Thu, Jul 25, 1:50 PM (44 days ago)
Carrier Global Corporation's Q2 2024 financial report shows a strong performance with a 12% increase in net sales to $6.7 billion, driven by the acquisition of Viessmann Climate Solutions (VCS) and organic growth in the HVAC segment. The company reported a significant rise in operating profit to $3.7 billion, primarily due to a $2.9 billion gain from the sale of Access Solutions. However, the gross margin percentage decreased slightly due to amortization costs from the VCS acquisition. Operating expenses increased by 24% mainly due to acquisition-related costs. Interest expense rose due to the debt financing for the VCS purchase. The effective tax rate decreased to 32.8% from 44.8% in the previous year. Cash and cash equivalents stood at $2.9 billion, with a notable reduction from the previous period due to the VCS acquisition. The company continues to manage its portfolio through strategic acquisitions and divestitures, including the sale of Access Solutions and planned sales of Commercial Refrigeration and Industrial Fire businesses.