Carrier Profit Surges on Growing Demand for Cooling Systems

Carrier Global Corporation (NYSE: CARR), a leading provider of heating, ventilation, air conditioning, and refrigeration systems, has reported strong financial results for the fourth quarter and full year of 2024. The company's profit beat analysts' estimates, driven by robust demand for cooling systems, particularly in the data center industry. Carrier's strategic focus on energy-efficient and sustainable cooling solutions, such as the Carrier QuantumLeap™ suite, has significantly contributed to its market share and customer base in this rapidly growing sector.



Carrier's fourth quarter sales reached $5.1 billion, up 19% year-over-year, with 6% organic growth. The company's adjusted operating profit from continuing operations increased by 65%, driven by the contribution of Viessmann Climate Solutions, organic growth, and productivity. Carrier's full-year 2024 sales were $22.5 billion, up 19% compared to the prior year, including 3% organic growth. The company's adjusted operating profit from continuing operations increased by 34%, driven by the addition of Viessmann Climate Solutions and strong operational performance.



Carrier's focus on energy-efficient and sustainable cooling solutions has been a significant driver of its growth and market share in the data center industry. The global data center cooling market is projected to reach $20 billion by 2029, and Carrier is positioning itself for significant growth by expanding its portfolio of advanced, energy-efficient cooling solutions. The Carrier QuantumLeap™ solution for data centers provides a fully integrated suite of solutions to seamlessly manage the entire thermal lifecycle of data centers, maximizing performance and energy efficiency in even the most demanding environments.



Carrier's strategic acquisitions, such as Viessmann Climate Solutions, have played a crucial role in the company's growth and margin expansion. The integration of Viessmann Climate Solutions contributed to a 65% increase in adjusted operating profit from continuing operations in the fourth quarter of 2024, driven by the contribution of Viessmann Climate Solutions, the benefit of organic growth, and productivity. This acquisition has allowed Carrier to expand its global portfolio and gain a competitive edge in the industry.



In conclusion, Carrier's focus on energy-efficient and sustainable cooling solutions, such as the Carrier QuantumLeap™ suite, has significantly influenced its market share and customer base, particularly in the data center industry. The company's strategic acquisitions, such as Viessmann Climate Solutions, have contributed to its growth and margin expansion. As the global data center cooling market continues to grow, Carrier is well-positioned to capitalize on this trend and deliver strong financial performance in the coming years.