The company said it completed the sale of Access Solutions on June 2, 2024 for cash proceeds of $5.0 billion and the sale of Industrial Fire on July 1 for $1.4 billion. Net gains on the sales were $1.8 billion and $310 million, respectively, and both are included in discontinued operations.

10-QQuarterly reportFiled Oct 25, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said it completed the sale of Access Solutions on June 2, 2024 for cash proceeds of $5.0 billion and the sale of Industrial Fire on July 1 for $1.4 billion. Net gains on the sales were $1.8 billion and $310 million, respectively, and both are included in discontinued operations.
Carrier Global said net sales for the quarter ended September 30, 2024 rose 21% to $6.0 billion, and gross margin increased 13% to $1.7 billion. It said gross margin as a percentage of net sales fell 210 basis points, and that costs from recognizing the acquired VCS Business assets at fair value had an unfavorable impact of 220 basis points on that margin.
The company said it completed the acquisition of the VCS Business on January 2, 2024 for $14.2 billion. It said the cash portion was funded with cash on hand, proceeds from the USD Notes and Euro Notes, the Delayed Draw Facility and borrowings under the 60-day Loan.
The company said net cash used in investing activities from continuing operations was $11.3 billion for the 9 months ended September 30, 2024, with the acquisition of the VCS Business, net of cash acquired of $10.8 billion, as the main factor. Net cash used in financing activities from continuing operations for the same period was $2.9 billion.

Key figures

Quarter ended September 30, 2024

Revenue: $6.0B
Operating income: $763M
Net income: $447M
EPS: $0.49

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis 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.

Portfolio Divestitures and Discontinued Operations Reflected

The company said it completed the sale of Access Solutions on June 2, 2024 for cash proceeds of $5.0 billion and the sale of Industrial Fire on July 1 for $1.4 billion. Net gains on the sales were $1.8 billion and $310 million, respectively, and both are included in discontinued operations.

Source · Based on the MD&A text of the filing

Q3 Net Sales and Gross Margin

Carrier Global said net sales for the quarter ended September 30, 2024 rose 21% to $6.0 billion, and gross margin increased 13% to $1.7 billion. It said gross margin as a percentage of net sales fell 210 basis points, and that costs from recognizing the acquired VCS Business assets at fair value had an unfavorable impact of 220 basis points on that margin.

Source · Based on the MD&A text of the filing

VCS Business Acquisition and Financing

The company said it completed the acquisition of the VCS Business on January 2, 2024 for $14.2 billion. It said the cash portion was funded with cash on hand, proceeds from the USD Notes and Euro Notes, the Delayed Draw Facility and borrowings under the 60-day Loan.

Source · Based on the MD&A text of the filing

9-Month Investing and Financing Cash Flows

The company said net cash used in investing activities from continuing operations was $11.3 billion for the 9 months ended September 30, 2024, with the acquisition of the VCS Business, net of cash acquired of $10.8 billion, as the main factor. Net cash used in financing activities from continuing operations for the same period was $2.9 billion.

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.

View the original filing on SEC EDGAR ↗

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