Carrier Global (NYSE:CARR) Announces Quarterly Earnings Results

Carrier Global (NYSE:CARR) issued its quarterly earnings data on Thursday. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.02, Briefing.com reports. Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The company had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter last year, the company earned $0.79 earnings per share. Carrier Global’s revenue for the quarter was up 11.7% on a year-over-year basis. Carrier Global updated its FY 2024 guidance to 2.800-2.900 EPS and its FY24 guidance to $2.80-$2.90 EPS.

Carrier Global Price Performance

Shares of NYSE CARR opened at $66.77 on Friday. Carrier Global has a 1-year low of $45.68 and a 1-year high of $70.09. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.99. The business’s fifty day moving average price is $64.53 and its two-hundred day moving average price is $59.92. The firm has a market capitalization of $60.16 billion, a PE ratio of 46.69, a P/E/G ratio of 2.60 and a beta of 1.32.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 21st will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.14%. The ex-dividend date is Friday, June 21st. Carrier Global’s dividend payout ratio is presently 53.15%.

Insiders Place Their Bets

In other Carrier Global news, insider Jurgen Timperman sold 159,915 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $61.95, for a total value of $9,906,734.25. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Kyle Crockett sold 4,611 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $66.39, for a total transaction of $306,124.29. Following the transaction, the chief accounting officer now directly owns 2,042 shares of the company’s stock, valued at $135,568.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jurgen Timperman sold 159,915 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $61.95, for a total value of $9,906,734.25. The disclosure for this sale can be found here. Insiders have sold 262,954 shares of company stock valued at $16,650,050 over the last three months. Company insiders own 6.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CARR. Barclays increased their target price on Carrier Global from $79.00 to $81.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Robert W. Baird reduced their target price on Carrier Global from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Friday. TD Cowen increased their target price on Carrier Global from $66.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, April 29th. Baird R W upgraded Carrier Global from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $72.00 target price on shares of Carrier Global in a research note on Friday. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Carrier Global presently has an average rating of “Hold” and a consensus price target of $65.64.

Carrier Global Company Profile

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.