CARR 10-Q Quarterly Reports

Carrier Global Corp. reported a decrease in net sales for both the three and nine months ended September 30, 2025, compared to the prior year. Net sales for the third quarter were $5.6 billion, down 7%, while nine-month sales were $16.9 billion, down 2%. This decline was primarily driven by lower volumes in key segments, particularly Climate Solutions Americas, and distributor destocking. Despite the top-line pressure, the company demonstrated resilience through its focus on productivity initiatives and strategic pricing actions. The company also reported significant progress on its portfolio transformation, having completed several divestitures in 2024 and a strategic acquisition of the Viessmann climate solutions business. Profitability metrics showed mixed results. While gross margin as a percentage of net sales saw a decrease in the third quarter, it improved year-over-year for the nine-month period, benefiting from productivity gains and the amortization of acquired intangibles from the prior year. Operating profit declined in the third quarter, but increased for the nine-month period, reflecting the impact of volume declines and ongoing investments in R&D and operating expenses. The company's financial position remains solid, supported by robust operating cash flows and access to credit facilities, despite a decrease in cash and cash equivalents primarily due to share repurchases and debt repayments.

Carrier Global Corp. reported solid revenue growth for the second quarter of 2025, driven primarily by its Climate Solutions Americas segment. Total net sales increased by 3% year-over-year, reaching $6.1 billion, with organic sales up 6%. This growth was supported by strong volumes and pricing actions, which also contributed to a significant 12% increase in gross margin, expanding to 28.9% of net sales. Despite some headwinds in the Asia Pacific and Transportation segments, the company demonstrated operational resilience. Profitability saw a substantial improvement, with operating profit rising 25% to $903 million. This was bolstered by the favorable impact of the prior year's inventory step-up and backlog amortization from the Viessmann acquisition now being fully amortized. While net earnings attributable to common shareholders decreased by 75% due to the absence of significant gains from discontinued operations in the prior year, the core business demonstrated strong underlying performance. The company continues to focus on strategic portfolio management and operational efficiency, which is reflected in its robust adjusted operating profit.

Carrier Global Corporation reported a net sales decrease of 4% year-over-year to $5.2 billion for the first quarter of 2025. Despite the top-line decline, gross margin improved by 4% due to the absence of inventory step-up and backlog amortization from the prior year's acquisition, alongside pricing actions and productivity improvements. Operating profit saw a significant increase of 63% to $629 million, driven by reduced operating expenses, particularly SG&A, and a substantial recovery in equity method investment earnings. The company experienced mixed segment performance, with Climate Solutions Americas showing robust growth in net sales and operating profit. However, Climate Solutions Europe and Asia Pacific, Middle East & Africa saw sales declines, while Climate Solutions Transportation's sales also decreased, albeit with organic growth in certain areas. Significant debt reduction and substantial share repurchases highlight a strong focus on capital allocation and returning value to shareholders. The company also reported a notable increase in diluted earnings per share from $0.29 to $0.47.

Carrier Global Corporation (CARR) reported strong revenue growth of 21% in the third quarter of 2024, reaching $6.0 billion, and 18% for the nine-month period to $17.3 billion. This growth was largely driven by the acquisition of Viessmann Climate Solutions (VCS) and a 4% organic sales increase in the third quarter. Net earnings attributable to common shareholders increased by 25% to $447 million ($0.49 per diluted share) for the quarter, and a significant 229% to $3.1 billion ($3.34 per diluted share) for the nine-month period. The company continues its portfolio transformation with the planned divestiture of Commercial Refrigeration and Commercial & Residential Fire businesses, while strengthening its core HVAC and Refrigeration segments. The company successfully managed inflationary pressures through pricing actions and productivity initiatives, though gross margin as a percentage of net sales saw a slight decrease due to acquisition-related amortization. Significant debt was managed through proactive tender offers, and the company's liquidity remains robust with substantial cash and equivalents. The AFFF litigation settlement represents a significant liability, though management anticipates insurance proceeds to cover these costs.

