Carrier (CARR) Boosts Refrigeration Offerings With HeatCO2OL
One of Carrier Global’s CARR refrigeration brands, Commercial Refrigeration, launched HeatCO2OL range of heat pumps.
These heat pumps are designed to reduce carbon emissions as they run on renewable energy. The design of the underlined product can lower direct and indirect emissions significantly. These pumps use carbon dioxide as a natural refrigerant.
The HeatCO2OL devices are designed in a way that enables them to replace existing comfort or process chillers as they offer sustainable cooling.
Also, customers can manage three different temperature grades simultaneously using HeatCO2OL heat pump.
The HeatCO2OL range offers low total cost of ownership due to premium quality components, leak and electrical testing, remote monitoring and preventive maintenance technology.
The latest move bodes well for the company’s commitment to decarbonization. Carrier’s 2030 Environmental, Social and Governance goals include the reduction of its customers’ carbon footprint by one gigaton.
CARR expects to record the strong adoption of HeatCO2OL, as it facilitates low total cost of ownership and sustainable heat production.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Expanding Refrigeration Segment Offerings
The latest move is in sync with the company’s effort toward strengthening its refrigeration offerings.
Apart from the launch, Carrier’s subsidiary Transicold expanded its line of solar charging systems for transport refrigeration unit (“TRU”) batteries. It introduced a wide array of enhancements on its platform, including a TRU-mount solar charging system, a 50-watt trailer rooftop-mount system, a 20-series 50-watt rooftop-mount system, a 50-watt rail-optimized door-mount system and a charging system for the Solara heating unit.
Carrier launched 40XR and 50XR that offer better performance and longer life for local and regional deliveries. The air management, airflow and temperature control of these units remain noteworthy.
Carrier added a new feature to its EverFRESH active controlled atmosphere system for refrigerated containers. The feature includes expanded oxygen setpoints for refrigerated containers, which eases the transportation of perishable goods.
Further, Transicold announced the availability of fleet protection from the costs of premature battery failure in transport refrigeration units (TRUs) on its BluEdge service platform.
To Conclude
Growing refrigeration offerings have expanded the company’s overall product portfolio. This will likely benefit CARR’s near-term performance and instill investors’ optimism. For 2023, Carrier expects sales of $22 billion. The Zacks Consensus Estimate for the same is pegged at $22.16 billion, indicating growth of 8.5% from the year-ago reported figure.
The stock has gained 19.4% in the year-to-date period compared with the industry’s rise of 16%.
Zacks Rank & Other Stocks to Consider
Currently, Carrier carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Palo Alto Networks PANW, Akamai Technologies AKAM and AMETEK AME. Palo Alto Networks and Akamai Technologies sport a Zacks Rank #1 (Strong Buy), while AMETEK carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Palo Alto Networks shares have increased 81.6% in the year-to-date period. The long-term earnings growth rate for PANW is currently projected at 31.5%.
Akamai Technologies shares have increased 6.2% in the year-to-date period. The long-term earnings growth rate for AKAM is currently projected 10%.
AMETEK shares have increased 12.2% in the year-to-date period. The long-term earnings growth rate for AME is currently projected at 8.95%.
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