Carrier Global Corp ( CARR ) shares are rising Thursday morning on the heels of the company’s first-quarter financial results.

Q1 Earnings: Carrier Global ( CARR ) reported first-quarter revenue of $5.22 billion, beating analyst estimates of $5.18 billion, according to Benzinga Pro. The company reported first-quarter adjusted earnings of 65 cents per share, beating estimates of 58 cents per share.

The Florida-based manufacturer reported a 27% rise in adjusted EPS, driven by strong pricing, improved productivity and a leaner cost structure. Overall revenue declined 4% year-over-year, primarily due to the late 2024 sale of its commercial refrigeration business, but organic growth came in at 2%.

Carrier generated $483 million in operating cash flow and $420 million in free cash flow, compared to negative free cash flow a year ago.

“Sales for the Commercial and Residential businesses within Climate Solutions Americas were each up about 20%.  Total company orders were up high-single-digits, backlogs increased over 15% sequentially and about 10% year-over-year, positioning us for accelerated growth further fueled by differentiated products, aftermarket offerings and system solutions. We are increasing our full-year commitments as we proactively manage this dynamic environment,” said David Gitlin, chairman and CEO of Carrier.

Outlook: Looking ahead, Carrier raised its full-year adjusted earnings outlook to a range of $3.00 to $3.10 per share, up from prior guidance of $2.95 to $3.05. Analysts are anticipating earnings of $2.98 per share, according to Benzinga Pro. The company maintained expectations for organic revenue growth in the mid-single digits and free cash flow between $2.4 billion and $2.6 billion.

The company noted that it’s “fully mitigating” the impact of tariffs in effect currently.

CARR Price Action: Carrier Global ( CARR ) shares were up 6.99% at $66.91 at the time of publication Thursday, according to Benzinga Pro.

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