am very proud of the team. We have made enormous progress on our lean journey and driving sustained productivity, and we are seeing it in our results....
Carrier Global Corporation (CARR) Q1 2024 Earnings Call Transcript