Carrier Global (NYSE:CARR) Issues FY 2024 Earnings Guidance

Carrier Global (NYSE:CARR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.500-2.500 for the period, compared to the consensus earnings per share estimate of 2.860. The company issued revenue guidance of $22.5 billion-$22.5 billion, compared to the consensus revenue estimate of $25.2 billion.

Carrier Global Stock Up 1.4 %

CARR opened at $73.72 on Friday. The business has a 50 day simple moving average of $76.46 and a 200-day simple moving average of $67.94. Carrier Global has a 12 month low of $45.68 and a 12 month high of $83.32. The stock has a market capitalization of $66.42 billion, a P/E ratio of 51.55, a P/E/G ratio of 2.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.08 and a quick ratio of 0.80.

Carrier Global (NYSE:CARR) last released its earnings results on Thursday, October 24th. The company reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.04). Carrier Global had a net margin of 14.27% and a return on equity of 23.68%. The business had revenue of $5.98 billion during the quarter, compared to analyst estimates of $6.61 billion. On average, equities analysts anticipate that Carrier Global will post 2.85 earnings per share for the current fiscal year.

Carrier Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, October 25th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Friday, October 25th. Carrier Global’s dividend payout ratio is currently 53.15%.

Carrier Global declared that its Board of Directors has initiated a share buyback plan on Thursday, October 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CARR has been the topic of several research analyst reports. JPMorgan Chase & Co. assumed coverage on Carrier Global in a research note on Thursday, October 10th. They set a “neutral” rating and a $83.00 price target on the stock. Morgan Stanley started coverage on Carrier Global in a research report on Friday, September 6th. They set an “equal weight” rating and a $75.00 target price on the stock. Royal Bank of Canada dropped their price target on Carrier Global from $91.00 to $87.00 and set an “outperform” rating for the company in a research report on Friday. Oppenheimer boosted their price objective on shares of Carrier Global from $74.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Bank of America raised their target price on shares of Carrier Global from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Carrier Global has a consensus rating of “Moderate Buy” and a consensus target price of $81.75.

Insiders Place Their Bets

In other news, VP Ajay Agrawal sold 62,382 shares of Carrier Global stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $64.55, for a total value of $4,026,758.10. Following the transaction, the vice president now directly owns 103,066 shares of the company’s stock, valued at $6,652,910.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 6.95% of the stock is currently owned by insiders.

About Carrier Global

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.