Carrier Global Corp. reported strong financial performance for the second quarter and first half of 2024, driven by robust sales growth and effective cost management. Total net sales increased by 12% to $6.7 billion for the quarter and 14% to $12.9 billion for the six-month period, largely attributable to the acquisition of Viessmann Climate Solutions (VCS) and organic growth across key segments, particularly HVAC. The company also benefited significantly from the divestiture of its Access Solutions business, which generated a substantial gain of $2.9 billion in the second quarter. Despite increased operating expenses related to the VCS acquisition and ongoing investments, Carrier demonstrated improved profitability, with net income attributable to common shareholders rising significantly year-over-year. The company's strategic portfolio transformation is progressing well, with the recent completion of the Access Solutions sale and the ongoing process for divesting the Commercial Refrigeration and Industrial Fire businesses. While debt levels have increased due to the VCS acquisition financing, the company maintains a solid liquidity position and a positive outlook from credit rating agencies. Management remains focused on integrating acquisitions, driving operational efficiencies, and executing its capital allocation strategy, which includes debt repayment and potential shareholder returns.

Carrier Global Corporation reported first-quarter 2024 results marked by significant revenue growth, driven by the acquisition of Viessmann Climate Solutions (VCS) and organic growth in its core segments. Total net sales increased by 17% year-over-year to $6.2 billion. However, net income attributable to common shareholders decreased by 28% to $269 million, or $0.29 per diluted share. This decline was largely influenced by higher interest expenses related to acquisition financing, increased operating expenses, including amortization of acquired intangibles from the VCS acquisition, and a significant foreign currency translation adjustment in other comprehensive income. The company is actively undergoing a portfolio transformation, divesting its Fire & Security and Commercial Refrigeration businesses while integrating the newly acquired VCS business into its HVAC segment. While the acquisition has boosted revenue, it also introduced substantial costs, including intangible asset amortization and integration expenses, impacting profitability in the short term. Despite the profit decline, the company maintains a strong balance sheet and positive outlook, supported by its strategic acquisitions and ongoing restructuring efforts aimed at long-term value creation.

Carrier Global Corporation (CARR) reported its third-quarter and year-to-date results for the period ending September 30, 2023. Total net sales increased by 5% for the quarter and 11% for the nine-month period compared to the prior year, driven by organic growth and strategic acquisitions, particularly the consolidation of Toshiba Carrier Corporation (TCC). The company's significant strategic move involves the pending acquisition of Viessmann's climate solutions business for approximately €12 billion, expected to close by year-end 2023. Concurrently, Carrier plans to exit its Fire & Security and Commercial Refrigeration businesses in 2024, signaling a significant portfolio transformation. While revenue shows growth, net income attributable to common shareholders saw a substantial decrease of 73% for the quarter and 72% for the nine-month period, largely impacted by non-recurring items, including a significant loss on the mark-to-market valuation of forward contracts related to the Viessmann acquisition and the deconsolidation of Kidde-Fenwal, Inc. (KFI) due to its Chapter 11 filing.

Carrier Global Corporation reported a significant increase in net sales for the second quarter of 2023, up 15% year-over-year to $6.0 billion, driven by strong performance in the HVAC segment and contributions from acquisitions. This top-line growth was partially offset by a substantial decrease in net income attributable to common shareholders, which fell 65% to $199 million, or $0.23 per diluted share. The decline in profitability was largely due to a $293 million loss on the deconsolidation of Kidde-Fenwal, Inc. (KFI) due to its Chapter 11 filing and an $111 million loss from mark-to-market valuation of hedging contracts related to the Viessmann acquisition. Despite these headwinds, the company is actively pursuing strategic transformations, including the announced acquisition of Viessmann's climate solutions business and plans to exit its Fire & Security and Commercial Refrigeration businesses in 2024. Looking at the first six months of the year, net sales increased 14% to $11.3 billion, while net income attributable to common shareholders decreased 71% to $572 million ($0.67 per diluted share). The company continues to navigate supply chain challenges and inflationary pressures, though moderation is noted. Carrier ended the quarter with a strong liquidity position, including $3.2 billion in cash and cash equivalents, and remains compliant with its debt covenants. Investors should monitor the integration of the Viessmann acquisition and the execution of the portfolio transformation strategy.

