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NEW YORK - Carrier Global Corporation (NYSE:CARR) saw its shares climb 5% after the heating, ventilating and air conditioning (HVAC) company reported first quarter earnings that exceeded analyst expectations and raised its full-year outlook.
The company posted adjusted earnings per share of $0.65, surpassing the analyst consensus of $0.58. Revenue for the quarter came in at $5.22 billion, slightly above estimates of $5.18 billion and representing 2% organic growth YoY despite a 4% decline in net sales due to a prior year divestiture.
Carrier’s adjusted operating margin expanded 210 basis points to reach 13.2% in the quarter. The company highlighted strong performance in its Climate Solutions Americas segment, with both Commercial and Residential businesses growing sales by approximately 20%.
"We delivered another quarter of strong financial performance," said Carrier Chairman & CEO David Gitlin. "Adjusted EPS grew 27% with adjusted operating margins expanding 210 basis points on 2% organic sales growth."
Looking ahead, Carrier raised its full-year 2025 guidance, now expecting adjusted earnings per share between $3.00 and $3.10, above the previous analyst consensus of $2.98. The company also projects full-year revenue of $23 billion, surpassing estimates of $22.65 billion.
Carrier reported that total company orders were up high-single-digits, with backlogs increasing over 15% sequentially and about 10% YoY. The company stated it is fully mitigating the impact of current tariffs and returned $1.5 billion to shareholders through share repurchases and dividends while paying down $1.2 billion in debt during the quarter.
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