Carrier Global Corporation (NYSE:CARR) reported Q2 net sales of $5.99 billion, beating the consensus of $5.83 billion. Net sales rose nearly 15% Y/Y.
CARR reported adjusted EPS of $0.79, beating the street view of $0.77.
“We delivered another quarter of strong financial performance led by double-digit growth in commercial and light commercial HVAC, global truck and trailer, aftermarket and controls, which shows the strength of our execution, end-markets and backlog,” said Carrier Chairman & CEO David Gitlin.
Product Sales rose 14.9% to $5.36 billion, while Service sales rose 16.03% to $637 million.
Also Read: Carrier Transforms Its Portfolio With €12B Acquisition Of Viessmann Climate Solutions
Adjusted operating profit of $964 million was up 12% compared to last year.
In Q2, net cash inflows from operating activities were $384 million, and free cash flow generation was $310 million.
The company exited the quarter with cash and equivalents worth $3.21 billion.
“We continue to anticipate a close around year-end and expect the majority of the businesses we plan to exit to be in the market over the course of the next few months. After the completion of these portfolio actions, Carrier will become a pure play, high-growth global climate champion.”
Outlook: Carrier sees FY23 Adj. EPS of $2.55-$2.65 versus the $2.58 estimate. The prior view was $2.50 – $2.60. The company expects net sales to be over $22 billion (consensus $22.24 billion).
Price Action: CARR shares are trading higher by 2.99% to $56.06 on the last check Thursday.
