Carrier (CARR) Boosts HVAC Offerings With Outdoor Air System
Carrier Global CARR is leaving no stone unturned to expand its Heating, Ventilating and Air Conditioning (HVAC) segment on the back of innovative products.
The recent introduction of a new high outdoor air system for the WeatherExpert packaged rooftop units testifies to the aforesaid fact.
The WeatherExpert high outdoor air system, which enables conditioning up to 100% outdoor air, can be integrated with space air conditioning and heating systems to offer a comprehensive HVAC solution for schools, hotels or office buildings.
The high outdoor air system can also condition up to 50% of outdoor air for heating, air conditioning, dehumidification, and ventilation in retail spaces, gymnasiums and restaurants.
Moreover, it not only replaces indoor air with fresh outdoor air quickly and efficiently but also ensures cost-effectiveness and energy efficiency.
Additionally, the high outdoor air system, which is available in nominal 6, 7.5, 10 and 15-ton cooling capacities, offer EcoBlue supply fans, ECM motors, low load protection valve, Hot Gas Reheat system and factory-installed options.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Strengthening HVAC Segment
In addition to the latest move, Carrier recently acquired Standard Plumbing Heating Controls, a renowned HVAC and building automation provider.
Moreover, the company launched i-Vu Pro v8.5 software, which enhances system security, streamlines updates and facilitates data integration for informed business decisions, further strengthening its HVAC segment.
We believe all these endeavors will continue to aid the performance of the HVAC segment in the near term.
In the second quarter of 2023, the segment generated $4.22 billion in revenues, accounting for 70.4% of net sales. The figure increased 24.4% from the prior-year quarter’s reported figure.
Conclusion
Carrier’s growing product portfolio is anticipated to help the company to expand its footprint in the global HVAC systems market.
Per a report from Grand View Research, the global HVAC systems market size is expected to register a CAGR of 6.3% between 2023 and 2030.
We believe the strong prospects of the company in this growing market are likely to aid its overall performance and instill investor optimism in the stock.
For 2023, Carrier expects revenues of $22 billion. The Zacks Consensus Estimate for 2023 revenues is pegged at $22.34 billion, indicating year-over-year growth of 9.38%.
The company anticipates adjusted earnings per share to be within $2.55-$2.65. The Zacks Consensus Estimate for the same is pegged at $2.62 per share, indicating year-over-year growth of 11.97%.
Notably, CARR has gained 29.9% in the year-to-date period, outperforming the industry’s rally of 15.8%.
Zacks Rank & Other Stocks to Consider
Currently, Carrier Global carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader technology sector are NetEase NTES, Applied Materials AMAT and Salesforce CRM. While NetEase and Applied Materials sport a Zacks Rank #1 (Strong Buy) each, Salesforce carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
NetEase shares have gained 38.2% in the year-to-date period. NTES’ long-term earnings growth rate is currently projected at 13.18%.
Applied Materials shares have gained 52.8% in the year-to-date period. The long-term earnings growth rate for AMAT is currently projected at 5.37%
Salesforce shares have gained 57.7% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 19.25%.
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