CARR - Why Carrier Global Stock Is Heading Higher Today
2024-04-25 14:55:54 ET
Climate control specialist Carrier Global (NYSE: CARR) reported hotter-than-expected earnings in the quarter. Carrier shares were up 8% as of 2:30 p.m. ET after the company showed clear progress in its campaign to improve profitability.
Carrier earned $0.62 per share in the quarter, beating Wall Street's consensus estimate by $0.11, despite revenue that at $6.18 billion was about $100 million short of expectations. Strong cost controls led the way, helping Carrier to boost adjusted operating margins by 280 basis points compared to a year prior.
"We continue to perform while transforming," CEO David Gitlin said in a statement. "We are focused on capitalizing on the long-term secular sustainability trends, outperforming the market, and achieving and accelerating revenue and cost synergies."
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Why Carrier Global Stock Is Heading Higher Today