#USA #Carrier Global #Palm Beach Gardens #HVAC #Viessmann

Carrier Global Corporation Reports 2024 Financial Results

Carrier Global Corporation, a global leader in intelligent climate and energy solutions, has delivered strong financial performance for the fourth quarter and full-year 2024. This culminates a transformational year for the company as it significantly enhances its market position through strategic acquisitions and a focus on sustainable growth.

Fourth Quarter Highlights

For the fourth quarter of 2024, Carrier reported impressive sales of $5.1 billion, marking a 19% increase compared to 2023, which included 6% organic growth. Notably, the adjusted earnings per share (EPS) from continuing operations surged by 50% to $0.54. The operating margin also expanded significantly, leading to adjusted operating margins reaching 370 basis points. This growth is attributed in part to the company’s strategic acquisition of Viessmann Climate Solutions, which has allowed Carrier to offer a more diverse product portfolio and capitalize on market opportunities.

The HVAC segment saw organic sales rise by 11%, primarily driven by high performance in the Americas, where both Commercial and North America Residential segments reported strong double-digit increases. Additionally, Carrier faced challenges in the refrigeration segment, where organic sales decreased by 6%, largely impacted by a downturn in the North American truck and trailer sector.

Full-Year Performance Overview

Throughout 2024, Carrier achieved total sales of $22.5 billion, up 19% from 2023. The full-year results showcased a 16% increase in adjusted EPS, bringing it to $2.56. The company's operational efficiency was evident with a 40 basis point increase in GAAP operating profit and an impressive 34% rise in adjusted operating profit.

Carrier executed a robust return of approximately $2.6 billion to its shareholders, which included $0.7 billion in dividends and $1.9 billion used for repurchasing shares. This strategic move highlights the company’s commitment to delivering value to its investors while also bolstering its financial standing.

Looking Ahead: 2025 Outlook

As Carrier sets its sights on 2025, the company is optimistic about maintaining a trajectory of growth, with projected sales ranging between $22.5 billion and $23.0 billion. The guidance includes expectations of mid-single digit organic growth, supported by continued innovation in its product offerings and a focus on the expanding aftermarket segment. The expected adjusted operating margin is projected to rise to 16.5% – 17.0%.

Throughout 2025, Carrier anticipates benefiting from strong tailwinds in the commercial HVAC market, particularly due to rising demand from data centers. The company is also making strategic plans to repurchase around $3 billion of its shares, showing confidence in its growth strategy and financial health.

Conclusion

In summary, Carrier Global Corporation’s performance in 2024 reflects its strategic transformation and operational resilience, amidst a challenging market environment. The comprehensive expansion of its offerings, particularly through the integration of Viessmann, positions Carrier well to meet customer needs and achieve sustained growth in 2025 and beyond. With a clear focus on delivering value, Carrier's commitment to innovation and shareholder returns remains strong as it navigates the evolving climate and energy solutions landscape.