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Carrier Global Corporation (CARR), headquartered in Palm Beach Gardens, Florida, provides heating, ventilation, air conditioning, refrigeration, fire, security, and building automation technologies internationally. Valued at $56.98 billion by market cap, the company also provides building services such as audit, design, installation, system integration, repair, maintenance, and monitoring. The HVAC major is expected to announce its fiscal second-quarter earnings for 2024 on Thursday, July 25.
Ahead of the event, analysts expect CARR to report a profit of $0.85 per share on a diluted basis, up 7.6% from $0.79 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect CARR to report EPS of $2.85, up 4.4% from $2.73 in fiscal 2023.
CARR stock has outperformed the S&P 500’s ($SPX) 26.7% gains over the past 52 weeks, with shares up 28.8% during this period. Similarly, it outshined the S&P 500 Industrial Sector SPDR’s (XLI) 14.6% gains over the same time frame.
On Jun. 24, CARR shares closed up more than 2% after Citigroup upgraded the stock to Buy from Neutral with a price target of $74.
On Apr. 25, CARR reported its Q1 results. The company reported adjusted EPS of $0.62, surpassing Wall Street expectations of $0.50. Its revenue of $6.18 billion fell short of the Wall Street forecasts of $6.27 billion. CARR expects full-year earnings between $2.80 and $2.90 per share. CARR shares closed up more than 9% on the day the results were released and have been on an uptrend since then.
The consensus opinion on CARR stock is bullish, with a “Moderate Buy” rating overall. Out of 18 analysts covering the stock, nine advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, six give a “Hold” rating, one suggests a “Moderate Sell” rating, and one recommends a “Strong Sell.” The average analyst price target for CARR is $66.71, indicating a potential upside of 5.5% from the current levels.
On the date of publication, Dipanjan Banchur 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.
