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PALM BEACH GARDENS, Fla. - On Tuesday, Carrier Global Corporation (NYSE:CARR) topped third quarter earnings expectations and announced a substantial $5 billion share repurchase authorization.
The intelligent climate and energy solutions provider’s shares rose 4.92% in pre-market trading after the results.
The company reported third quarter adjusted earnings per share of $0.67, exceeding analyst estimates of $0.59 by $0.08. Revenue came in at $5.6 billion, slightly above the consensus estimate of $5.58 billion.
Carrier’s strong quarterly performance was accompanied by news that its Board of Directors had approved a $5 billion share repurchase authorization. This new authorization is in addition to approximately $800 million remaining from previous authorizations as of September 30, bringing the total current repurchase authorization to approximately $5.8 billion.
"This authorization reflects confidence in our strategy and commitment to delivering superior value for our shareholders," said Chairman & CEO David Gitlin.
The company noted that share repurchases may take place from time to time, subject to market conditions, share price, and regulatory requirements, and can be executed through open market or private transactions at the company’s discretion.
Carrier Global, which invented modern air conditioning in 1902, continues to focus on innovations in climate solutions including temperature control, air quality and transportation. The company’s products support critical industries and ensure the safe transport of food and life-saving medicines.
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