Carrier Global (NYSE:CARR) Updates FY24 Earnings Guidance

Carrier Global (NYSE:CARR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.80-$2.90 for the period, compared to the consensus earnings per share estimate of $2.85. The company issued revenue guidance of $25.5 billion, compared to the consensus revenue estimate of $25.64 billion. Carrier Global also updated its FY 2024 guidance to 2.800-2.900 EPS.

Carrier Global Stock Performance

NYSE:CARR traded up $1.94 during midday trading on Friday, reaching $66.77. 4,351,523 shares of the company traded hands, compared to its average volume of 4,472,202. Carrier Global has a twelve month low of $45.68 and a twelve month high of $70.09. The firm has a market capitalization of $60.16 billion, a price-to-earnings ratio of 47.05, a price-to-earnings-growth ratio of 2.57 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.36 and a quick ratio of 0.99. The company has a fifty day moving average price of $64.49 and a 200 day moving average price of $59.82.

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, topping analysts’ consensus estimates of $0.85 by $0.02. Carrier Global had a return on equity of 26.01% and a net margin of 5.41%. The company had revenue of $6.70 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. On average, analysts expect that Carrier Global will post 2.85 EPS for the current fiscal year.

Carrier Global Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Robert W. Baird reduced their price target on Carrier Global from $75.00 to $74.00 and set an outperform rating for the company in a research report on Friday. Oppenheimer cut their price objective on Carrier Global from $71.00 to $70.00 and set an outperform rating for the company in a report on Friday. TD Cowen upped their price objective on Carrier Global from $66.00 to $70.00 and gave the company a buy rating in a report on Monday, April 29th. Citigroup upgraded Carrier Global from a neutral rating to a buy rating and upped their price objective for the company from $65.00 to $74.00 in a report on Monday, June 24th. Finally, Baird R W upgraded Carrier Global from a hold rating to a strong-buy rating in a report on Monday, July 15th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $65.64.

Insider Activity

In related news, insider Jurgen Timperman sold 159,915 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $61.95, for a total value of $9,906,734.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Jurgen Timperman sold 159,915 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $61.95, for a total value of $9,906,734.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Nadia Villeneuve sold 98,428 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $65.40, for a total value of $6,437,191.20. Following the completion of the sale, the vice president now directly owns 85,028 shares of the company’s stock, valued at $5,560,831.20. The disclosure for this sale can be found here. Insiders sold a total of 262,954 shares of company stock valued at $16,650,050 over the last three months. 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.