{"id":483935,"date":"2021-04-29T06:34:17","date_gmt":"2021-04-29T10:34:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/carrier-reports-first-quarter-2021-results\/"},"modified":"2021-04-29T06:34:17","modified_gmt":"2021-04-29T10:34:17","slug":"carrier-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/carrier-reports-first-quarter-2021-results\/","title":{"rendered":"Carrier Reports First Quarter 2021 Results"},"content":{"rendered":"
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Raises Full-Year Outlook for Sales, Adjusted EPS and Free Cash Flow<\/h2>\n

– Sales of $4.7 billion, up 21% compared to 2020 including 17% organic growth<\/h2>\n

– GAAP EPS of $0.43 and adjusted EPS of $0.48<\/h2>\n

– Net cash flow from operating activities of $184 million and free cash flow of $131 million<\/h2>\n

– Increases full-year 2021 sales growth outlook to 7% to 10%, 5% to 8% organic*<\/h2>\n

– Increases full-year 2021 adjusted EPS range to $1.95 to $2.05, and free cash flow of about $1.7 billion*<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n PALM BEACH GARDENS, Fla.<\/span>, April 29, 2021<\/span> \/PRNewswire\/ —\u00a0Carrier Global Corporation<\/a> (NYSE: CARR) today reported financial results for the first quarter of 2021 and updated its full year outlook. Carrier is the leading global provider of healthy, safe and sustainable building and cold chain solutions.\u00a0<\/p>\n

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\n \"(PRNewsfoto\/Carrier)\"
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“Carrier delivered strong first quarter results as all three segments contributed to our 21% year-over-year sales growth. We exceeded our expectations through continued strength in North American residential HVAC and improving order trends across the rest of the portfolio. I’m also pleased with the strong margin expansion and free cash flow performance in the quarter. We remain focused on executing our strategic growth initiatives and advancing on our Carrier 700 cost containment actions,” said Carrier Chairman & CEO Dave Gitlin<\/span>. “We continue to lead the industry through innovation. I am especially excited about the launch of Abound, a cloud-native platform designed to give people confidence in the health and safety of their indoor spaces. We also look forward to closing on our acquisition of Guangdong Giwee Group and its subsidiaries, which will expand Carrier’s offerings in the attractive and growing variable refrigerant flow (VRF) and light commercial markets. Overall, we are encouraged by our strong start to the year, order trends and market outlooks, and the momentum across our Healthy Building and Cold Chain offerings, which provide us with confidence to update our full-year expectations.”\u00a0 <\/p>\n

\n First Quarter 2021 Results
<\/b>Carrier’s first quarter sales of $4.7 billion<\/span> were up 21% compared to the prior year and organic sales were up 17% over the same period. The sales performance was largely driven by continued strong demand in North American residential HVAC, which was up 48% compared to the prior year, growth in transport refrigeration and commercial HVAC, and sequential improvement across the portfolio. GAAP operating profit in the quarter of $571\u00a0million was up 82% from last year and adjusted operating profit of $608 million<\/span> was up 39%. These results benefitted from higher volume and productivity. <\/p>\n

Net income of $384 million<\/span> included the impact of restructuring, separation costs and charges resulting from the prepayment of $500 million<\/span> of debt.\u00a0 Adjusted net income was $427 million<\/span>.\u00a0 GAAP EPS was $0.43<\/span> while adjusted EPS was $0.48<\/span>. Net cash flows provided by operating activities were $184 million<\/span> and capital expenditures were $53 million<\/span>, resulting in free cash flow of $131 million<\/span>. <\/p>\n

\n Updated Full-Year 2021 Outlook*
<\/b>Carrier is announcing the following updated outlook for 2021:<\/p>\n