CARRIER GLOBAL Releases Financial Report for Q2 FY2023
August 25, 2023
🌥️Earnings Overview
On July 27 2023, CARRIER GLOBAL ($NYSE:CARR) published their financial report for the second quarter of FY2023, which concluded on June 30 2023. Total revenue increased by 15.0% compared to the same period in the previous year, amounting to USD 5992.0 million; however, net income for the quarter saw a 65.3% decrease, standing at USD 199.0 million.
Stock Price
The company’s stock opened at $53.6 and closed at $56.8, representing a 4.3% increase from its prior closing price of 54.4. The company’s strong financial performance and increased dividend bode well for its future prospects. The company also announced a new initiative to invest $1 billion into operations and research and development over the next three years, with a focus on expanding its portfolio of digital solutions and more efficient green technologies. This move is likely to help CARRIER GLOBAL further innovate and improve its competitive position in the market.
Overall, CARRIER GLOBAL’s stock opened and closed higher on Thursday, and the company’s financial report revealed an impressive quarter of growth. With a focus on digital solutions and green technologies, CARRIER GLOBAL looks poised to continue its positive momentum into the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Carrier Global. More…
| Total Revenues | Net Income | Net Margin |
| 21.82k | 2.15k | 9.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Carrier Global. More…
| Operations | Investing | Financing |
| 2.42k | -1.2k | -1k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Carrier Global. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 26.28k | 18k | 9.52 |
Key Ratios Snapshot
Some of the financial key ratios for Carrier Global are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.3% | 9.9% | 14.2% |
| FCF Margin | ROE | ROA |
| 9.4% | 24.0% | 7.3% |
Analysis
GoodWhale has conducted an analysis of CARRIER GLOBAL‘s fundamentals and, according to our Star Chart, the company is strong in dividends and profitability, but weak in assets and growth. This classifies CARRIER GLOBAL as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. This makes the company a great option for investors looking for a steady income stream or looking to capitalize on the security of an established company. Furthermore, CARRIER GLOBAL has a high health score of 8/10 with regard to its cashflows and debt, indicating that it is capable to sustain future operations in times of crisis. This makes it a great choice for investors who want to feel confident in their investments long term. More…
Peers
The competition between Carrier Global Corp and its competitors is fierce. Carrier has a strong brand name and a long history in the industry, but it faces stiff competition from Trane, which has a similar product offering. Johnson Controls is a diversified company that offers a range of HVAC products, but it is not as well known in the industry as Carrier or Trane. Carlisle is a smaller player in the HVAC industry, but it has a strong focus on energy efficiency.
– Johnson Controls International PLC ($NYSE:JCI)
Johnson Controls International PLC is a technology and industrial leader with a market cap of 45.72B as of 2022. The company has a Return on Equity of 7.45%. Johnson Controls focuses on making buildings, automotive interiors, and batteries more energy-efficient and sustainable.
– Trane Technologies PLC ($NYSE:TT)
Trane Technologies PLC is a publicly traded company with a market capitalization of $40.55 billion as of 2022. The company has a return on equity of 24.48%. Trane Technologies is a provider of products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables, and increase industrial productivity and efficiency. The company operates in four business segments: Climate, Industrial, Transport and Food & Beverage.
– Carlisle Companies Inc ($NYSE:CSL)
The company’s market cap is $12.28B as of 2022 with a ROE of 26.49%. The company is engaged in the design, manufacture and sale of products for the commercial truck, automotive and building markets. The company’s products include tires, wheels, brakes, suspension systems, axles, drivetrain components, transmissions, exhaust systems, engine components, aftermarket parts and accessories for trucks, trailers, buses, passenger cars, light and medium duty trucks, SUVs, and motorcycles.
Summary
CARRIER GLOBAL recently released their financial report for the second quarter of FY2023, ending June 30 2023. Total revenue for the quarter was USD 5992.0 million, a 15.0% increase from the same period in the previous year, while net income saw a 65.3% decrease, amounting to USD 199.0 million. Despite this decrease, investors responded positively as the stock price moved up on the same day. This indicates that investors are hopeful about the continued success and profitability of CARRIER GLOBAL in the future.
Related Posts
Recent Posts
