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.
Net sales reached $5.984 billion, a 21% increase compared to the same period last year, with product sales increasing by 22% to $5.307 billion. Service sales also increased by 14% to $677 million.
Gross margin decreased to 28.0% from 30.1% in the prior year, primarily due to inventory step-up, backlog amortization, and intangible asset amortization related to the VCS business acquisition.
Operating profit increased to $763 million, a 50% increase compared to the same period last year, despite the decrease in gross margin, indicating effective cost management.