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Carrier Global Corporation (CARR), established in 1915 and headquartered in Palm Beach Gardens, Florida, is a leading global provider of heating, ventilation, air conditioning (HVAC), refrigeration, and fire and security solutions. With a market cap of $61.4 billion, Carrier is committed to delivering innovative and sustainable solutions that enhance energy efficiency, safety, and comfort across residential, commercial, and industrial applications. The company is set to release its fourth-quarter earnings on Tuesday, Feb. 4.
Ahead of the event, analysts expect Carrier Global to report a profit of $0.50 per share, down 5.7% from $0.53 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.83 per share for the last quarter surpassed the consensus estimate by 2.5%. Carrier's strong quarterly performance was driven by HVAC organic growth, the Viessmann acquisition, and operational improvements.
For fiscal 2024, analysts expect Carrier Global to report EPS of $2.51, down 8.1% from $2.73 in fiscal 2023.
Carrier Global's shares have risen 21.3% over the past 52 weeks, trailing the S&P 500 Index's ($SPX) 24.4% gain. However, the stock has outpaced the Industrial Select Sector SPDR Fund's (XLI) 18.4% returns during the same period.
On Oct. 24, Carrier Global's shares dropped over 8% following the release of its Q3 earnings. The company reported a 21% year-over-year revenue increase to $6 billion, falling short of Wall Street’s estimate of $6.6 billion.
Carrier Global's 2024 guidance now focuses primarily on continuing operations, with free cash flow including both continuing and discontinued operations. The company projects $22.5 billion in sales, driven by 3% organic growth.
The consensus opinion on CARR stock is moderately bullish, with an overall “Moderate Buy” rating. Of 22 analysts covering the stock, 11 advise a “Strong Buy” rating, one suggests a “Moderate Buy,” and 10 suggest a “Hold.”
CARR's average analyst price target is $85, indicating a 24.2% potential upside from the current price levels.
