Overview

* Carrier Q3 revenue beats analyst expectations despite 7% yr/yr decline

* Adjusted EPS for Q3 beats analyst expectations, despite 13% yr/yr decline

* Company announces $5 bln share repurchase authorization, indicating strategic confidence

Outlook

* Carrier expects full-year 2025 sales of ~$22 bln

* Company projects full-year adjusted EPS of ~$2.65

* Carrier anticipates full-year free cash flow of ~$2 bln

Result Drivers

* COMMERCIAL HVAC GROWTH - Commercial HVAC segment in the Americas grew 30%, offsetting some declines in other areas

* RESIDENTIAL DECLINE - Residential segment in the Americas declined about 30%, impacting overall sales

* DIVESTITURE IMPACT - 4% headwind from net divestitures, including sale of Commercial Refrigeration

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $5.60 $5.57

Revenue bln bln (19

Analysts

)

Q3 Beat $0.67 $0.56

Adjusted (20

EPS Analysts

)

Q3 EPS $0.47

Q3 Miss $823 mln $833.95

Adjusted mln (17

Operatin Analysts

g )

Income

Q3 Free $224 mln

Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 12 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the electrical components & equipment peer group is "buy"

* Wall Street's median 12-month price target for Carrier Global Corp ( CARR ) is $75.00, about 22.3% above its October 27 closing price of $58.29

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)