AI English summary of an SEC filing — figures as filed
Carrier Global CARRThe company said it sold Access Solutions to Honeywell International Inc. on June 2, 2024 for cash proceeds of $5.0 billion and recognized a gain on the sale of $2.9 billion in Other income (expense), net.
Key points
AI summaryThe company said it sold Access Solutions to Honeywell International Inc. on June 2, 2024 for cash proceeds of $5.0 billion and recognized a gain on the sale of $2.9 billion in Other income (expense), net.
Carrier said net sales for the 3 months ended June 30, 2024 rose 12% to $6.7 billion, and organic sales increased 2%. It said gross margin was $1.9 billion, and gross margin as a percentage of net sales decreased 120 basis points compared with the same period of the prior year.
The company said inventory step-up, backlog amortization and intangible asset amortization related to the VCS Business acquisition, completed on January 2, 2024, had a 300 basis points unfavorable impact on gross margin as a percentage of net sales for the 3 months.
The company said net cash used in investing activities was $6.3 billion for the 6 months ended June 30, 2024. It said the main outflow was the acquisition of the VCS Business, net of cash acquired, of $10.8 billion, partially offset by cash proceeds of $5.0 billion from the sale of Access Solutions.
Key figures
Quarter ended June 30, 2024
- Revenue
- $6.7B
- Operating income
- $3.7B
- Net income
- $2.4B
- EPS
- $2.55
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Access Solutions Sale and $2.9 billion Gain
The company said it sold Access Solutions to Honeywell International Inc. on June 2, 2024 for cash proceeds of $5.0 billion and recognized a gain on the sale of $2.9 billion in Other income (expense), net.
Source · Based on the MD&A text of the filing
Q2 Net Sales and Gross Margin Rate Fell 120 basis points
Carrier said net sales for the 3 months ended June 30, 2024 rose 12% to $6.7 billion, and organic sales increased 2%. It said gross margin was $1.9 billion, and gross margin as a percentage of net sales decreased 120 basis points compared with the same period of the prior year.
Source · Based on the MD&A text of the filing
VCS Business Costs and Gross Margin Rate Impact
The company said inventory step-up, backlog amortization and intangible asset amortization related to the VCS Business acquisition, completed on January 2, 2024, had a 300 basis points unfavorable impact on gross margin as a percentage of net sales for the 3 months.
Source · Based on the MD&A text of the filing
6-Month Net Cash Used in Investing $6.3 billion
The company said net cash used in investing activities was $6.3 billion for the 6 months ended June 30, 2024. It said the main outflow was the acquisition of the VCS Business, net of cash acquired, of $10.8 billion, partially offset by cash proceeds of $5.0 billion from the sale of Access Solutions.
Source · Based on the MD&A text of the filing
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…