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Jun 30, 2024
Carrier Q2 2024 Earnings Report
Carrier's Q2 2024 financial performance was strong, marked by significant sales growth, operating margin expansion, and progress in portfolio transformation.
Key Takeaways
Carrier reported strong Q2 2024 results with net sales of $6.7 billion, up 12% year-over-year, and organic sales up 2%. GAAP EPS was $2.55, and adjusted EPS was $0.87, up double-digits. The company achieved a 200 bps expansion in adjusted operating margin and reduced net debt by approximately $5 billion. They also plan to repurchase about $1 billion of shares in the second half of 2024.
Net sales reached $6.7 billion, a 12% increase compared to Q2 2023, with organic sales up by 2%.
GAAP EPS significantly increased to $2.55, while adjusted EPS rose to $0.87, showing double-digit growth.
Adjusted operating margin expanded by 200 bps due to strong operational execution.
The company closed two of the four planned business exit transactions and is on track with the remaining two.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Carrier updated its full-year 2024 guidance, which now includes Commercial Refrigeration for nine months.
Positive Outlook
- Sales: ~$25.5B
- Organic Sales: Up mid-single digit
- FX: (1%)
- Acquisitions: +16%
- Divestitures: (5%)
Challenges Ahead
- Free Cash Flow* ~$0.4B
- Includes ~$2B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs
- Sales ~$26B
- Organic* up MSD
- FX (0%)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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