Carrier Global, the leading air conditioning and building automation company, reported flat sales for the fourth quarter. However, the company anticipates a more rapid growth trajectory this year than previously forecasted by Wall Street analysts. This optimistic outlook follows the successful completion of Carrier Global’s $13 billion acquisition of Viessmann Climate Solutions.
In the fourth quarter, Carrier Global’s profit reached $420 million, or 49 cents per share, compared to $270 million, or 32 cents per share, in the same period of the previous year. Adjusted earnings, excluding one-time items, stood at 53 cents per share, surpassing analysts’ expectations of 51 cents per share.
Although sales remained relatively unchanged at $5.10 billion compared to the previous year, analysts had anticipated sales reaching $5.23 billion.
Within Carrier Global’s Heating, Ventilation, and Air Conditioning (HVAC) segment, there was a 1% decline in organic sales after adjusting for acquisitions and divestitures. Weakness in the North American residential HVAC market offset the growth observed in global commercial demand. However, Carrier Global’s refrigeration segment experienced a positive shift, achieving organic sales growth of 6%.
Looking ahead to 2024, the company has set a sales target of $26.5 billion, surpassing analysts’ original estimate of $23.02 billion. Furthermore, Carrier Global expects adjusted earnings for the year to range between $2.80 and $2.90 per share, slightly above the projected $2.86 per share forecasted by analysts.
Overall, Carrier Global’s acquisition of Viessmann Climate Solutions has positioned the company for significant expansion in the coming years. As a result, it confidently anticipates a prosperous future in the industry.