Carrier Global Corporation (CARR), established in 1915 and headquartered in Palm Beach Gardens, Florida, is a leading global provider of heating, ventilation, air conditioning (HVAC), refrigeration, and fire and security solutions. With a market cap of $61.4 billion, Carrier is committed to delivering innovative and sustainable solutions that enhance energy efficiency, safety, and comfort across residential, commercial, and industrial applications. The company is set to release its fourth-quarter earnings on Tuesday, Feb. 4.
Ahead of the event, analysts expect Carrier Global to report a profit of $0.50 per share, down 5.7% from $0.53 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.83 per share for the last quarter surpassed the consensus estimate by 2.5%. Carrier's strong quarterly performance was driven by HVAC organic growth, the Viessmann acquisition, and operational improvements.
For fiscal 2024, analysts expect Carrier Global to report EPS of $2.51, down 8.1% from $2.73 in fiscal 2023.
Carrier Global's shares have risen 21.3% over the past 52 weeks, trailing the S&P 500 Index's ($SPX) 24.4% gain. However, the stock has outpaced the Industrial Select Sector SPDR Fund's (XLI) 18.4% returns during the same period.
On Oct. 24, Carrier Global's shares dropped over 8% following the release of its Q3 earnings. The company reported a 21% year-over-year revenue increase to $6 billion, falling short of Wall Street’s estimate of $6.6 billion.
Carrier Global's 2024 guidance now focuses primarily on continuing operations, with free cash flow including both continuing and discontinued operations. The company projects $22.5 billion in sales, driven by 3% organic growth.
The consensus opinion on CARR stock is moderately bullish, with an overall “Moderate Buy” rating. Of 22 analysts covering the stock, 11 advise a “Strong Buy” rating, one suggests a “Moderate Buy,” and 10 suggest a “Hold.”
CARR's average analyst price target is $85, indicating a 24.2% potential upside from the current price levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Is Rivian Stock a Buy, Sell, or Hold After Q4 Deliveries Report?
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