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 reached $6.7 billion, a 12% increase compared to the same period last year, primarily driven by an 18% increase in the HVAC segment. This indicates strong demand and effective pricing strategies in their core business.
Gross margin increased by $123 million YoY, but gross margin as a percentage of net sales decreased by 120 basis points to 28.1%. This suggests that while the company is selling more, the cost of goods sold is increasing at a faster rate.
Net income attributable to common shareowners reached $2.3 billion, a 1074% increase compared to the same period last year. This is largely due to a significant decrease in operating expenses, driven by a gain on divestitures and the absence of a loss from the deconsolidation of KFI.