Summary
Carrier Global Corporation's (CARR) 2024 Annual Report highlights a year of significant portfolio transformation and strategic growth. The company successfully divested several businesses, including Access Solutions, Industrial Fire, Commercial Refrigeration, and Commercial and Residential Fire, generating substantial cash proceeds. Concurrently, Carrier completed the acquisition of the Viessmann Climate Solutions (VCS) business, strengthening its position in intelligent climate and energy solutions, particularly in Europe. Financially, Carrier reported net sales of $22.5 billion, a 19% increase year-over-year, driven by the VCS acquisition and organic growth in its HVAC segment. The company is focused on innovation, digital solutions, and expanding its energy management offerings, aligning with secular trends like urbanization and energy efficiency. Despite increased interest expenses due to debt financing for the VCS acquisition, the company's overall financial performance shows resilience, with a significant increase in net earnings attributable to common shareholders.
Financial Highlights
55 data points| Revenue | $22.49B |
| Cost of Revenue | $16.50B |
| Gross Profit | $5.98B |
| R&D Expenses | $686.00M |
| SG&A Expenses | $3.20B |
| Operating Expenses | $20.39B |
| Operating Income | $2.65B |
| Interest Expense | $580.00M |
| Net Income | $5.60B |
| EPS (Basic) | $6.24 |
| EPS (Diluted) | $6.15 |
| Shares Outstanding (Basic) | 898.20M |
| Shares Outstanding (Diluted) | 911.70M |
Key Highlights
- 1Carrier completed a significant portfolio transformation in 2024, divesting four businesses (Access Solutions, Industrial Fire, Commercial Refrigeration, and Commercial & Residential Fire) while acquiring the Viessmann Climate Solutions (VCS) business.
- 2Net sales increased by 19% to $22.5 billion for the year ended December 31, 2024, primarily driven by the VCS acquisition and organic growth in the HVAC segment.
- 3Operating profit saw a 23% increase to $2.6 billion, reflecting pricing improvements, productivity initiatives, and benefits from the VCS business.
- 4The company generated substantial cash proceeds from divestitures totaling over $9.9 billion, which are planned for debt repayment, growth initiatives, and shareholder returns.
- 5Carrier is strategically investing in innovation, digital solutions, and energy management, positioning itself to benefit from favorable secular trends in climate and energy.
- 6Despite increased debt, the company's credit ratings remain investment grade, with positive outlooks from major agencies.
- 7Net earnings attributable to common shareholders surged by 315% to $5.6 billion, significantly impacted by gains from divestitures.