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Carrier Global Corp Ordinary Shares CARR

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Morningstar’s Analysis

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Carrier’s Q3 Benefited from a Surge in Residential HVAC Sales; Other Businesses Normalizing

Analyst Note

| Brian Bernard, CFA, CPA |

Considering positive industry commentary and a strong uptick in repair-and-remodel spending, we were expecting robust residential heating, ventilation, and air-conditioning sales. However, Carrier’s residential HVAC business, which saw a 46% year-over-year revenue increase, exceeded our expectations. Carrier’s other product lines didn’t perform nearly as well during the quarter, but sales and profitability generally moved in the right direction.

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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 (40% of HVAC sales) 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.

13995 Pasteur Boulevard
Palm Beach Gardens, FL, 33418
T +1 561 365-2000
Sector Industrials
Industry Building Products & Equipment
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 53,000