Fourth Quarter 2024 Highlights
- Sales of $5.1 billion, up 19%
compared to 2023 including 6% organic growth
- GAAP EPS from continuing operations of ($0.05); adjusted EPS from continuing operations
of $0.54 up 50%
- Operating margin expansion of 250 basis points and adjusted
operating margin expansion of 370 basis points
Full Year 2024 Highlights
- Sales of $22.5 billion, up 19%
compared to 2023 including 3% organic growth
- GAAP EPS from continuing operations of $1.22; adjusted EPS from continuing operations of
$2.56 up 16%
- Operating margin expansion of 40 basis points and adjusted
operating margin expansion of 180 basis points
- Returned ~$2.6 billion to
shareholders, including ~$0.7 billion
in dividends and ~$1.9 billion shares
repurchased
PALM
BEACH GARDENS, Fla., Feb. 11,
2025 /PRNewswire/ -- Carrier Global Corporation
(NYSE:CARR), global leader in intelligent climate and energy
solutions, today reported strong financial results for the fourth
quarter and full year of 2024.
"We capped a transformational year for Carrier with robust
fourth quarter financial results including 6% organic growth,
significant adjusted operating profit margin expansion of 370 basis
points and 50% adjusted EPS growth. The quarter also marked the
completion of our portfolio transformation, which resulted in total
divestiture proceeds of over $10
billion," said Carrier Chairman & CEO David Gitlin. "We successfully acquired and
integrated Viessmann Climate Solutions in 2024, giving us the most
comprehensive and differentiated global portfolio in our industry.
We are well-positioned to deliver strong results in 2025,
reinforced by our growing global commercial HVAC backlog supported
by the acceleration in data centers, commitment to double-digit
aftermarket growth, and leading positions across our businesses. We
remain laser focused on delivering value for our customers,
employees and shareholders."
Fourth Quarter 2024 Results
Carrier's fourth quarter sales of $5.1
billion increased 19% versus the prior year, including 6%
organic growth and a 13% net contribution from acquisitions and
divestitures.
Sales in the HVAC segment increased 11% organically. Americas
sales were up high-teens organically driven by continued strength
in Commercial and North America Residential, both up double-digits,
partially offset by declines in Light Commercial. EMEA sales were
flat organically, with double-digit growth in Commercial offsetting
a decline in Residential and Light Commercial. Asia Pacific sales were slightly positive,
driven by strength in Japan and
South Asia partially offset by
declines in residential light commercial in China.
Refrigeration sales were down 6% organically, mostly driven by
declines in North America truck
and trailer, with flat sales growth across the remainder of the
segment.
GAAP operating profit in the quarter of $774 million was up 44% from last year, primarily
due to the gain on the sale of Commercial Refrigeration. Adjusted
operating profit of $678 million from
continuing operations increased 65%, driven by the contribution of
Viessmann Climate Solutions, the benefit of organic growth, and
productivity.
GAAP net loss from continuing operations was $48 million primarily driven by a tax charge of
approximately $650 million related to
an internal business re-organization which was more than offset by
a related tax benefit recorded in discontinued operations. Adjusted
net earnings from continuing operations was $492 million. GAAP EPS and adjusted EPS from
continuing operations were ($0.05)
and $0.54, respectively.
Full-Year 2024 Results
Carrier's 2024 sales of $22.5
billion increased 19% compared to the prior year including
organic sales growth of 3% and a 16% impact from acquisitions and
divestitures. GAAP operating profit of $2.6
billion from continuing operations increased 23%. Adjusted
operating profit of $3.5 billion from
continuing operations increased 34%, driven by the addition of
Viessmann Climate Solutions and strong operational performance.
GAAP net earnings and adjusted net earnings from continuing
operations were $1.1 billion and
$2.3 billion, respectively. GAAP EPS
and adjusted EPS from continuing operations were $1.22 and $2.56,
respectively.
Full-Year 2025 Guidance
The Company projects accelerated organic growth in 2025
supported by secular tailwinds, continued innovation and
double-digit aftermarket growth.
- Mid-single digit organic* growth; Reported sales of
$22.5 – $23.0
billion
-
- Commercial Refrigeration divestiture represents a ~$750 million sales headwind versus prior
year
- Adjusted operating margin* of 16.5% – 17.0%, up ~100 basis
points compared to 2024
- Adjusted EPS* of $2.95 –
$3.05, up mid to high-teens
- Free cash flow* of $2.4 –
$2.6 billion
- Expect to repurchase ~$3 billion
in shares
|
2025
Guidance
|
|
Sales
|
$22.5 – $23.0
billion
~$750 million
revenue headwind from CCR exit
Organic* up
MSD
FX
(1%)
Acquisitions
0%
Divestitures
(3%)
|
|
|
|
Adjusted Operating
Margin*
|
16.5% –
17.0%
+ ~100 bps
Y/Y
|
|
|
|
Adjusted
EPS*
|
$2.95 –
$3.05
+ ~15-20%
Y/Y
|
|
|
|
Free Cash
Flow*
|
$2.4 – $2.6
billion
|
|
*Note: When the company
provides expectations for organic sales, adjusted operating profit,
adjusted operating margin, adjusted EPS and free cash flow on a
forward-looking basis, a reconciliation of the differences between
the non-GAAP expectations and the corresponding GAAP measures
generally is not available without unreasonable effort. See "Use
and Definitions of Non-GAAP Financial Measures" below for
additional information.
|
Conference Call
Carrier will host a webcast of its earnings conference call
today, Tuesday, February 11, 2025, at
7:30 a.m. ET. To access the webcast,
visit the Events & Presentations section of the Carrier
Investor Relations site at
ir.carrier.com/news-and-events/events-and-presentations or to
listen to the earnings call by phone, participants must
pre-register at Carrier Earnings Call Registration. All registrants
will receive dial-in information and a PIN allowing access to the
live call.
