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Dec 31, 2023
Carrier Q4 2023 Earnings Report
Carrier's Q4 2023 financial results were strong, with EPS up over 30% compared to the prior year.
Key Takeaways
Carrier Global Corporation reported strong financial results for the fourth quarter and full year of 2023. The company's fourth quarter sales were $5.1B. GAAP EPS was $0.49, up 53% vs. 2022 and adjusted EPS was $0.53, up 33% vs. 2022.
Sales of $5.1B
Operating margin expansion of 340 basis points and adjusted operating margin expansion of 80 basis points
GAAP EPS of $0.49, up 53% vs. 2022 and adjusted EPS of $0.53, up 33% vs. 2022
Net cash flow from operating activities of $1.1B and free cash flow of $829M
Carrier
Carrier
Forward Guidance
Carrier is announcing the following outlook for 2024: Sales ~$26.5B Adjusted Operating Margin* 15.0% - 15.5% Adjusted EPS* $2.80 - $2.90 Free Cash Flow* ~$0.7B
Positive Outlook
- Sales ~$26.5B
- Organic* up MSDFX 0%
- Acquisitions +20%
- Divestitures (5%)
- Adjusted Operating Margin* 15.0% - 15.5%
Challenges Ahead
- Adjusted EPS* $2.80 - $2.90
- Free Cash Flow* ~$0.7B
- Includes $1.7B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs
- Global Access Solutions and Commercial Refrigeration included through June 30, 2024
- Viessmann Climate Solutions sales expected to grow mid-single-digits