Sector: Industrials|Industry: Building Products & Equipment|Market Cap: $60.14B|Employees: 53K
Carrier Global Corporation is a global leader in intelligent climate and energy solutions, offering a range of products, controls, and services for heating, ventilation, air conditioning, refrigeration, fire, security, and building automation. The company's portfolio includes well-known brands and provides lifecycle solutions to customers worldwide. Carrier operates in the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
Total net sales increased by 17% year-over-year, reaching $6.2 billion. However, organic sales growth was only 2%, with the majority of the increase attributed to acquisitions, particularly the Viessmann Climate Solutions (VCS) business.
Gross margin increased to 27.6% of net sales, up from 26.1% in the same period last year, driven by pricing improvements and productivity initiatives. However, the VCS acquisition negatively impacted gross margin by 250 basis points due to inventory step-up, backlog amortization, and intangible asset amortization.
Net income attributable to common shareholders decreased by 28% year-over-year to $269 million. This decline was primarily driven by a 46% increase in operating expenses, including acquisition-related costs, and a 154% increase in interest expense due to financing the VCS acquisition.