CARR - Carrier Global Corporation (CARR) Q4 2023 Earnings Call Transcript
2024-02-06 11:41:09 ET
Carrier Global Corporation (CARR)
Q4 2023 Earnings Conference Call
February 6, 2024 07:30 AM ET
Company Participants
Sam Pearlstein - VP, IR
David Gitlin - Chairman, CEO
Patrick Goris - CFO
Conference Call Participants
Jeffrey Sprague - Vertical Research Partners
Julian Mitchell - Barclays
Andrew Kaplowitz - Citigroup
Deane Dray - RBC Capital Markets
Noah Kaye - Oppenheimer
Joe Ritchie - Goldman Sachs
Nigel Coe - Wolfe Research
Jeff Hammond - KeyBanc Capital Markets
Stephen Tusa - JPMorgan
Brett Linzey - Mizuho
Presentation
Operator
Good morning, and welcome to Carrier Fourth Quarter 2023 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 fourth quarter 2023 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
Well, thank you, Sam, and good morning, everyone. Let me start by saying a heartfelt thank you to our team for delivering excellent results in 2023, while navigating such a significant and compelling portfolio transformation. I'd also like to thank and welcome our new 12,000 team members from Viessmann Climate Solutions. Our formal kick-off last month had more energy, warmth, and excitement than I have ever seen from day one celebrations. I profoundly believe that this will go down as the most impactful business combination that our industry has ever seen, and we are so excited to be on this journey together.
As you can see on Slide 2, the fourth quarter capped a strong finish to a great year for Carrier. In the quarter we achieved 33% of adjusted EPS growth, driving another quarter of double-digit aftermarket growth and 80 basis points of margin expansion on flattish sales. Importantly, free cash flow of over $800 million significantly beat our expectations, driven by continued strong performance and working capital....
Carrier Global Corporation (CARR) Q4 2023 Earnings Call Transcript