Discontinued Operations
In 2023, the Company announced plans to exit its Fire &
Security and Commercial Refrigeration businesses over the course of
2024. The announced plan to exit the Fire & Security segment
represented a single disposal plan to separately divest multiple
businesses over different reporting periods. Upon the Commercial
and Residential Fire Business qualifying as held for sale during
the three months ended September 30,
2024, the components of the Fire & Security segment in
aggregate met the criteria to be presented as discontinued
operations in the Company's unaudited condensed consolidated
statement of operations and unaudited condensed consolidated
statement of cash flows. In addition, the assets and liabilities of
the Commercial and Residential Fire Business have been reclassified
to held for sale at December 31,
2023. The results of the Commercial Refrigeration business
did not meet the criteria to be presented in discontinued
operations. Accordingly, all financial measures presented herein,
including non-GAAP financial measures, are associated with
Carrier's continuing operations unless specifically noted. See "Use
and Definitions of Non-GAAP Financial Measures" below.
Cautionary Statement
This communication contains statements which, to the extent they
are not statements of historical or present fact, constitute
"forward-looking statements" under the securities laws. These
forward-looking statements are intended to provide management's
current expectations or plans for Carrier's future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements can be identified by the use
of words such as "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target,"
"anticipate," "will," "should," "see," "guidance," "outlook,"
"confident," "scenario" and other words of similar meaning in
connection with a discussion of future operating or financial
performance. Forward-looking statements may include, among other
things, statements relating to future sales, earnings, cash flow,
results of operations, uses of cash, share repurchases, tax rates
and other measures of financial performance or potential future
plans, strategies or transactions of Carrier, Carrier's plans with
respect to its indebtedness and other statements that are not
historical facts. All forward-looking statements involve risks,
uncertainties and other factors that may cause actual results to
differ materially from those expressed or implied in the
forward-looking statements. For additional information on
identifying factors that may cause actual results to vary
materially from those stated in forward-looking statements, see
Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or
furnished to the U.S. Securities and Exchange Commission from time
to time. Any forward-looking statement speaks only as of the date
on which it is made, and Carrier assumes no obligation to update or
revise such statement, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
About Carrier
Carrier Global Corporation, global leader in intelligent climate
and energy solutions, is committed to creating solutions that
matter for people and our planet for generations to come. From the
beginning, we've led in inventing new technologies and entirely new
industries. Today, we continue to lead because we have a
world-class, diverse workforce that puts the customer at the center
of everything we do. For more information, visit
corporate.carrier.com or follow Carrier on social media at
@Carrier.
CARR-IR
|
Contact:
|
Investor
Relations
|
|
Michael
Rednor
|
|
561-365-2020
|
|
Investor.Relations@Carrier.com
|
|
|
|
Media
Inquiries
|
|
Jason
Shockley
|
|
561-542-0207
|
|
Jason.Shockley@Carrier.com
|
SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND
DEFINITIONS
Following are tables that present selected financial data of
Carrier Global Corporation. Also included are reconciliations of
non-GAAP measures to their most comparable GAAP measures.
Use and Definitions of Non-GAAP Financial Measures
Carrier Global Corporation ("we" or "our") reports its financial
results in accordance with accounting principles generally accepted
in the United States ("GAAP"). We
supplement the reporting of our financial information determined
under GAAP with certain non-GAAP financial information. The
non-GAAP information presented provides investors with additional
useful information, but should not be considered in isolation or as
substitutes for the related GAAP measures. Moreover, other
companies may define non-GAAP measures differently, which limits
the usefulness of these measures for comparisons with such other
companies. We encourage investors to review our financial
statements and publicly filed reports in their entirety and not to
rely on any single financial measure. A reconciliation of the
non-GAAP measures to the corresponding amounts prepared in
accordance with GAAP appears in the tables in this Appendix. The
tables provide additional information as to the items and amounts
that have been excluded from the adjusted measures.
Organic sales, adjusted operating profit, adjusted operating
margin, incremental margins / earnings conversion, earnings before
interest, taxes and depreciation and amortization ("EBITDA"),
adjusted EBITDA, adjusted net earnings (loss), adjusted earnings
per share ("EPS"), adjusted interest expense, net, adjusted
effective tax rate and net debt are non-GAAP financial measures and
are associated with Carrier's continuing operations unless
specifically noted.
Organic sales represents consolidated net sales (a GAAP
measure), excluding the impact of foreign currency translation,
acquisitions and divestitures completed in the preceding twelve
months and other significant items of a nonoperational nature
(hereinafter referred to as "other significant items"). Adjusted
operating profit represents operating profit (a GAAP measure),
excluding restructuring costs, amortization of acquired intangibles
and other significant items. Adjusted operating margin represents
adjusted operating profit as a percentage of net sales (a GAAP
measure). Incremental margins / earnings conversion represents the
year-over-year change in adjusted operating profit divided by the
year-over-year change in net sales. EBITDA represents net earnings
(loss) attributable to common shareholders (a GAAP measure),
adjusted for interest income and expense, income tax expense, and
depreciation and amortization. Adjusted EBITDA represents EBITDA,
as calculated above, excluding non-service pension benefit,
non-controlling interest in subsidiaries' earnings from operations,
restructuring costs and other significant items. Adjusted net
earnings (loss) represents net earnings (loss) attributable to
common shareowners (a GAAP measure), excluding restructuring costs,
amortization of acquired intangibles and other significant items.
Adjusted EPS represents diluted earnings per share (a GAAP
measure), excluding restructuring costs, amortization of acquired
intangibles and other significant items. Adjusted interest expense,
net represents interest expense (a GAAP measure) and interest
income (a GAAP measure), net excluding other significant items. The
adjusted effective tax rate represents the effective tax rate (a
GAAP measure), excluding restructuring costs, amortization of
acquired intangibles and other significant items. Net debt
represents long-term debt (a GAAP measure) less cash and cash
equivalents (a GAAP measure). For the business segments, when
applicable, adjustments of operating profit and operating margins
represent operating profit, excluding restructuring, amortization
of acquired intangibles and other significant items.
