Carrier (CARR) Boosts Fire & Security Unit With New Solution
Carrier Global’s CARR Edwards introduced an advanced software-as-a-service (SaaS) solution, namely ConnectedSafety+, to bolster its Fire & Security segment.
The new solution offers predictive maintenance insights, which help customers in achieving optimized system functionality by taking preventative action quickly.
It also provides real-time event notifications and intelligent reporting features. Further, it provides a multi-site dashboard, offering a view of all locations at once.
Moreover, Edwards ConnectedSafety+ is designed to prepare technicians well before going for troubleshooting the system issues on-site.
Additionally, the solution helps customers to stay code compliant, minimize site disruptions and improve overall productivity through its unique-to-market features.
We believe Carrier remains well-poised to gain solid customer momentum on the back of ConnectedSafety+ as it eliminates the need for frequent on-site maintenance visits, which were previously time-consuming and costly.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Expanding Fire & Security Solutions Portfolio
Apart from the latest move, Carrier’s Supra recently integrated scheduling and lockbox access to its showing management tool, which is backed by BrokerBay. The new functionality allows real estate agents to access Supra iBox lockboxes directly from the scheduling mobile app, providing a seamless property access experience.
Further, Carrier’s Kidde introduced new smart detection products and devices that provide instant notifications for a range of home safety threats, including smoke, carbon monoxide, water leaks, frozen pipes and indoor air quality issues.
Another Fire & Security brand, Onity, signed a reseller agreement with Weston Security Systems to offer Passport Locking Solution in Canada.
Further, Onity partnered with Comcast’s MachineQ to roll out a cloud-based smart lock solution by integrating its Passport Locking Solution with the latter’s IoT connectivity solution.
Additionally, LenelS2 rolled out an advanced version of its browser-based access control and event monitoring system called NetBox version 5.6.
Bottom Line
We believe all these endeavors are likely to aid the performance of the Fire and Security segment in the near term.
In the first quarter of 2023, the segment generated $869 million in revenues, which accounted for 16.5% of net sales. The figure was up 6% year over year.
We note that the growth prospects of the underlined segment are likely to benefit the overall performance of Carrier. This is likely to instill investors’ optimism in the stock in the days ahead.
The Zacks Consensus Estimate for second-quarter 2023 revenues is pegged at $5.76 billion, indicating growth of 10.5% from the year-ago reported figure.
CARR has gained 15.9% in the year-to-date period, outperforming the industry’s rally of 12.9%.
Zacks Rank & Stocks to Consider
Currently, Carrier carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Palo Alto Networks PANW, NVIDIA NVDA and AMETEK AME. Palo Alto Networks and NVIDIA sport a Zacks Rank #1 (Strong Buy) each, while AMETEK carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Palo Alto Networks shares have gained 65% in the year-to-date period. The long-term earnings growth rate for PANW is currently projected at 31.5%.
NVIDIA shares have rallied 173.8% in the year-to-date period. Its long-term earnings growth rate is presently projected at 23.02%.
AMETEK shares have increased 10.2% in the year-to-date period. The long-term earnings growth rate for AME is currently projected at 8.95%.
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