Carrier Global (NYSE:CARR) Releases FY 2024 Earnings Guidance

Carrier Global (NYSE:CARR) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.800-2.900 for the period, compared to the consensus EPS estimate of 2.840. The company issued revenue guidance of $26.0 billion-$26.0 billion, compared to the consensus revenue estimate of $26.2 billion. Carrier Global also updated its FY24 guidance to $2.80-2.90 EPS.

Carrier Global Price Performance

Shares of CARR stock traded up $5.04 during mid-day trading on Thursday, reaching $59.81. The stock had a trading volume of 10,168,668 shares, compared to its average volume of 4,794,749. Carrier Global has a 12-month low of $40.28 and a 12-month high of $60.87. The company has a current ratio of 2.73, a quick ratio of 2.40 and a debt-to-equity ratio of 1.58. The business has a 50-day simple moving average of $56.41 and a 200 day simple moving average of $54.79. The company has a market cap of $53.84 billion, a P/E ratio of 37.85, a price-to-earnings-growth ratio of 2.33 and a beta of 1.39.

Carrier Global (NYSE:CARR) last posted its earnings results on Tuesday, February 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. Carrier Global had a net margin of 6.10% and a return on equity of 27.19%. The firm had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.22 billion. During the same period last year, the firm posted $0.40 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. On average, sell-side analysts anticipate that Carrier Global will post 2.82 earnings per share for the current year.

Carrier Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Friday, May 3rd will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Thursday, May 2nd. Carrier Global’s payout ratio is currently 48.10%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company cut their price target on Carrier Global from $63.00 to $57.00 and set an equal weight rating for the company in a report on Wednesday, February 7th. Oppenheimer reissued an outperform rating and issued a $63.00 price target on shares of Carrier Global in a research note on Thursday, April 18th. Royal Bank of Canada dropped their price objective on shares of Carrier Global from $63.00 to $60.00 and set an outperform rating for the company in a research note on Wednesday, February 7th. Citigroup raised their target price on shares of Carrier Global from $60.00 to $63.00 and gave the stock a neutral rating in a research report on Monday, April 8th. Finally, Barclays boosted their target price on shares of Carrier Global from $71.00 to $78.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $61.15.

Insider Transactions at Carrier Global

In related news, CEO David L. Gitlin sold 354,539 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.16, for a total value of $19,201,832.24. Following the completion of the sale, the chief executive officer now directly owns 422,808 shares in the company, valued at approximately $22,899,281.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Kevin J. O’connor sold 26,551 shares of Carrier Global stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $53.77, for a total transaction of $1,427,647.27. Following the sale, the vice president now owns 66,083 shares in the company, valued at $3,553,282.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David L. Gitlin sold 354,539 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.16, for a total transaction of $19,201,832.24. Following the completion of the transaction, the chief executive officer now owns 422,808 shares of the company’s stock, valued at $22,899,281.28. The disclosure for this sale can be found here. Company insiders own 6.95% of the company’s stock.

Carrier Global Company Profile

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.