Free cash flow is a non-GAAP financial measure that represents
net cash flows provided by operating activities (a GAAP measure)
less capital expenditures. Management believes free cash flow is a
useful measure of liquidity and an additional basis for assessing
our ability to fund its activities, including the financing of
acquisitions, debt service, repurchases of our common stock and
distribution of earnings to shareowners.
Orders are contractual commitments with customers to provide
specified goods or services for an agreed upon price and may not be
subject to penalty if cancelled.
When we provide our expectations for organic sales, adjusted
operating profit, adjusted operating margin, adjusted interest
expense, net, adjusted effective tax rate, incremental
margins/earnings conversion, adjusted EPS and free cash flow on a
forward-looking basis, a reconciliation of the differences between
the non-GAAP expectations and the corresponding GAAP measures
(expected net sales, operating profit, operating margin, interest
expense, effective tax rate, incremental operating margin, diluted
EPS and net cash flows provided by operating activities) generally
is not available without unreasonable effort due to potentially
high variability, complexity and low visibility as to the items
that would be excluded from the GAAP measure in the relevant future
period, such as unusual gains and losses, the ultimate outcome of
pending litigation, fluctuations in foreign currency exchange
rates, the impact and timing of potential acquisitions and
divestitures, future restructuring costs, and other structural
changes or their probable significance. The variability of the
excluded items may have a significant, and potentially
unpredictable, impact on our future GAAP results.
|
Carrier Global
Corporation
Consolidated
Statement of Operations
|
|
|
(Unaudited)
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
(In millions,
except per share amounts)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net
sales
|
|
|
|
|
|
|
|
|
Product
sales
|
$
4,530
|
|
$
3,726
|
|
$
19,990
|
|
$
16,665
|
|
Service
sales
|
618
|
|
590
|
|
2,496
|
|
2,286
|
|
Total Net
sales
|
5,148
|
|
4,316
|
|
22,486
|
|
18,951
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
(3,335)
|
|
(2,733)
|
|
(14,580)
|
|
(12,002)
|
|
Cost of services
sold
|
(469)
|
|
(466)
|
|
(1,925)
|
|
(1,787)
|
|
Research and
development
|
(162)
|
|
(138)
|
|
(686)
|
|
(493)
|
|
Selling, general and
administrative
|
(803)
|
|
(737)
|
|
(3,197)
|
|
(2,607)
|
|
Total Costs and
expenses
|
(4,769)
|
|
(4,074)
|
|
(20,388)
|
|
(16,889)
|
|
Equity method
investment net earnings
|
44
|
|
40
|
|
231
|
|
211
|
|
Other income
(expense), net
|
351
|
|
257
|
|
317
|
|
(113)
|
|
Operating
profit
|
774
|
|
539
|
|
2,646
|
|
2,160
|
|
Non-service pension
benefit (expense)
|
—
|
|
(1)
|
|
(1)
|
|
(1)
|
|
Interest (expense)
income, net
|
(81)
|
|
(34)
|
|
(371)
|
|
(160)
|
|
Earnings before
income taxes
|
693
|
|
504
|
|
2,274
|
|
1,999
|
|
Income tax (expense)
benefit
|
(723)
|
|
(68)
|
|
(1,062)
|
|
(521)
|
|
Earnings from
continuing operations
|
(30)
|
|
436
|
|
1,212
|
|
1,478
|
|
Discontinued
operations, net of tax
|
2,599
|
|
3
|
|
4,496
|
|
(38)
|
|
Net earnings
(loss)
|
$
2,569
|
|
$
439
|
|
$
5,708
|
|
$
1,440
|
|
Less: Non-controlling
interest in subsidiaries'
|
18
|
|
19
|
|
104
|
|
91
|
|
Net earnings (loss)
attributable to common shareowners
|
2,551
|
|
420
|
|
5,604
|
|
1,349
|
|
Amounts attributable
to common shareowners:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(48)
|
|
417
|
|
1,108
|
|
1,387
|
|
Discontinued
operations
|
2,599
|
|
3
|
|
4,496
|
|
(38)
|
|
Net earnings (loss)
attributable to common shareowners
|
2,551
|
|
420
|
|
5,604
|
|
1,349
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.05)
|
|
$
0.50
|
|
$
1.23
|
|
$
1.66
|
|
Discontinued
operations
|
2.92
|
|
—
|
|
5.01
|
|
(0.05)
|
|
Net earnings
(loss)
|
$
2.87
|
|
$
0.50
|
|
$
6.24
|
|
$
1.61
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.05)
|
|
$
0.49
|
|
$
1.22
|
|
$
1.63
|
|
Discontinued
operations
|
2.87
|
|
—
|
|
4.93
|
|
(0.05)
|
|
Net earnings
(loss)
|
$
2.82
|
|
$
0.49
|
|
$
6.15
|
|
$
1.58
|
|
Weighted-average
number of shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
890.1
|
|
839.6
|
|
898.2
|
|
837.3
|
|
Diluted
|
903.4
|
|
854.2
|
|
911.7
|
|
853.0
|
|
|
|
|
|
|
|
|
|
Carrier Global
Corporation
Consolidated
Statement of Operations
|
|
|
(Unaudited)
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
(In millions,
