Carrier Q2: sales $6.0B (+15%), adj EPS $0.79; FY adj EPS guidance raised to $2.55-$2.65

CARRIER GLOBAL Corp

2023-Q2 EPS reported $0.67 revenue$11,265,000,000

Net sales $6.0B, up 15% YoY (organic +6%); commercial HVAC up high-teens, North America resi HVAC +5%.
GAAP EPS $0.23; adjusted EPS $0.79; adjusted operating profit $964M up 12%; one-time charges: $293M KFI deconsolidation, $111M Viessmann hedge.
FY 2023 guidance raised: sales >$22B, adj op margin 14.0-14.5%, adj EPS $2.55-$2.65 (from $2.50-$2.60).
Q2 free cash flow $310M; full-year FCF guidance unchanged ~$1.9B.

item 2.02

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CARRIER GLOBAL Corp reported second quarter 2023 results: revenue $6.0 billion, net income $199 million, EPS $0.23. Guidance raised.

Period: second quarter 2023
Revenue: $6.0 billion
Net income: $199 million
EPS: $0.23
Guidance: raised
Result: reported results

Exact text from the filing

Carrier’s second quarter sales of $6.0 billion were up 15% compared to the prior year and organic sales grew 6% over the same period. Organic sales strength continued in the HVAC segment with commercial HVAC up high-teens and North America residential and light commercial HVAC up 5% organically. Fire and Security sales were up 9% organically while Refrigeration sales were down 6% organically driven by lower volumes in container and commercial refrigeration only partially offset by strength in global truck and trailer demand. GAAP operating profit in the quarter of $489 million was down 40% from last year largely due to the one-time loss of $293 million associated with the deconsolidation of KFI following its Chapter 11 filing and the $111 million unrealized loss on the mark-to-market valuation of forward contracts associated with the Viessmann Climate Solutions acquisition. Adjusted operating profit of $964 million was up 12% compared to last year. Net income was $199 million and adjus

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Source: SEC EDGAR

accession 0001783180-23-000053

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