Heating, ventilation, air conditioning, and refrigeration company Carrier Global (NYSE: CARR) will be announcing earnings results tomorrow before the bell. Here’s what you need to know.
Carrier Global missed analysts’ revenue expectations by 2.2% last quarter, reporting revenues of $5.15 billion, up 19.3% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EPS estimates but full-year revenue guidance slightly missing analysts’ expectations.
Is Carrier Global a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Carrier Global’s revenue to decline 4% year on year to $5.20 billion, a reversal from the 20% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.58 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.
Looking at Carrier Global’s peers in the hvac and water systems segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Lennox delivered year-on-year revenue growth of 2.4%, beating analysts’ expectations by 4.6%, and Zurn Elkay reported revenues up 4%, topping estimates by 1.4%. Lennox traded down 6.5% following the results while Zurn Elkay was up 4.9%.
Read our full analysis of Lennox’s results here and Zurn Elkay’s results here.
Investors in the hvac and water systems segment have had fairly steady hands going into earnings, with share prices down 1.6% on average over the last month. Carrier Global is down 4.3% during the same time and is heading into earnings with an average analyst price target of $73.56 (compared to the current share price of $60.83).
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