except per share amounts)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net
sales
|
|
|
|
|
|
|
|
|
Product
sales
|
$
4,530
|
|
$
3,726
|
|
$
19,990
|
|
$
16,665
|
|
Service
sales
|
618
|
|
590
|
|
2,496
|
|
2,286
|
|
Total Net
sales
|
5,148
|
|
4,316
|
|
22,486
|
|
18,951
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
(3,335)
|
|
(2,733)
|
|
(14,580)
|
|
(12,002)
|
|
Cost of services
sold
|
(469)
|
|
(466)
|
|
(1,925)
|
|
(1,787)
|
|
Research and
development
|
(162)
|
|
(138)
|
|
(686)
|
|
(493)
|
|
Selling, general and
administrative
|
(803)
|
|
(737)
|
|
(3,197)
|
|
(2,607)
|
|
Total Costs and
expenses
|
(4,769)
|
|
(4,074)
|
|
(20,388)
|
|
(16,889)
|
|
Equity method
investment net earnings
|
44
|
|
40
|
|
231
|
|
211
|
|
Other income
(expense), net
|
351
|
|
257
|
|
317
|
|
(113)
|
|
Operating
profit
|
774
|
|
539
|
|
2,646
|
|
2,160
|
|
Non-service pension
benefit (expense)
|
—
|
|
(1)
|
|
(1)
|
|
(1)
|
|
Interest (expense)
income, net
|
(81)
|
|
(34)
|
|
(371)
|
|
(160)
|
|
Earnings before
income taxes
|
693
|
|
504
|
|
2,274
|
|
1,999
|
|
Income tax (expense)
benefit
|
(723)
|
|
(68)
|
|
(1,062)
|
|
(521)
|
|
Earnings from
continuing operations
|
(30)
|
|
436
|
|
1,212
|
|
1,478
|
|
Discontinued
operations, net of tax
|
2,599
|
|
3
|
|
4,496
|
|
(38)
|
|
Net earnings
(loss)
|
$
2,569
|
|
$
439
|
|
$
5,708
|
|
$
1,440
|
|
Less: Non-controlling
interest in subsidiaries'
|
18
|
|
19
|
|
104
|
|
91
|
|
Net earnings (loss)
attributable to common shareowners
|
2,551
|
|
420
|
|
5,604
|
|
1,349
|
|
Amounts attributable
to common shareowners:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(48)
|
|
417
|
|
1,108
|
|
1,387
|
|
Discontinued
operations
|
2,599
|
|
3
|
|
4,496
|
|
(38)
|
|
Net earnings (loss)
attributable to common shareowners
|
2,551
|
|
420
|
|
5,604
|
|
1,349
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.05)
|
|
$
0.50
|
|
$
1.23
|
|
$
1.66
|
|
Discontinued
operations
|
2.92
|
|
—
|
|
5.01
|
|
(0.05)
|
|
Net earnings
(loss)
|
$
2.87
|
|
$
0.50
|
|
$
6.24
|
|
$
1.61
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.05)
|
|
$
0.49
|
|
$
1.22
|
|
$
1.63
|
|
Discontinued
operations
|
2.87
|
|
—
|
|
4.93
|
|
(0.05)
|
|
Net earnings
(loss)
|
$
2.82
|
|
$
0.49
|
|
$
6.15
|
|
$
1.58
|
|
Weighted-average
number of shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
890.1
|
|
839.6
|
|
898.2
|
|
837.3
|
|
Diluted
|
903.4
|
|
854.2
|
|
911.7
|
|
853.0
|
|
|
|
|
|
|
|
|
|
Carrier Global
Corporation
Consolidated Balance
Sheet
|
|
|
(Unaudited)
|
|
As of December
31,
|
|
(In
millions)
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
3,969
|
|
$
9,852
|
|
Accounts receivable,
net
|
2,651
|
|
2,080
|
|
Inventories,
net
|
2,299
|
|
1,823
|
|
Assets held for
sale
|
—
|
|
5,093
|
|
Other assets,
current
|
972
|
|
728
|
|
Total current
assets
|
9,891
|
|
19,576
|
|
Future income tax
benefits
|
1,131
|
|
718
|
|
Fixed assets,
net
|
2,999
|
|
2,160
|
|
Operating lease
right-of-use assets
|
554
|
|
421
|
|
Intangible assets,
net
|
6,432
|
|
945
|
|
Goodwill
|
14,601
|
|
7,520
|
|
Pension and
post-retirement assets
|
43
|
|
32
|
|
Equity method
investments
|
1,194
|
|
1,140
|
|
Other assets
|
558
|
|
310
|
|
Total
Assets
|
$
37,403
|
|
$
32,822
|
|
Liabilities and
Equity
|
|
|
|
|
Accounts
payable
|
$
2,458
|
|
$
2,483
|
|
Accrued
liabilities
|
4,182
|
|
2,997
|
|
Liabilities held for
sale
|
—
|
|
1,450
|
|
Current portion of
long-term debt
|
1,252
|
|
51
|
|
Total current
liabilities
|
7,892
|
|
6,981
|
|
Long-term
debt
|
11,026
|
|
14,242
|
|
Future pension and
post-retirement obligations
|
214
|
|
149
|
|
Future income tax
obligations
|
2,015
|
|
523
|
|
Operating lease
liabilities
|
432
|
|
333
|
|
Other long-term
liabilities
|
1,429
|
|
1,589
|
|
Total
Liabilities
|
23,008
|
|
23,817
|
|
|
|
|
|
Equity
|
|
|
|
|
Common stock, par
value $0.01; 4,000,000,000 shares authorized; 948,068,772 and
883,068,393 shares
issued; 878,337,677 and 839,910,275 outstanding as of
December 31, 2024 and 2023, respectively
|
9
|
|
9
|
|
Treasury
stock
|
(3,915)
|
|
(1,972)
|
|
Additional paid-in
capital
|
8,610
|
|
5,535
|
|
Retained
earnings
|
11,483
|
|
6,591
|
|
Accumulated other
comprehensive loss
|
(2,106)
|
|
(1,486)
|
|
Non-controlling
interest
|
314
|
|
328
|
|
Total
Equity
|
14,395
|
|
9,005
|
|
Total
Liabilities and Equity
|
$
37,403
|
|
$
32,822
|
|
Carrier Global
Corporation
Consolidated
Statement of Cash Flows
|
|
|
(Unaudited)
|
|
Year Ended December
31,
|
|
(In
millions)
|
2024
|
|
2023
|
|
Operating
Activities
|
|
|
|
|
Net earnings
(loss)
|
$
5,708
|
|
$
1,440
|
|
Discontinued
