Carrier Global profit and sales fall but match expectations

Carrier Global Corp.
CARR,
-1.58%
reported Tuesday fourth-quarter profit and sales that fell but matched expectations, amid strength in its heating, ventilation and air conditioning (HVAC) business. The HVAC, security and building automation technologies company’s stock was still inactive in premarket trading. Net income declined to $270 million, or 32 cents a share, from $324 million, or 36 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 40 cents was in line with the FactSet consensus. Sales fell 0.5% to $5.11 billion, also in line with the FactSet consensus, as product sales rose 6.4% to $4.53 billion while service sales dropped 34.1% to $578 million. Currency translation as a result of a strong dollar hurt sales by 4%. For 2023, the company expects adjusted EPS of $2.50 to $2.60 and sales of approximately $22 billion, compared with the FactSet consensus for EPS of $2.56 and for sales of $21.75 billion. The stock has rallied 12.5% over the past three months while the S&P 500
SPX,
-0.61%
has gained 8.0%.