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- Carrier Global Corp (NYSE:CARR) reported a first-quarter FY22 net sales decline of 1% year-over-year to $4.65 billion, driven by the Chubb divestiture, +10% on an organic basis, beating the consensus of $4.52 billion.
- Sales by segments: HVAC $2.97 billion (+19.5% Y/Y), Refrigeration $976 million (-2.9% Y/Y), and Fire & Security $818 million (-37.3% Y/Y).
- The operating margin for the quarter was 37.3%, compared to 12.2% a year ago. Operating margin was up over 2,500 bps due to the gain on the sale of Chubb. Adjusted operating margin expanded by 110 bps to 14%.
- Adjusted EPS was $0.54, above the consensus of $0.47.
- CARR reported net cash outflows from operating activities of $202 million for Q1 versus cash generated of $184 million in 1Q21. Free cash flow usage was $258 million.
- During the quarter, Carrier repurchased $741 million of its common stock, repurchased $1.15 billion of its long-term notes, and received $2.9 billion in cash proceeds from the divestiture of Chubb.
- FY22 Outlook reaffirmed: Carrier Global expects Sales of about $20 billion versus the consensus of $19.94 billion, with high single-digit organic sales growth; Adjusted operating margin up ~75 bps.
- It expects an Adjusted EPS of $2.20 - $2.30, versus the consensus of $2.27.
- Price Action: CARR shares are trading lower by 4.77% at $38.33 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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