operations, net of tax
|
(4,496)
|
|
38
|
|
Adjustments for
non-cash items, net:
|
|
|
|
|
Depreciation
and amortization
|
1,232
|
|
491
|
|
Deferred income
tax provision
|
(352)
|
|
(243)
|
|
Stock-based
compensation cost
|
86
|
|
71
|
|
Equity method
investment net earnings
|
(231)
|
|
(211)
|
|
(Gain) loss on
extinguishment of debt
|
(82)
|
|
—
|
|
(Gain) loss on
sale of investments / deconsolidation
|
(322)
|
|
(19)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
Accounts
receivable, net
|
(40)
|
|
(161)
|
|
Inventories,
net
|
292
|
|
123
|
|
Accounts
payable and accrued liabilities
|
87
|
|
541
|
|
Distributions from
equity method investments
|
46
|
|
129
|
|
Other operating
activities, net
|
(357)
|
|
53
|
|
Net cash flows
provided by (used in) continuing operating activities
|
1,571
|
|
2,252
|
|
Net cash flows
provided by (used in) discontinued operating activities
|
(1,008)
|
|
355
|
|
Net cash flows
provided by (used in) operating activities
|
563
|
|
2,607
|
|
Investing
Activities
|
|
|
|
|
Capital
expenditures
|
(519)
|
|
(439)
|
|
Investment in
businesses, net of cash acquired
|
(10,890)
|
|
(84)
|
|
Dispositions of
businesses
|
634
|
|
54
|
|
Settlement of
derivative contracts, net
|
(264)
|
|
(50)
|
|
Other investing
activities, net
|
14
|
|
15
|
|
Net cash flows
provided by (used in) continuing investing activities
|
(11,025)
|
|
(504)
|
|
Net cash flows
provided by (used in) discontinued investing activities
|
9,000
|
|
(156)
|
|
Net cash flows
provided by (used in) investing activities
|
(2,025)
|
|
(660)
|
|
Financing
Activities
|
|
|
|
|
(Decrease) increase in
short-term borrowings, net
|
50
|
|
(5)
|
|
Issuance of long-term
debt
|
3,412
|
|
5,609
|
|
Repayment of long-term
debt
|
(5,345)
|
|
(111)
|
|
Repurchases of common
stock
|
(1,944)
|
|
(62)
|
|
Dividends paid on
common stock
|
(670)
|
|
(620)
|
|
Dividends paid to
non-controlling interest
|
(84)
|
|
(58)
|
|
Other financing
activities, net
|
(30)
|
|
(121)
|
|
Net cash flows
provided by (used in) continuing financing activities
|
(4,611)
|
|
4,632
|
|
Net cash flows
provided by (used in) discontinued financing activities
|
(25)
|
|
(20)
|
|
Net cash flows
provided by (used in) financing activities
|
(4,636)
|
|
4,612
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
(103)
|
|
88
|
|
Net increase
(decrease) in cash and cash equivalents and restricted cash,
including cash classified in
current assets held for sale
|
(6,201)
|
|
6,647
|
|
Less: Change in cash
balances classified as assets held for sale
|
(320)
|
|
97
|
|
Net increase (decrease)
in cash and cash equivalents and restricted cash
|
(5,881)
|
|
6,550
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
9,853
|
|
3,303
|
|
Cash, cash equivalents
and restricted cash, end of period
|
3,972
|
|
9,853
|
|
Less: restricted
cash
|
3
|
|
1
|
|
Cash and cash
equivalents, end of period
|
$
3,969
|
|
$
9,852
|
|
Carrier Global
Corporation
Segment Net Sales
and Operating Profit
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(In
millions)
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Net
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HVAC
|
$
4,509
|
|
$
4,509
|
|
$
3,293
|
|
$
3,293
|
|
$
19,078
|
|
$
19,078
|
|
$
15,139
|
|
$
15,139
|
|
Refrigeration
|
680
|
|
680
|
|
1,024
|
|
1,024
|
|
3,475
|
|
3,475
|
|
3,818
|
|
3,818
|
|
Segment
sales
|
5,189
|
|
5,189
|
|
4,317
|
|
4,317
|
|
22,553
|
|
22,553
|
|
18,957
|
|
18,957
|
|
Eliminations and
other
|
(41)
|
|
(41)
|
|
(1)
|
|
(1)
|
|
(67)
|
|
(67)
|
|
(6)
|
|
(6)
|
|
Net
sales
|
$
5,148
|
|
$
5,148
|
|
$
4,316
|
|
$
4,316
|
|
$
22,486
|
|
$
22,486
|
|
$
18,951
|
|
$
18,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HVAC
|
$ 451
|
|
$
658
|
|
$ 335
|
|
$ 397
|
|
$
2,308
|
|
$
3,370
|
|
$
2,275
|
|
$
2,511
|
|
Refrigeration
|
396
|
|
82
|
|
101
|
|
108
|
|
715
|
|
416
|
|
428
|
|
449
|
|
Segment operating
profit
|
847
|
|
740
|
|
436
|
|
505
|
|
3,023
|
|
3,786
|
|
2,703
|
|
2,960
|
|
Eliminations and
other
|
(11)
|
|
(4)
|
|
224
|
|
(38)
|
|
(95)
|
|
(42)
|
|
(200)
|
|
(91)
|
|
General corporate
expenses
|
(62)
|
|
(58)
|
|
(121)
|
|
(56)
|
|
(282)
|
|
(202)
|
|
(343)
|
|
(220)
|
|
Operating
profit
|
$
774
|
|
$
678
|
|
$
539
|
|
$
411
|
|
$
2,646
|
|
$
3,542
|
|
$
2,160
|
|
$
2,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HVAC
|
10.0 %
|
|
14.6 %
|
|
10.2 %
|
|
12.1 %
|
|
12.1 %
|
|
17.7 %
|
|
15.0 %
|
|
16.6 %
|
|
Refrigeration
|
58.2 %
|
|
12.1 %
|
|
9.9 %
|
|
10.5 %
|
|
20.6 %
|
|
12.0 %
|
|
11.2 %
|
|
11.8 %
|
|
Total
Carrier
|
15.0 %
|
|
13.2 %
|
|
12.5 %
|
|
9.5 %
