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Carrier Global Corporation (CARR), headquartered in Palm Beach Gardens, Florida, is a global leader in heating, ventilation, air conditioning, and refrigeration (HVACR) solutions. With a market cap of $72.80 billion, Carrier delivers innovative products and sustainable solutions to improve building performance, enhance indoor environments, and preserve the global food supply chain. The company is set to announce its Q3 earnings after the market closes on Thursday, Oct. 24.
Ahead of the event, analysts expect CARR to report a profit of $0.82 per share, down 7.9% from $0.89 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.87 per share for the last quarter surpassed the consensus estimate by 2.4%. Solid HVAC sales boosted Carrier Global's quarterly performance.
For fiscal 2024, analysts expect CARR to report EPS of $2.85, up 4.4% from $2.73 in fiscal 2023.
CARR stock is up 40.6% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 20.6% gains and the Industrial Select Sector SPDR Fund’s (XLI) 18.9% returns over the same time frame.
On Sep. 6, Carrier Global shares surged more than 2% after Wolfe Research upgraded the stock to “Peer Perform” from “Underperform.” However, CARR shares closed down more than 1% on Jul. 25 after reporting mixed Q2 earning results. The company’s revenue was $6.69 billion, falling short of Wall Street forecasts of $7.05 billion.
The consensus opinion on CARR stock is moderately bullish, with an overall “Moderate Buy” rating. Of 18 analysts covering the stock, nine advise a “Strong Buy” rating, one suggests a “Moderate Buy,” and eight suggest a “Hold.” CARR's average analyst price target is $77, which indicates that the stock trades at a premium.
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.
