Carrier beats second-quarter earnings estimates and raises guidance

Carrier Global Corp.
CARR,
+4.21%
,
the heating and cooling systems provider that was spun out of United Technologies Corp. in April of 2020, posted better-than-expected second-quarter earnings Thursday and raised guidance, saying secular trends support continued growth. The Palm Beach Gardens, Fla.-based company posted net income of $487 million, or 55 cents a share, for the quarter, up from $261 million, or 30 cents a share, in the year-earlier period. Adjusted per-share earnings excluding special items came to 64 cents, ahead of the 56 cents FactSet consensus. Sales rose to $5.440 billion from $3.972 billion, also ahead of the $4.957 billion FactSet consensus. “Given our first half performance, healthy backlog, and improved expectations for the remainder of the year, we are again raising our full-year guidance for sales, adjusted EPS, adjusted operating margin and free cash flow,” Chief Executive David Gitlin said in a statement. Carrier is now expecting full-year sales growth of 14% to 16%, up from prior guidance of up 7% to 10%. It expects adjusted EPS to range from $2.10 to $2.20, up from earlier guidance of $1.95 to $2.05. Shares were flat premarket, but have gained 37% in the year to date, while the S&P 500
SPX,
+0.62%

has gained 17%.

William Murphy

William Murphy

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