CARR - Carrier Global rises on earnings beat higher guidance

2023-07-27 10:06:19 ET

Carrier Global’s ( NYSE: CARR ) stock rose as much as 3.7% on Thursday morning after the maker of heating and cooling equipment reported Q2 results that beat Wall Street’s estimates.

Its profit fell to $199 million, or $0.23 a share, from $573 million, $0.67 a share, a year earlier. Adjusted EPS of $0.79 beat the consensus estimate of $0.77.

Revenue rose 15% from a year earlier to $5.99 billion, compared with the consensus estimate of $5.83 billion.

Management raised its full-year earnings guidance to a range of $2.55 a share to $2.65 a share from a previous range of $2.50 to $2.60.

Carrier ( CARR ) is aiming for full-year sales of more than $22 billion with organic growth at a mid-single-digit percentage. It previously estimated full-year sales of $22 billion and organic growth of a low- to mid-single-digit percentage.

David Gitlin, CEO of Carrier, touted its planned acquisition of Viessmann Climate Solutions for more than $13 billion.

"The more we learn about Viessmann Climate Solutions, the more excited we are for the impact of this game-changing combination,” he said in a statement. “We continue to anticipate a close around year-end and expect the majority of the businesses we plan to exit to be in the market over the course of the next few months.”

More about Carrier

• Will the heat rally stick? New records put spotlight on AC and generator stocks
• U.S. shipments of residential water heaters rose in May from year earlier
• Carrier to buy Viessman's heating and cooling unit for $13.17B; shares slide

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