Carrier Global ( NYSE: CARR ) -2% pre-market Tuesday after reporting Q4 adjusted earnings and revenues that fell from a year ago but matched expectations, with FY 2023 guidance roughly in line with analyst estimates.
Q4 net income fell to $270M, or $0.32/share, from $324M, or $0.36/share, in the prior-year quarter, while sales slipped 0.5% Y/Y to $5.11B, as product sales rose 6.4% to $4.53B but service sales slid 34% to $578M.
Q4 sales in the HVAC segment jumped 21% Y/Y to $3.31B, Refrigeration revenues fell 13% to $943M, and Fire and Security sales slipped 33% to $960M.
Company-wide operating margin fell to 8.5% from 9% in the year-earlier quarter, as operating margin fell in HVAC to 7.3% from 8.3% while rising to 12% from 9.8% in Refrigeration, and edging down to 14.25 from 14.5% in Fire and Security.
Carrier ( CARR ) said it will target net zero greenhouse gas emissions across value chain by 2050, and plans to expand investments in support of its goal of carbon neutral operations, with a focus on renewable energy and high-quality carbon sequestration credits.
For FY 2023, the company expects adjusted EPS of $2.50-$2.60 and revenues of ~$22B, in line with analyst consensus for EPS of $2.56 and sales of $21.75B.
Carrier Global ( CARR ) shares have gained 11% so far this year but just 1% during the past year .
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Carrier drops pre-market as Q4 earnings, sales slip from a year ago