Carrier Global (NYSE:CARR) Releases FY24 Earnings Guidance

Carrier Global (NYSE:CARR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.80-2.90 for the period, compared to the consensus estimate of $2.82. The company issued revenue guidance of ~$26.0 billion, compared to the consensus revenue estimate of $26.36 billion. Carrier Global also updated its FY 2024 guidance to 2.800-2.900 EPS.

Carrier Global Stock Up 1.2 %

CARR traded up $0.70 during trading on Friday, hitting $60.51. The company had a trading volume of 6,683,432 shares, compared to its average volume of 4,818,077. The company has a market cap of $54.47 billion, a PE ratio of 38.30, a P/E/G ratio of 2.31 and a beta of 1.39. Carrier Global has a 1-year low of $40.28 and a 1-year high of $60.87. The business has a 50-day moving average of $56.54 and a 200-day moving average of $54.83. The company has a debt-to-equity ratio of 1.58, a current ratio of 2.73 and a quick ratio of 2.40.

Carrier Global (NYSE:CARR) last announced its earnings results on Thursday, April 25th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.12. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The firm had revenue of $6.18 billion during the quarter, compared to analyst estimates of $6.27 billion. As a group, analysts forecast that Carrier Global will post 2.82 earnings per share for the current year.

Carrier Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Friday, May 3rd will be paid a $0.19 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.26%. Carrier Global’s payout ratio is 48.10%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CARR shares. Barclays lifted their price target on Carrier Global from $78.00 to $79.00 and gave the company an overweight rating in a report on Friday. Oppenheimer lifted their price objective on Carrier Global from $63.00 to $64.00 and gave the company an outperform rating in a report on Friday. Wells Fargo & Company lifted their price objective on Carrier Global from $59.00 to $66.00 and gave the company an equal weight rating in a report on Friday. Citigroup boosted their target price on Carrier Global from $60.00 to $63.00 and gave the company a neutral rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada cut their target price on Carrier Global from $63.00 to $60.00 and set an outperform rating on the stock in a research note on Wednesday, February 7th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Carrier Global currently has an average rating of Hold and a consensus target price of $62.00.

Insider Activity

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

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.