Carrier Q1 EPS $0.44 GAAP/$0.52 adj; sales $5.3B (+13%); reaffirms FY23 guidance; announces Viessmann acquisition

CARRIER GLOBAL Corp

2023-Q1 EPS reported $0.44 revenue$5,273,000,000

GAAP EPS $0.44, adjusted EPS $0.52; net income $373M, adjusted net income $442M.
Sales $5.3B (+13% YoY); organic sales +4%; commercial HVAC/controls double-digit; F&S +9%; Refrigeration -5% organic.
Free cash flow $50M (operating cash $120M less capex $70M); repurchased $62M of stock in Q1.
Reaffirms FY23 guidance: sales ~$22B, adj op margin ~14%, adj EPS $2.50-$2.60, FCF ~$1.9B.
Also announced acquisition of Viessmann climate solutions business (separate disclosure); conference call rescheduled to Apr 26.

item 2.02 item 7.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CARRIER GLOBAL Corp reported first quarter 2023 results: revenue $5.3 billion, net income $373 million GAAP, $442 million adjusted, EPS $0.44 GAAP, $0.52 adjusted. Guidance reaffirmed.

Period: first quarter 2023
Revenue: $5.3 billion
Net income: $373 million GAAP, $442 million adjusted
EPS: $0.44 GAAP, $0.52 adjusted
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Carrier’s first quarter sales of $5.3 billion were up 13% compared to the prior year and organic sales grew 4% over the same period. Organic sales strength continued in the HVAC segment with commercial and controls up double digits while Fire and Security was up 9% organically in the quarter. Refrigeration sales were down 5% organically driven by container and commercial refrigeration only partially offset by strength in global truck and 1 trailer. North America residential and light commercial HVAC was down 2% driven by a tough comparison in residential. GAAP operating profit in the quarter of $555 million was down 68% from last year that included the gain related to the divestiture of Chubb. Adjusted operating profit of $642 million was down 2%. Favorable price/cost was more than offset by flattish volumes, unfavorable mix, and spending on investments. Net income was $373 million and adjusted net income was $442 million. GAAP EPS was $0.44 and adjusted EPS was $0.52. Net cash flows g

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accession 0001783180-23-000036

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