We Expect Carrier to Lower 2025 Guidance Due to Weakening US Residential HVAC Sales

Carrier Global, a leading supplier of HVAC and refrigeration products and related services, was spun off from United Technologies in April 2020. Since then, the firm has undergone a substantial transformation. In the immediate years following the spinoff, Carrier's management focused on strengthening the balance sheet and organic reinvestment. The company sold its Chubb fire and security services business and its ownership stake in the Beijer joint venture to raise capital to pay down debt. Carrier also increased spending on research and development, its sales organization, and capital projects to support product development and growth initiatives.