CARR Latest Report

Key Financial Results

Carrier Global (CARR) achieved a significant increase in total operating revenue in 2024, growing from $43.160 billion in 2023 to $51.480 billion, a 19.24% increase. This growth reflects the company's successful performance in market demand, product innovation, and economic environment improvement, indicating its good development track in the HVAC industry.

Key Data

1. The total operating revenue of Carrier Global increased from $43.160 billion to $51.480 billion, a 19.24% increase.

2. Global HVAC product demand continued to rise, especially in the construction and industrial sectors, supporting sales growth.

3. Carrier Global strengthened its market position in smart climate and energy solutions through the acquisition of the FISHER & PAYKEL Climate Solutions business.

4. The global air conditioner shipment volume in 2024 was 196 million units, up about 10% year-on-year, showing an overall recovery trend in the industry.

5. In the third quarter of 2024, Carrier Global's net sales were $5.984 billion, up 13% year-on-year, although the gross margin declined, but still reflected enhanced competitiveness.

Peer Comparison

1. Industry-wide analysis: The HVAC industry performed well in 2024, with the recovery of the construction industry and the rising demand for energy-saving products, driving overall revenue growth, indicating an increase in market demand for high-performance and sustainable solutions.

2. Peer evaluation analysis: Carrier Global outperformed its peers in terms of revenue growth, demonstrating its advantageous position in the market. Although Trane and York also reported revenue growth, the increase was relatively small, indicating that Carrier Global has an advantage in market share competition.

Summary

Carrier Global's revenue growth in 2024 reflects its strong market adaptability and proactive product innovation strategy, especially through the acquisition of new businesses to enhance market competitiveness. In addition, the overall industry recovery and economic recovery also support its growth.

Opportunities

1. The launch of new products and technologies will further enhance Carrier Global's competitiveness in the HVAC market.

2. The acquisition of the FISHER & PAYKEL Climate Solutions business will enrich the product portfolio and meet market demand for smart climate and energy solutions.

3. With the global economic recovery, the demand for HVAC products is expected to continue to grow, laying a foundation for future revenue growth.

4. The company's market share improvement provides a good foundation for future sales growth.

Risks

1. Integration costs from acquisitions may affect short-term profitability and need careful management.

2. Intensified competition within the industry may lead to price wars, affecting gross margin.

3. Uncertainty in the macroeconomic environment may affect overall demand.

4. Changes in economic policies may affect market demand and need to be concerned about policy risks.