02:30 PM EDT, 09/11/2024 (MT Newswires) -- Carrier Global ( CARR ) is forecasting growth of up to 30% for its orders in Q3, Chief Executive Officer David Gitlin said.

Gitlin told participants at a Morgan Stanley conference that the company has "seen continued orders in the first couple of months of this quarter in [the] 20% to 30% range."

Gitlin also said the company had a "very focused portfolio" after reaching an agreement to divest five businesses in just over a year, according to a transcript available of the event on S&P Capital IQ.

Gitlin said Carrier's portfolio was now predominantly made up of heating, ventilation, and air conditioning, with the rest comprising of transport, refrigeration and coldchain.

The company continues to grow market share and margins in the commercial HVAC sector thanks to a "once-in-a-lifetime opportunity" with data centers, according to Gitlin.

"Residential light commercial in North America, we have very high margins, good market share, but there's a lot of moving parts in the system with the refrigerant change," Gitlin told participants.

Carrier Global's ( CARR ) Q2 net sales rose to $6.69 billion from $5.99 billion a year earlier but did not meet the Capital IQ estimate of $7.07 billion.

At the time, Carrier Global ( CARR ) also lowered its sales outlook for the year to $25.50 billion from $26 billion previously.

"We see a return to growth as we get into next year," Gitlin said.

Carrier Global ( CARR ) shares were up 2.7% in recent Wednesday trading.

Price: 73.75, Change: +1.92, Percent Change: +2.67