Carrier Global (NYSE:CARR) Releases FY 2024 Earnings Guidance

Carrier Global (NYSE:CARR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.800-2.900 for the period, compared to the consensus estimate of 2.860. The company issued revenue guidance of $25.5 billion-$25.5 billion, compared to the consensus revenue estimate of $25.6 billion. Carrier Global also updated its FY24 guidance to $2.80-$2.90 EPS.

Carrier Global Stock Performance

Shares of Carrier Global stock traded up $1.94 on Friday, hitting $66.77. 4,351,536 shares of the company’s stock were exchanged, compared to its average volume of 4,160,366. The company has a 50-day simple moving average of $64.53 and a 200-day simple moving average of $59.89. The stock has a market capitalization of $60.16 billion, a PE ratio of 46.69, a PEG ratio of 2.52 and a beta of 1.32. 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 quick ratio of 0.99 and a current ratio of 1.08.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. 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 for the quarter, compared to the consensus estimate of $7.05 billion. During the same period in the previous year, the firm posted $0.79 EPS. Carrier Global’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, equities analysts anticipate that Carrier Global will post 2.85 EPS for the current year.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 21st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, June 21st. This represents a $0.76 annualized dividend and a yield of 1.14%. Carrier Global’s payout ratio is 53.15%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. TD Cowen upped their price target on shares of Carrier Global from $66.00 to $70.00 and gave the company a buy rating in a report on Monday, April 29th. Citigroup raised shares of Carrier Global from a neutral rating to a buy rating and boosted their price objective for the company from $65.00 to $74.00 in a research report on Monday, June 24th. Robert W. Baird lowered their price objective on shares of Carrier Global from $75.00 to $74.00 and set an outperform rating for the company in a research report on Friday. Oppenheimer lowered their price objective on shares of Carrier Global from $71.00 to $70.00 and set an outperform rating for the company in a research report on Friday. Finally, Baird R W raised shares of Carrier Global from a hold rating to a strong-buy rating in a research report on Monday, July 15th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Carrier Global has a consensus rating of Hold and an average price target of $65.64.

Insider Activity at Carrier Global

In other Carrier Global news, CAO Kyle Crockett sold 4,611 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the transaction, the chief accounting officer now owns 2,042 shares in the company, valued at approximately $135,568.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Kyle Crockett sold 4,611 shares of the stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $66.39, for a total transaction of $306,124.29. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Nadia Villeneuve sold 98,428 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $65.40, for a total transaction of $6,437,191.20. Following the sale, the vice president now directly owns 85,028 shares in the company, valued at $5,560,831.20. The disclosure for this sale can be found here. Insiders sold 262,954 shares of company stock valued at $16,650,050 over the last 90 days. Insiders own 6.95% of the company’s stock.

About Carrier Global

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.