Carrier Global (CARR) Reports Q3 Earnings: What Key Metrics Have to Say
For the quarter ended September 2023, Carrier Global (CARR) reported revenue of $5.73 billion, up 5.1% over the same period last year. EPS came in at $0.89, compared to $0.70 in the year-ago quarter.
The reported revenue represents a surprise of -2.03% over the Zacks Consensus Estimate of $5.85 billion. With the consensus EPS estimate being $0.78, the EPS surprise was +14.10%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Carrier Global performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- HVAC: $4.01 billion compared to the $4.05 billion average estimate based on four analysts. The reported number represents a change of +7.3% year over year.
Net Sales- Refrigeration: $924 million versus the four-analyst average estimate of $948.20 million. The reported number represents a year-over-year change of +0.1%.
Net Sales- Fire & Security: $923 million compared to the $931.10 million average estimate based on four analysts. The reported number represents a change of +2% year over year.
Net Sales- Eliminations and other: -$124 million versus the four-analyst average estimate of -$110.25 million. The reported number represents a year-over-year change of +11.7%.
Net Sales- Service sales: $650 million versus $548.43 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +16.1% change.
Net Sales- Product sales: $5.08 billion versus $5.26 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +3.9% change.
Adjusted Operating profit- HVAC: $833 million compared to the $706.39 million average estimate based on four analysts.
Adjusted Operating profit- Refrigeration: $111 million versus $125.07 million estimated by four analysts on average.
Adjusted Operating profit- Fire & Security: $169 million versus $151.59 million estimated by four analysts on average.
Adjusted operating profit- General Corporate Expenses and Eliminations and Other: -$28 million compared to the -$59.50 million average estimate based on two analysts.
View all Key Company Metrics for Carrier Global here>>>
Shares of Carrier Global have returned -14.6% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Carrier Global Corporation (CARR) : Free Stock Analysis Report
