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Carrier Global Corp CARR

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Carrier Raises 2021 Guidance After Outsize Q1 Growth Across Product Portfolio

Analyst Note

| Brian Bernard, CFA, CPA |

Carrier's first-quarter revenue surged 21% year over year (17% organic) to $4.7 billion, 8% above FactSet consensus, driven by strong growth across all three segments. Based on our industry research and competitor Lennox's first-quarter results, we were expecting strong residential heating, ventilating, and air conditioning sales; however, Carrier's residential HVAC sales, which increased 48% year over year, exceeded our expectations. Commercial HVAC sales rebounded by a midteens percentage, and the consolidated HVAC segment realized 27% revenue growth (25% organic). We don't think the recent surge in residential HVAC demand is sustainable, and we expect sales will begin to normalize this year. However, we anticipate elevated commercial HVAC sales for the foreseeable future, driven by heightened demand for more energy-efficient systems that deliver better air quality.

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Company Profile

Business Description

Carrier Global Corp manufactures heating, ventilation, and air-conditioning, refrigeration, and fire and security products. Carrier's HVAC business serves both residential and commercial markets (60% of HVAC sales). Carrier's refrigeration segment consists of its transportation refrigeration, Sensitech supply chain monitoring, and commercial refrigeration businesses. The firm's fire and security business manufactures fire detection and suppression, access controls, and intrusion detection products.

Contact
13995 Pasteur Boulevard
Palm Beach Gardens, FL, 33418
T +1 561 365-2000
Sector Industrials
Industry Building Products & Equipment
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 56,000

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