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Carrier Global Stock Rises After Q2 Earnings Beat, New $1.75B Share Buyback

Carrier Global Stock Rises After Q2 Earnings Beat, New $1.75B Share Buyback
  • Carrier Global Corp (NYSE: CARRreported second-quarter sales growth of 37% year-over-year to $5.44 billion and 31% on an organic basis, beating the consensus estimate of million.
  • Sales by segments: HVAC $3.12 billion (+36.2% Y/Y), Refrigeration $1.02 billion (+45.9% Y/Y), and Fire & Security $1.4 billion (+32.7% Y/Y)/
  • Adjusted EPS improved to $0.64 from $0.33 in 2Q20, beating consensus estimates of $0.54.
  • The operating profit increased by 77.2% Y/Y to $783 million, and the margin expanded by 330 bps to 14.4%.
  • Adjusted operating margin expanded by 310 bps to 15.1%.
  • Carrier generated cash from operating activities of $ 561 million for the quarter, compared to $509 million a year ago. Free cash flow of $482 million.
  • Net debt reduced to $7.09 billion from $7.11 billion in December 2020.
  • FY21 Outlook: The company expects sales growth of 14% to 16% (up from prior 7% to 10%) and organic sales growth of 10% to 12% (up from prior 5% to 8%).
  • It expects an adjusted operating margin greater than 13.5%, Adjusted EPS of $2.10 to $2.20 (up from prior $1.95 to $2.05) vs. the consensus estimate of $2.07, and Free cash flow of about $1.9 billion (prior $1.7 billion).
  • Additionally, the company approved a $1.75 billion stock repurchase authorization. With the remaining portion of the prior approval, Carrier now can repurchase about $2 billion.
  • Price Action: CARR shares are up 2.07% at $52.64 during the market session on the last check Thursday.

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