Carrier Global Corp (NYSE:CARR) shares are rising Thursday morning on the heels of the company’s first-quarter financial results.
Q1 Earnings: Carrier Global reported first-quarter revenue of $5.22 billion, beating analyst estimates of $5.18 billion, according to Benzinga Pro. The company reported first-quarter adjusted earnings of 65 cents per share, beating estimates of 58 cents per share.
The Florida-based manufacturer reported a 27% rise in adjusted EPS, driven by strong pricing, improved productivity and a leaner cost structure. Overall revenue declined 4% year-over-year, primarily due to the late 2024 sale of its commercial refrigeration business, but organic growth came in at 2%.
Carrier generated $483 million in operating cash flow and $420 million in free cash flow, compared to negative free cash flow a year ago.
“Sales for the Commercial and Residential businesses within Climate Solutions Americas were each up about 20%. Total company orders were up high-single-digits, backlogs increased over 15% sequentially and about 10% year-over-year, positioning us for accelerated growth further fueled by differentiated products, aftermarket offerings and system solutions. We are increasing our full-year commitments as we proactively manage this dynamic environment,” said David Gitlin, chairman and CEO of Carrier.
Outlook: Looking ahead, Carrier raised its full-year adjusted earnings outlook to a range of $3.00 to $3.10 per share, up from prior guidance of $2.95 to $3.05. Analysts are anticipating earnings of $2.98 per share, according to Benzinga Pro. The company maintained expectations for organic revenue growth in the mid-single digits and free cash flow between $2.4 billion and $2.6 billion.
The company noted that it’s “fully mitigating” the impact of tariffs in effect currently.
CARR Price Action: Carrier Global shares were up 6.99% at $66.91 at the time of publication Thursday, according to Benzinga Pro.
Read Next:
Photo: katjen/Shutterstock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.