|
|
11.8 %
|
|
15.8 %
|
|
11.4 %
|
|
14.0 %
|
|
Carrier Global
Corporation
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP)
Operating
Profit
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31, 2024
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$
4,509
|
|
$
680
|
|
$
(41)
|
|
$
—
|
|
$
5,148
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
451
|
|
$
396
|
|
$
(11)
|
|
$
(62)
|
|
$
774
|
|
Reported operating
margin
|
10.0 %
|
|
58.2 %
|
|
|
|
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
1
|
|
$
3
|
|
$
7
|
|
$
—
|
|
$
11
|
|
Amortization of
acquired intangibles
|
172
|
|
—
|
|
—
|
|
—
|
|
172
|
|
Acquisition step-up
amortization (1)
|
30
|
|
1
|
|
—
|
|
—
|
|
31
|
|
Acquisition/divestiture-related costs
|
4
|
|
—
|
|
—
|
|
4
|
|
8
|
|
CCR gain
|
—
|
|
(318)
|
|
—
|
|
—
|
|
(318)
|
|
Total adjustments to
operating profit
|
$
207
|
|
$
(314)
|
|
$
7
|
|
$
4
|
|
$
(96)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
658
|
|
$
82
|
|
$
(4)
|
|
$
(58)
|
|
$
678
|
|
Adjusted operating
margin
|
14.6 %
|
|
12.1 %
|
|
|
|
|
|
13.2 %
|
|
(Unaudited)
|
|
Three Months Ended
December 31, 2023
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$
3,293
|
|
$
1,024
|
|
$
(1)
|
|
$
—
|
|
$
4,316
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
335
|
|
$
101
|
|
$
224
|
|
$
(121)
|
|
$
539
|
|
Reported operating
margin
|
10.2 %
|
|
9.9 %
|
|
|
|
|
|
12.5 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
17
|
|
$
7
|
|
$
8
|
|
$
—
|
|
$
32
|
|
Amortization of
acquired intangibles
|
35
|
|
—
|
|
—
|
|
—
|
|
35
|
|
Acquisition step-up
amortization (1)
|
10
|
|
—
|
|
—
|
|
—
|
|
10
|
|
Acquisition/divestiture-related costs
|
—
|
|
—
|
|
—
|
|
65
|
|
65
|
|
Bridge loan financing
costs
|
—
|
|
—
|
|
2
|
|
—
|
|
2
|
|
Viessmann-related
hedges
|
—
|
|
—
|
|
(272)
|
|
—
|
|
(272)
|
|
Total adjustments to
operating profit
|
$
62
|
|
$
7
|
|
$
(262)
|
|
$
65
|
|
$
(128)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
397
|
|
$
108
|
|
$
(38)
|
|
$
(56)
|
|
$
411
|
|
Adjusted operating
margin
|
12.1 %
|
|
10.5 %
|
|
|
|
|
|
9.5 %
|
|
(1) Amortization of the step-up to
fair value of acquired inventory and backlog.
|
|
Carrier Global
Corporation
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP)
Operating
Profit
|
|
|
(Unaudited)
|
|
Year Ended December
31, 2024
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$ 19,078
|
|
$
3,475
|
|
$
(67)
|
|
$
—
|
|
$ 22,486
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
2,308
|
|
$
715
|
|
$
(95)
|
|
$
(282)
|
|
$
2,646
|
|
Reported operating
margin
|
12.1 %
|
|
20.6 %
|
|
|
|
|
|
11.8 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
87
|
|
$
8
|
|
$
13
|
|
$
—
|
|
$
108
|
|
Amortization of
acquired intangibles
|
689
|
|
—
|
|
—
|
|
—
|
|
689
|
|
Acquisition step-up
amortization (1)
|
281
|
|
1
|
|
—
|
|
—
|
|
282
|
|
Acquisition/divestiture-related costs
|
5
|
|
10
|
|
—
|
|
80
|
|
95
|
|
CCR gain
|
—
|
|
(318)
|
|
—
|
|
—
|
|
(318)
|
|
Viessmann-related
hedges
|
—
|
|
—
|
|
86
|
|
—
|
|
86
|
|
Gain on liability
adjustment (2)
|
—
|
|
—
|
|
(46)
|
|
—
|
|
(46)
|
|
Total adjustments to
operating profit
|
$
1,062
|
|
$
(299)
|
|
$
53
|
|
$
80
|
|
$
896
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
3,370
|
|
$
416
|
|
$
(42)
|
|
$
(202)
|
|
$
3,542
|
|
Adjusted operating
margin
|
17.7 %
|
|
12.0 %
|
|
|
|
|
|
15.8 %
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Year Ended December
31, 2023
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$ 15,139
|
|
$
3,818
|
|
$
(6)
|
|
$
—
|
|
$ 18,951
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
2,275
|
|
$
428
|
|
$
(200)
|
|
$
(343)
|
|
$
2,160
|
|
Reported operating
margin
|
15.0 %
|
|
11.2 %
|
|
|
|
|
|
11.4 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
44
|
|
$
21
|
|
$
10
|
|
$
—
|
|
$
75
|
|
Amortization of
acquired intangibles
|
143
|
|
—
|
|
—
|
|
—
|
|
143
|
|
Acquisition step-up
amortization (1)
|
41
|
|
—
|
|
—
|
|
—
|
|
41
|
|
Acquisition/divestiture-related costs
|
—
|
|
—
|
|
—
|
|
123
|
|
123
|
|
Bridge loan financing
costs
|
—
|
|
—
|
|
3
|
|
—
|
|
3
|
|
TCC acquisition-related
gain (3)
|
8
|
|
—
|
|
—
|
|
—
|
|
8
|
|
Viessmann-related
hedges
|
—
|
|
—
|
|
96
|
|
—
|
|
96
|
|
Total adjustments to
operating profit
|
$
236
|
|
$
21
|
|
$
109
|
|
$
123
|
|
$
489
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
2,511
|
|
$
449
|
|
$
(91)
|
|
$
(220)
|
|
$
2,649
|
|
Adjusted operating
margin
|
16.6 %
|
|
11.8 %
|
|
|
|
|
|
14.0 %
|
|
(1) Amortization of the step-up to
fair value of acquired inventory and backlog.