Carrier Global Corporation (CARR) reported its first-quarter 2023 results, showing a significant increase in net sales to $5.3 billion, up 13% year-over-year. This growth was primarily driven by organic sales increases and acquisitions, particularly within the HVAC segment. However, net income attributable to common shareholders saw a substantial decline of 73% to $373 million, compared to $1.38 billion in the prior year. This decrease is largely due to the absence of the significant gain from the Chubb divestiture recognized in the first quarter of 2022, and increased operating expenses, including those related to the Toshiba Carrier Corporation acquisition. The company's financial health remains solid, with $3.3 billion in cash and cash equivalents and a manageable debt level, maintaining its investment-grade credit rating. Despite the reported decrease in net income, the operational performance shows resilience, with positive organic sales growth across most segments and efforts to mitigate inflationary pressures through pricing actions. Investors should note the strategic shift announced post-quarter, including the pending acquisition of Viessmann's climate solutions business and the planned exit from the Fire & Security and Commercial Refrigeration businesses, indicating a significant focus on portfolio transformation.

Carrier Global Corporation's (CARR) third-quarter 2022 results show a significant increase in net income attributable to common shareholders, driven by strong performance in the HVAC segment and substantial gains from the sale of its Chubb Fire & Security business and the acquisition of Toshiba Carrier Corporation (TCC). Despite a slight overall decrease in net sales year-over-year, primarily due to foreign currency translation and the divestiture of Chubb, the company demonstrated robust organic sales growth across its segments, particularly in HVAC, indicating strong underlying demand for its products and services. Profitability was bolstered by strategic pricing actions to offset inflationary pressures and supply chain costs, alongside significant non-cash gains from the TCC acquisition. Management highlights continued investment in innovation and supply chain resilience, while also actively returning capital to shareholders through share repurchases and dividends.

Carrier Global Corporation's (CARR) second-quarter 2022 results show a net sales decrease of 4% to $5.21 billion, primarily impacted by the divestiture of the Chubb Fire & Security business and ongoing supply chain challenges. Despite this, organic sales grew by 7%, driven by strong demand and pricing improvements across the HVAC and Refrigeration segments. Net income attributable to common shareholders increased by 18% year-over-year to $573 million, or $0.67 per diluted share. The company continues to manage costs effectively, with operating expenses down 25% largely due to the Chubb divestiture, and has a solid liquidity position with $3.0 billion in cash and cash equivalents. The six-month period paints a similar picture, with a 3% decrease in net sales to $9.87 billion, offset by a 9% organic sales growth. Net income attributable to common shareholders more than doubled to $1.95 billion ($2.25 per diluted share), significantly boosted by a substantial gain from the Chubb divestiture. The company is actively managing its portfolio, including the pending acquisition of a majority stake in Toshiba Carrier Corporation, and is focused on navigating persistent supply chain issues while benefiting from long-term secular trends in its core markets.

Carrier Global Corp reported a net sales of $4.65 billion for the first quarter of 2022, a slight decrease of 1% compared to the prior year, primarily impacted by divestitures and foreign currency translation, partially offset by a strong 10% organic growth driven by pricing improvements and higher volumes, particularly in the HVAC segment. The company saw a significant increase in operating profit to $1.74 billion, up from $571 million in the prior year, largely due to the substantial gain from the sale of the Chubb Fire & Security business. Despite this, gross margins decreased by 7% to $1.29 billion, impacted by the divestiture of Chubb, increased commodity and component costs, and higher freight expenses. The company continues to navigate supply chain challenges and inflationary pressures, implementing pricing actions and investing in supply chain resilience.

Carrier Global Corporation's (CARR) Q3 2021 10-Q filing reveals a mixed financial performance for the period ending September 29, 2021. While total net sales saw a healthy increase of 7% year-over-year for the quarter and a significant 20% for the nine-month period, driven by organic growth and recovering end-markets, profitability faced headwinds. Net income attributable to common shareholders declined by 37% for the quarter, primarily due to a substantial increase in operating expenses and a higher effective tax rate. The company is navigating ongoing global supply chain challenges, including component shortages and inflationary cost pressures, which are impacting sales and margins. Despite these challenges, Carrier is strategically divesting its Chubb Fire & Security business to focus on its core HVAC and Refrigeration segments. The company also continues to invest in innovation and operational efficiency, demonstrating a commitment to long-term growth amidst a complex economic environment.

