WASHINGTON (dpa-AFX) - Carrier Global Corporation (CARR), a provider of HVAC, security and building automation technologies, Thursday reported net profit of $2.337 billion or $2.55 per share for the second quarter, significantly higher than $199 million or $0.23 per share in the corresponding quarter a year ago. Earnings also surpassed the Street view.
The results reflected gain on the sale of Access Solutions and the addition of Viessmann Climate Solutions. The company confirmed its full-year earnings outlook and also announced its plan to buy back about $1 billion of shares in the second half of 2024.
'We delivered solid sales and roughly 30% orders growth as we continue to outperform in our markets. Our strong operational execution drove 200 basis points of adjusted operating margin expansion and double-digit adjusted earnings growth. Year-to-date, we also closed on two of our four business exits, and the remaining two continue to track well. The proceeds from the exits, combined with our strong free cash flow performance, have enabled us to reduce net debt by about $5 billion in the quarter and we now plan to repurchase about $1 billion of shares in the second half of 2024,' said Carrier Chairman & CEO David Gitlin.
Excluding one-time items, adjusted earnings were $793 million or $0.87 per share, up from $670 million or $0.79 per share in the previous year. Earnings beat analysts' average estimate of $0.84 per share. Analysts' estimates typically exclude special items.
Operating profit increased to $3.691 billion from $489 million last year. Adjusted operating profit of $1.213 billion was up 26 percent.
Sales for the quarter increased 12 percent to $6.689 billion from $5.992 billion in the previous year. The Street was looking for sales of $7 billion.
Looking ahead, the company continues to expect adjusted EPS in the range of $2.80 - $2.90 for the full year. The consensus estimate stands at $2.86 billion.
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