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Dec 31, 2024
Carrier Q4 2024 Earnings Report
Key Takeaways
Carrier Global Corporation reported strong financial results for Q4 2024, with revenue reaching $5.1 billion, a 19% increase from the previous year, driven by 6% organic growth. Adjusted EPS grew 50% to $0.54. The HVAC segment saw an 11% organic sales increase, while Refrigeration sales declined by 6%. Operating profit rose 44% due to the gain on the sale of Commercial Refrigeration.
Forward Guidance
Carrier expects mid-single-digit organic revenue growth in 2025, with a projected revenue range of $22.5B–$23.0B. Adjusted EPS is expected to increase by 15-20% year-over-year, reaching $2.95–$3.05. Free cash flow is projected to be between $2.4B and $2.6B, with a focus on share repurchases.
Positive Outlook
- Mid-single-digit organic revenue growth projected for 2025.
- Adjusted operating margin expected to increase by ~100 basis points.
- Adjusted EPS growth projected at 15-20% year-over-year.
- Free cash flow guidance set between $2.4B and $2.6B.
- Plan to repurchase ~$3 billion in shares.
Challenges Ahead
- Commercial Refrigeration divestiture expected to reduce revenue by ~$750 million.
- FX impact expected to slightly hinder growth (-1%).
- Continued cost pressures in the supply chain.
- Macroeconomic uncertainties may impact growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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