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Sep 30, 2020
Carrier Q3 2020 Earnings Report
Carrier's Q3 2020 results reflected a solid performance driven by strong North American residential HVAC and progress on growth and cost initiatives.
Key Takeaways
Carrier Global Corporation reported a 4% increase in sales to $5 billion in the third quarter of 2020, with organic sales growth of 3%. GAAP EPS was $0.84 and adjusted EPS was $0.67. The company is raising its full-year outlook for sales, adjusted operating profit, and free cash flow.
Third quarter sales increased by 4% year-over-year to $5 billion.
GAAP EPS was $0.84, and adjusted EPS was $0.67.
The company is increasing its three-year savings target by $100 million, renaming the Carrier 600 program to Carrier 700.
Plans to reduce debt by $1.5 billion in the fourth quarter of 2020, backed by stronger than expected free cash flow.
Carrier
Carrier
Forward Guidance
Carrier is raising its full-year 2020 outlook.
Positive Outlook
- Sales of approximately $17.3 billion, up from a range of $15.5 to $17.0 billion
- Adjusted operating profit of approximately $2.2 billion, up from a range of $1.8 to $2.0 billion
- Free cash flow of approximately $1.5 billion, up from at least $1.1 billion
- Plans to reduce the Company's debt by $1.5 billion in the fourth quarter 2020
- Stronger than expected free cash flow will support plans to reduce the Company's debt