Carrier Global Corporation (CARR) reported a significant increase in its financial performance for the second quarter and first half of 2021 compared to the same periods in 2020. Net sales grew substantially, driven by a strong rebound across all three segments: HVAC, Refrigeration, and Fire & Security. This growth was largely organic, reflecting the global economic recovery from the COVID-19 pandemic and improved end-market demand. Profitability also saw considerable improvement, with operating profit and net income attributable to common shareowners increasing significantly. The company highlighted strong operational performance, productivity initiatives, and favorable product mix as key drivers of improved margins, although these were partially offset by rising commodity costs, supply chain inefficiencies, and increased selling, general, and administrative expenses as the company normalized spending. Management expressed confidence in the company's liquidity and ability to fund future operations and strategic initiatives, supported by operating cash flows and existing credit facilities. The company also announced a significant divestiture and an increased share repurchase program, signaling a strategic focus on portfolio optimization and shareholder returns.

Carrier Global Corporation (CARR) reported strong financial performance for the first quarter of 2021, demonstrating significant year-over-year growth across key metrics. Net sales increased by 21% to $4.7 billion, driven by a robust 17% organic growth, reflecting improved global end-markets, particularly in the HVAC segment. The company's profitability saw a substantial boost, with operating profit up 81% to $571 million and net income attributable to common shareholders soaring by 300% to $384 million. This strong operational performance, coupled with effective cost containment initiatives and productivity gains, helped offset rising commodity and supply chain costs. The company maintained a healthy liquidity position with $2.6 billion in cash and cash equivalents and demonstrated a commitment to shareholder returns through a new $350 million share repurchase program and a declared dividend. The company's segment performance was strong across the board. HVAC sales grew 27%, driven by residential and commercial demand. Refrigeration sales increased by 24%, benefiting from recovery in transport and commercial sectors. Fire & Security also showed growth with an 8% increase in net sales. Despite the ongoing impact of the COVID-19 pandemic, Carrier Global has successfully navigated the challenging environment, leveraging its diversified portfolio and global presence to deliver impressive results and positive momentum heading into the second quarter.

Carrier Global Corporation reported its third-quarter and year-to-date results for 2020. The company saw a revenue increase of 4% to $5.0 billion for the quarter, driven primarily by an 11% organic sales increase in the HVAC segment, which benefited from strong residential demand due to warmer weather and increased remote work. However, the Refrigeration and Fire & Security segments experienced revenue declines. For the nine-month period, total net sales decreased by 9%, reflecting the broader economic impacts of the COVID-19 pandemic. Profitability showed a significant improvement in the quarter, with net income attributable to common shareholders rising to $741 million from $492 million in the prior year. This was supported by the gain on the sale of Beijer shares and the absence of a significant impairment charge recognized in the prior year. The company also highlighted ongoing cost management initiatives and its strong liquidity position with $3.8 billion in cash and cash equivalents.

Carrier Global Corporation's Q2 2020 report highlights a significant impact from the COVID-19 pandemic, leading to a 20% decrease in net sales compared to the prior year's second quarter. This downturn was observed across all three business segments: HVAC, Refrigeration, and Fire & Security, driven by reduced volumes and operational challenges. Despite the sales decline, the company demonstrated resilience through cost containment initiatives, which helped mitigate some of the operational profit erosion. The company also successfully completed its separation from United Technologies Corporation (UTC) in April 2020, establishing itself as an independent entity. Significant debt was incurred to facilitate this separation, increasing the company's leverage. Management is focused on preserving liquidity and managing cash flows amidst ongoing pandemic-related uncertainties.

Carrier Global Corporation (CARR) reported its first quarterly results as an independent public company for the period ending March 31, 2020. The company experienced a significant year-over-year decline in net sales, down 10% to $3.89 billion from $4.32 billion in the prior year's quarter. This decline was attributed primarily to organic sales decreases across all three segments (HVAC, Refrigeration, and Fire & Security), exacerbated by the emerging COVID-19 pandemic which disrupted global supply chains, reduced demand, and led to temporary facility closures. Net income attributable to common shareholders fell sharply to $96 million ($0.11 per diluted share) from $400 million ($0.46 per diluted share) in the first quarter of 2019. This decrease was impacted by lower sales volumes, a non-cash impairment charge of $71 million on a joint venture investment, and significant separation-related costs. Despite these challenges, Carrier emphasized its proactive measures to preserve liquidity and manage cash flows, believing it has sufficient liquidity to withstand the expected impact of COVID-19. The company also completed substantial debt financing during the quarter in preparation for its separation from United Technologies Corporation.