Q4 2024 Carrier Global Corp Earnings Call Transcript

Feb 11, 2025 / 12:30PM GMT

Release Date Price: MXN1335.85

Transcript 10-K8-K

Key Points

Positve

Carrier Global Corp (CARR) achieved 3% organic growth in 2024, driven by double-digit growth in global commercial HVAC and aftermarket.
The company successfully completed its portfolio transformation, integrating Viessmann Climate Solutions and executing divestitures, yielding over $10 billion in gross proceeds.
Carrier Global Corp (CARR) returned over $2.6 billion to shareholders through dividends and share repurchases.
The company expects mid-single-digit organic growth in 2025, with continued double-digit growth in aftermarket and global commercial HVAC.
Carrier Global Corp (CARR) anticipates a 17% increase in adjusted EPS at the midpoint for 2025, with about 100% free cash flow conversion.

Negative

Carrier Global Corp (CARR) faced unexpected weakness in residential light commercial HVAC in Europe and China during 2024.
The company expects a 5-point full-year revenue headwind in 2025 due to last year's Q1 backlog reduction.
Political and economic uncertainty in Europe is expected to result in flat to down mid-single-digit market volume in 2025.
The company anticipates a $750 million year-over-year headwind from the commercial refrigeration exit.
Carrier Global Corp (CARR) faces potential challenges from tariffs, particularly concerning operations in Mexico.

Operator

Good morning, and welcome to Carrier's fourth-quarter 2024 earnings conference call. I would like to introduce your host for today's conference, Michael Rednor, Vice President of Investor Relations. Please go ahead.

Michael Rednor

Carrier Global Corp - Vice President of Investor Relations

Good morning, and welcome to Carrier's fourth-quarter 2024 earnings conference call. On the call with me today are David Gitlin, Chairman and Chief Executive Officer; and Patrick Goris, Chief Financial Officer.

Except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant nonrecurring items. A reconciliation of these and other non-GAAP financial measures can be found in the appendix of the webcast.

We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. Carrier's SEC filings, including our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results to differ

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