|
|
(2) Gain associated with an
adjustment to our tax-related liability owed to UTC.
|
|
(3) The
carrying value of our previously held TCC equity investments were
recognized at fair value and subsequently adjusted.
|
|
Carrier Global
Corporation
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Earnings (Loss),
Earnings Per Share, and Effective Tax Rate
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31, 2024
|
|
Year Ended December
31, 2024
|
|
(In millions,
except per share amounts)
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Net sales
|
$
5,148
|
|
$
—
|
|
$ 5,148
|
|
$ 22,486
|
|
$
—
|
|
$ 22,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
$ 774
|
|
(96)
|
a
|
$
678
|
|
$
2,646
|
|
896
|
a
|
$
3,542
|
|
Operating
margin
|
15.0 %
|
|
|
|
13.2 %
|
|
11.8 %
|
|
|
|
15.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income
taxes
|
$ 693
|
|
(87)
|
a,b
|
$
606
|
|
$
2,274
|
|
831
|
a,b
|
$
3,105
|
|
Income tax (expense)
benefit
|
$ (723)
|
|
627
|
c
|
$
(96)
|
|
$ (1,062)
|
|
400
|
c
|
$
(662)
|
|
Effective tax
rate
|
104.3 %
|
|
|
|
15.8 %
|
|
46.7 %
|
|
|
|
21.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
attributable to common shareowners
|
$
(48)
|
|
$
540
|
|
$
492
|
|
$
1,108
|
|
$
1,231
|
|
$
2,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
|
|
$
11
|
a
|
|
|
|
|
$
108
|
a
|
|
|
Amortization of
acquired intangibles
|
|
|
172
|
a
|
|
|
|
|
689
|
a
|
|
|
Acquisition step-up
amortization (1)
|
|
|
31
|
a
|
|
|
|
|
282
|
a
|
|
|
Acquisition/divestiture-related costs
|
|
|
8
|
a
|
|
|
|
|
95
|
a
|
|
|
CCR gain
|
|
|
(318)
|
a
|
|
|
|
|
(318)
|
a
|
|
|
Viessmann-related
hedges
|
|
|
—
|
a
|
|
|
|
|
86
|
a
|
|
|
Gain on liability
adjustment (2)
|
|
|
—
|
a
|
|
|
|
|
(46)
|
a
|
|
|
Debt extinguishment
(gain)
|
|
|
—
|
b
|
|
|
|
|
(97)
|
b
|
|
|
Debt prepayment
costs
|
|
|
9
|
b
|
|
|
|
|
32
|
b
|
|
|
Total
adjustments
|
|
|
$
(87)
|
|
|
|
|
|
$
831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on
adjustments above
|
|
|
$
(35)
|
|
|
|
|
|
$
(262)
|
|
|
|
Tax specific
adjustments (3)
|
|
|
662
|
|
|
|
|
|
662
|
|
|
|
Total tax
adjustments
|
|
|
$
627
|
c
|
|
|
|
|
$
400
|
c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
903.4
|
|
|
|
903.4
|
|
911.7
|
|
|
|
911.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
(0.05)
|
|
|
|
$
0.54
|
|
$ 1.22
|
|
|
|
$ 2.56
|
|
(1) Amortization of the step-up to
fair value of acquired inventory and backlog.
|
|
(2) Gain associated with an
adjustment to our tax-related liability owed to UTC.
|
|
(3) Tax
expense associated with the integration of the Viessmann and
Carrier legal entity structure.
