Carrier Global beats quarterly profit estimates on demand from commercial customers
(Reuters) - Carrier Global beat Wall Street estimates for fourth-quarter profit on Tuesday, driven by robust demand for the company's heating, ventilating and air conditioning (HVAC) products from commercial customers and aftermarket services.
The Florida-based company also forecast full-year 2024 revenue at $26.50 billion, above analysts' expectation of $24.55 billion.
High single digit growth in commercial HVAC globally helped offset a drop in North America due to weaker-than-expected residential sales as distributors reduced inventory levels, the company said.
Refrigeration returned to growth this quarter, with organic sales up 6% on growth in the transport segment.
Carrier has bought Viessmann Group's unit that makes heating boilers and heat pumps in a $13.17 billion deal in an effort to focus on its mainstay heating and cooling equipment businesses. The deal closed in January.
The company projected full-year adjusted profit to be between $2.80 and $2.90 per share, while analysts had expected $2.86.
(Reporting by Kannaki Deka in Bengaluru; Editing by Sriraj Kalluvila)
