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Carrier Global Corp Ordinary Shares - Stock Quote CARR

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Morningstar's Carrier Global Corp Ordinary Shares Stock Analysis

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Carrier Reports a Great Q1 Performance Led by its HVAC Segment; Maintain $48 Per Share FVE

Analyst Note

| Brian Bernard, CFA, CPA |

Carrier began 2022 on a strong note with an excellent first-quarter performance. Consolidated revenue (adjusted for the Chubb divestiture) increased 12% year over year, largely driven by Carrier's heating, ventilation, and air-conditioning segment, which grew revenue 19%. Compared with the prior year, light industrial HVAC sales expanded 30%, residential HVAC sales increased 20%, and applied HVAC sales grew 15%. In our view, the commercial HVAC market has a more attractive growth runway than the residential HVAC market. We think the commercial market will benefit from increased demand for energy-efficient and smart and healthy building products and solutions. We also see an attractive opportunity for Carrier, along with the other major HVAC manufacturers to boost service revenue attachment rates on commercial equipment. Conversely, we have a more cautious United States residential HVAC outlook as we expect a maturing replacement cycle and slowing residential construction growth will result in only modest industrywide unit shipment growth over the next 10 years. We estimate that residential HVAC accounts for 40% of Carrier's total HVAC sales.

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Carrier Global Corp Ordinary Shares's Company Profile

Business Description

Carrier Global manufactures heating, ventilation, and air conditioning, refrigeration, and fire and security products. The HVAC business serves both residential and commercial markets (HVAC segment sales mix is 60% commercial and 40% residential). 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 Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Classic Growth
Employees 58,000

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