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

Carrier Global (NYSE:CARR) updated 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 2.840. The company issued revenue guidance of $26.0 billion-$26.0 billion, compared to the consensus revenue estimate of $26.2 billion. Carrier Global also updated its FY24 guidance to $2.80-2.90 EPS.

Carrier Global Price Performance

Shares of CARR stock traded up $5.04 on Thursday, reaching $59.81. The company’s stock had a trading volume of 10,168,668 shares, compared to its average volume of 4,794,749. The company has a market capitalization of $53.84 billion, a price-to-earnings ratio of 37.85, a price-to-earnings-growth ratio of 2.33 and a beta of 1.39. The stock’s fifty day simple moving average is $56.41 and its 200-day simple moving average is $54.79. The company has a current ratio of 2.73, a quick ratio of 2.40 and a debt-to-equity ratio of 1.58. Carrier Global has a 1 year low of $40.28 and a 1 year high of $60.87.

Carrier Global (NYSE:CARR) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.02. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter last year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts forecast that Carrier Global will post 2.82 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Friday, May 3rd will be paid a dividend of $0.19 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.27%. Carrier Global’s dividend payout ratio is presently 48.10%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Royal Bank of Canada cut their price objective on Carrier Global from $63.00 to $60.00 and set an outperform rating on the stock in a research report on Wednesday, February 7th. Citigroup raised their price target on shares of Carrier Global from $60.00 to $63.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Oppenheimer reissued an outperform rating and issued a $63.00 price objective on shares of Carrier Global in a research report on Thursday, April 18th. Wells Fargo & Company reduced their target price on shares of Carrier Global from $63.00 to $57.00 and set an equal weight rating on the stock in a research report on Wednesday, February 7th. Finally, Barclays lifted their price target on shares of Carrier Global from $71.00 to $78.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $61.15.

Insider Activity at Carrier Global

In other news, VP Kevin J. O’connor sold 26,551 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the transaction, the vice president now owns 66,083 shares in the company, valued at $3,553,282.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Kevin J. O’connor sold 26,551 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the sale, the vice president now directly owns 66,083 shares of the company’s stock, valued at $3,553,282.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David L. Gitlin sold 354,539 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.16, for a total value of $19,201,832.24. Following the completion of the transaction, the chief executive officer now directly owns 422,808 shares in the company, valued at $22,899,281.28. The disclosure for this sale can be found here. 6.95% of the stock is currently owned by corporate insiders.

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.