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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Carrier Global rises on earnings beat, higher guidance