|
|
Carrier Global
Corporation
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Earnings (Loss),
Earnings Per Share, and Effective Tax Rate
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31, 2023
|
|
Year Ended December
31, 2023
|
|
(In millions,
except per share amounts)
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Net sales
|
$
4,316
|
|
$
—
|
|
$ 4,316
|
|
$
18,951
|
|
$
—
|
|
$
18,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
$ 539
|
|
(128)
|
a
|
$
411
|
|
$
2,160
|
|
489
|
a
|
$
2,649
|
|
Operating
margin
|
12.5 %
|
|
|
|
9.5 %
|
|
11.4 %
|
|
|
|
14.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income
taxes
|
$ 504
|
|
(111)
|
a,b
|
$
393
|
|
$
1,999
|
|
538
|
a,b
|
$
2,537
|
|
Income tax (expense)
benefit
|
$ (68)
|
|
(3)
|
c
|
$
(71)
|
|
$ (521)
|
|
(47)
|
c
|
$ (568)
|
|
Effective tax
rate
|
13.5 %
|
|
|
|
18.1 %
|
|
26.1 %
|
|
|
|
22.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
continuing operations
attributable to common shareowners
|
$
417
|
|
$
(114)
|
|
$
303
|
|
$
1,387
|
|
$
491
|
|
$
1,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
|
|
$
32
|
a
|
|
|
|
|
$
75
|
a
|
|
|
Amortization of
acquired intangibles
|
|
|
35
|
a
|
|
|
|
|
143
|
a
|
|
|
Acquisition step-up
amortization (1)
|
|
|
10
|
a
|
|
|
|
|
41
|
a
|
|
|
Acquisition/divestiture-related costs
|
|
|
65
|
a
|
|
|
|
|
123
|
a
|
|
|
Viessmann-related
hedges
|
|
|
(272)
|
a
|
|
|
|
|
96
|
a
|
|
|
TCC acquisition-related
gain (2)
|
|
|
—
|
a
|
|
|
|
|
8
|
a
|
|
|
Bridge loan financing
costs (3)
|
|
|
19
|
a,b
|
|
|
|
|
52
|
a,b
|
|
|
Total
adjustments
|
|
|
$
(111)
|
|
|
|
|
|
$
538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on
adjustments above
|
|
|
$
(20)
|
|
|
|
|
|
$
(83)
|
|
|
|
Tax specific
adjustments
|
|
|
17
|
|
|
|
|
|
36
|
|
|
|
Total tax
adjustments
|
|
|
$
(3)
|
c
|
|
|
|
|
$
(47)
|
c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding
|
854.2
|
|
|
|
854.2
|
|
853.0
|
|
|
|
853.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
0.49
|
|
|
|
$
0.36
|
|
$
1.63
|
|
|
|
$
2.20
|
|
(1)
Amortization of the step-up to fair value of acquired inventory and
backlog.
|
|
(2)
The carrying value of our previously held TCC equity investments
were recognized at fair value and subsequently adjusted.
|
|
(3)
Includes commitment fees recognized in Operating
profit.
|
|
Carrier Global
Corporation
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP) Results
|
|
Components of
Changes in Net Sales
Three Months
Ended December 31, 2024 Compared with Three Months Ended December
31, 2023
|
|
|
(Unaudited)
|
|
Factors Contributing
to Total % change in Net Sales
|
|
Organic
|
|
FX
Translation
|
|
Acquisitions /
Divestitures, net
|
|
Other
|
|
Total
|
|
HVAC
|
11 %
|
|
— %
|
|
26 %
|
|
— %
|
|
37 %
|
|
Refrigeration
|
(6) %
|
|
— %
|
|
(27) %
|
|
— %
|
|
(33) %
|
|
Consolidated
|
6 %
|
|
— %
|
|
13 %
|
|
— %
|
|
19 %
|
|
Year Ended
December 31, 2024 Compared with Year Ended December 31,
2023
|
|
|
(Unaudited)
|
|
Factors Contributing
to Total % change in Net Sales
|
|
Organic
|
|
FX
Translation
|
|
Acquisitions /
Divestitures, net
|
|
Other
|
|
Total
|
|
HVAC
|
5 %
|
|
— %
|
|
21 %
|
|
— %
|
|
26 %
|
|
Refrigeration
|
(1) %
|
|
— %
|
|
(8) %
|
|
— %
|
|
(9) %
|
|
Consolidated
|
3 %
|
|
— %
|
|
16 %
|
|
— %
|
|
19 %
|
|
Free Cash Flow
Reconciliation
|
|
|
|
(Unaudited)
|
|
|
Year
Ended
December
31,
|
|
(In
millions)
|
|
2024
|
|
2023
|
|
Net cash flows provided
by operating activities
|
|
$
563
|
|
$
2,607
|
|
Less: Capital
expenditures - continuing operations
|
|
(519)
|
|
(439)
|
|
Less: Capital
expenditures - discontinued operations
|
|
(14)
|
|
(30)
|
|
Free cash
flow
|
|
$
30
|
|
$
2,138
|
|
Net Debt
Reconciliation
|
|
|
|
(Unaudited)
|
|
|
As of December
31,
|
|
(In
millions)
|
|
2024
|
|
2023
|
|
Long-term
debt
|
|
$
11,026
|
|
$
14,242
|
|
Current portion of
long-term debt
|
|
1,252
|
|
51
|
|
Less: Cash and cash
equivalents
|
|
3,969
|
|
9,852
|
|
Net
debt
|
|
$
8,309
|
|
$
4,441
|
|
Carrier Global
Corporation
Reconciliation of
Reported (GAAP) to Adjusted (Non-GAAP) Results
|
|
Discontinued operations, net of tax
Reconciliation
|
|
|
|
(Unaudited)
|
|
|
Year
Ended
December
31,
|
|
(In millions,
except per share amounts)
|
|
2024
|
|
Discontinued
operations, net of tax
|
|
$
4,496
|
|
|
|
|
Summary of
adjustments, net of tax:
|
|
|
|
Divestiture-related
costs
|
|
$
154
|
|
Restructuring
|
|
15
|
|
Gain on sale of
discontinued businesses
|
|
(5,176)
|
|
AFFF legal
reserve
|
|
565
|
|
Tax specific
adjustments
|
|
250
|
|
Total
adjustments
|
|
$
(4,192)
|
|
|
|
|
Adjusted
Discontinued operations, net of tax
|
|
$
304
|
|
Adjusted diluted
earnings per share
|
|
$
0.34
|
|
Diluted EPS
Reconciliation - Adjusted
|
|
|
|
(Unaudited)
|
|
|
Year
Ended
December
31,
|
|
|
2024
|
|
Continuing
operations
|
|
$
2.56
|
|
Discontinued
operations
|
|
0.34
|
|
Total
|
|
$
2.90
|
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SOURCE Carrier Global Corporation
