CARR - Carrier Global Corporation (CARR) Wolfe Research 17th Annual Global Transportation & Industrials Conference

2024-05-21 22:45:26 ET

Carrier Global Corporation (CARR)

Wolfe Research 17th Annual Global Transportation & Industrials Conference

May 21, 2024 12:20 PM ET

Company Participants

David Gitlin - Chairman and Chief Executive Officer

Patrick Goris - Senior Vice President and Chief Financial Officer

Conference Call Participants

Nigel Coe - Wolfe Research

Presentation

Nigel Coe

Well, good afternoon. Thanks for joining us at the 17th Annual Wolf Transport and Industrial Conference. We're going to continue with Carrier Corporation and very pleased to welcome David Gitlin, Chairman and CEO of Carrier and Patrick Goris, Chief Financial Officer to the stage. So Dave, again, thanks for being here.

And let me hand it over to you for any opening remarks.

David Gitlin

Well, I appreciate that, Nigel. Thanks to you. Thanks to Will for having us back. We could not be more excited about the journey that we're on as the global leader of an intelligent climate and energy solutions. And those three words, intelligence, all things AI, data centers, connected devices. We see tremendous opportunity from all things intelligence. Climate at our core is a sustainability company. And then when we think about energy, that's a little bit the new frontier for us as we think about grid resilience. And as part of that, we're ecstatic about welcoming Viessmann to the family earlier this year. We'll talk about the market, I'm sure, but gaining share, growing the biz. We're actually gaining share in every single market taking costs out the team's performing very well in what's a challenging market.

And then all of our divestitures are progressing to plan. We're close on closing on access solutions followed by industrial fire followed by commercial refrigeration and now we're in the market with our residential and commercial fire the NDA's are signed the Sims are out we're starting -- we're going to start management presentation soon and we're hoping to close on that by the end of this year. So when we get into 2025 we will have our portfolio changes behind us. And we're poised for very strong execution through the rest of this year and to next, we've been clear on capital allocation priorities with paying down debt, starting a buyback later this year. And we feel balanced on where we are on this year. The team performed very well in the first quarter, and that's continued here into 2Q.

Question-and-Answer Session

Operator

Q - Nigel Coe

That's great. Thanks, Dave. I'm going to touch on pretty much everything you just mentioned and a bit more detail. Just on the commercial business, you mentioned NDAs have been signed, so books are out there. Obviously the initial plan was for that to be a capital markets transaction I think. Were you surprised by the level of interest in that asset?...

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