Carrier Global Corp: Strong Q4 Results and 2025 Outlook

Carrier Global Corp (NYSE: CARR) reported robust financial results for the fourth quarter and full year of 2024, capping a transformational year for the global leader in intelligent climate and energy solutions. The company's strong performance was driven by organic growth, strategic acquisitions, and operational efficiency, positioning it well for 2025.

Fourth Quarter 2024 Highlights
- Sales of $5.1 billion, up 19% compared to 2023, including 6% organic growth
- Adjusted EPS from continuing operations of $0.54, up 50% year-over-year
- Operating margin expansion of 250 basis points and adjusted operating margin expansion of 370 basis points

Full Year 2024 Highlights
- Sales of $22.5 billion, up 19% compared to 2023, including 3% organic growth
- Adjusted EPS from continuing operations of $2.56, up 16% year-over-year
- Operating margin expansion of 40 basis points and adjusted operating margin expansion of 180 basis points
- Returned approximately $2.6 billion to shareholders, including $0.7 billion in dividends and $1.9 billion in share repurchases

Carrier's strong financial performance was driven by its growing global commercial HVAC backlog, commitment to double-digit aftermarket growth, and leading positions across its businesses. The company's acquisition and integration of Viessmann Climate Solutions contributed meaningfully to margin expansion and positioned it strategically in the growing sustainable climate solutions market.

Looking ahead to 2025, Carrier projects accelerated organic growth supported by secular tailwinds, continued innovation, and double-digit aftermarket growth. The company expects mid-single digit organic growth, with reported sales of $22.5 to $23.0 billion. Additionally, Carrier anticipates an adjusted operating margin of 16.5% to 17.0%, up approximately 100 basis points compared to 2024, and adjusted EPS of $2.95 to $3.05, up mid to high-teens.

Carrier's strong financial results and outlook reflect its strategic portfolio transformation, focus on innovation, and commitment to aftermarket growth. As the company continues to expand its global commercial HVAC backlog and maintain its leading market positions, it is well-positioned to deliver value to its customers, employees, and shareholders in 2025 and beyond.