Carrier Global, a leading HVAC company, has announced higher sales in the third quarter as it moves forward with its $13 billion acquisition of Viessmann Climate Solutions.
Profit Decrease, Adjusted Earnings Beat Expectations
In terms of financial performance, Carrier Global reported a profit of $357 million, or 42 cents a share, compared to $1.31 billion, or $1.53 a share, in the same period last year. However, after excluding one-time items such as merger-related costs and hedges related to the Viessmann deal, adjusted earnings came in at 89 cents a share, surpassing analysts’ expectations of 80 cents a share.
Sales Increase of 5%
Carrier Global’s sales reached $5.73 billion in the third quarter, representing a 5% increase. Analysts had predicted sales of $5.89 billion, slightly higher than the actual figure.
Organic Sales Grow by 3%
When considering organic sales that exclude the impact of acquisitions, divestitures, and currency translations, Carrier Global experienced a 3% growth. This growth was driven by strong performance in commercial HVAC and North American residential and light commercial sectors. However, refrigeration sales declined while Fire and Security organic sales showed improvement.