AI English summary of an SEC filing — figures as filed
Carrier Global CARRCarrier said net sales for Q2 rose 12% from a year earlier to $6.7 billion, with organic growth of 2%. Adjusted operating profit rose 26% to $1.2 billion, which the company attributed mainly to the addition of Viessmann Climate Solutions.
Key points
AI summaryCarrier said net sales for Q2 rose 12% from a year earlier to $6.7 billion, with organic growth of 2%. Adjusted operating profit rose 26% to $1.2 billion, which the company attributed mainly to the addition of Viessmann Climate Solutions.
Carrier said GAAP operating profit for Q2 rose more than 650% from a year earlier to $3.7 billion, which it cited mainly as due to the gain on the sale of Access Solutions and the addition of Viessmann Climate Solutions. Net income was $2.3 billion, GAAP EPS was $2.55, and adjusted EPS was $0.87.
Carrier Global said free cash flow for Q2 was $549 million, calculated as net cash flows from operating activities of $660 million less capital expenditures of $111 million. The company also said that in the same quarter it received $5.0 billion in cash proceeds from the sale of Access Solutions, redeemed $1.0 billion of long-term notes, and repaid €2.3 billion of term loans.
The company reaffirmed its full-year adjusted EPS guidance range of $2.80 to $2.90 and said its full-year sales outlook, which now includes Commercial Refrigeration for 9 months, is about $25.5B (prior outlook about $26B). It also said it plans to repurchase about $1 billion of shares in the second half of 2024.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Carrier Sales and Adjusted Operating Profit for Q2
Carrier said net sales for Q2 rose 12% from a year earlier to $6.7 billion, with organic growth of 2%. Adjusted operating profit rose 26% to $1.2 billion, which the company attributed mainly to the addition of Viessmann Climate Solutions.
Source · Based on the filing body and exhibits
GAAP Operating Profit and Net Income
Carrier said GAAP operating profit for Q2 rose more than 650% from a year earlier to $3.7 billion, which it cited mainly as due to the gain on the sale of Access Solutions and the addition of Viessmann Climate Solutions. Net income was $2.3 billion, GAAP EPS was $2.55, and adjusted EPS was $0.87.
Source · Based on the filing body and exhibits
Carrier Free Cash Flow and Debt Repayment in Q2
Carrier Global said free cash flow for Q2 was $549 million, calculated as net cash flows from operating activities of $660 million less capital expenditures of $111 million. The company also said that in the same quarter it received $5.0 billion in cash proceeds from the sale of Access Solutions, redeemed $1.0 billion of long-term notes, and repaid €2.3 billion of term loans.
Source · Based on the filing body and exhibits
Carrier 2024 Full-Year Outlook and Share Repurchase Plan
The company reaffirmed its full-year adjusted EPS guidance range of $2.80 to $2.90 and said its full-year sales outlook, which now includes Commercial Refrigeration for 9 months, is about $25.5B (prior outlook about $26B). It also said it plans to repurchase about $1 billion of shares in the second half of 2024.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…