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Mar 31, 2024
Carrier Q1 2024 Earnings Report
Reported strong financial results and reaffirmed full year earnings guidance.
Key Takeaways
Carrier Global Corporation reported strong first quarter results with net sales up 17% compared to the prior year, including 2% organic growth. Adjusted operating margins expanded by 280 basis points. The company reaffirmed its full year earnings guidance and expects to resume share repurchases in 2024.
Net sales increased by 17% compared to Q1 2023, with organic sales up by 2%.
GAAP EPS was $0.29, while adjusted EPS reached $0.62.
Adjusted operating margin expanded by 280 basis points year over year.
Full year 2024 adjusted EPS guidance is maintained despite a $0.05 headwind from earlier business exits.
Carrier
Carrier
Carrier Revenue by Segment
Carrier Revenue by Geographic Location
Revenue by Segment
CSA Revenue
CapyFin.comCSE Revenue
CapyFin.comCSAME Revenue
CapyFin.comCST Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEurope Revenue
CapyFin.comAPAC + MEA Revenue
CapyFin.comTransportation Revenue
CapyFin.com Forward Guidance
Carrier updated the following guidance for 2024, which includes Access Solutions, Commercial Refrigeration, and Industrial Fire for half a year:
Positive Outlook
- Sales: ~$26B
- Organic Sales: up MSDFX 0%
- Acquisitions: +18%
- Adjusted Operating Margin: ~15.5%
- Adjusted EPS: $2.80 - $2.90
Challenges Ahead
- Divestitures: (6%)
- Free Cash Flow: ~$0.4B Includes ~$2B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs
- When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort.
- This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws.
- All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income