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    Carrier CEO Rings NYSE Opening Bell

    Feb. 6, 2024
    Carrier reported an overall strong performance for 2023.

    Carrier Chairman & CEO David Gitlin rang the New York Stock Exchange opening bell the morning of Tuesday, February 6.

    The event celebrated Carrier’s progress in what company sources describe as Carrier's game-changing portfolio transformation to further strengthen its global leadership position in intelligent climate and energy solutions. The transformation comes just a few years after Carrier became an independent, publicly traded company in April 2020, and marks Carrier’s first time ringing the NYSE bell, which was crafted by a legacy Carrier company.

    In January 2024, Carrier completed its acquisition of Viessmann Climate Solutions, adding a key leading provider of highly efficient and renewable climate solutions with a 100+ year record of innovation and sustainability to Carrier’s existing portfolio; and further strengthening Carrier’s position as the leading HVAC provider globally. In December, Carrier announced agreements to sell its Global Access Solutions business to Honeywell for $4.95 billion and its commercial refrigeration business to decades-long joint venture partner Haier for $775 million.

    A Good Year

    That same day, Carrier reported strong financial results for the fourth quarter and full year of 2023. The Company projects continued solid organic growth in 2024 supported by a projected fourth consecutive year of double-digit aftermarket growth, innovation, and significant secular tailwinds.

    “Our fourth quarter results continue to show Carrier’s ability to perform while transforming with strong operating profit growth and EPS up over 30% compared to the prior year. For full-
     year 2023, we grew gross margins 210 basis points on 3% organic sales growth with both operating and free cash flow up about 50% compared to the prior year,” said Gitlin. “In addition to delivering results ahead of our projections for the year, we completed our game-changing combination with Viessmann Climate Solutions in January and reached definitive agreements to sell both our Global Access Solutions and Commercial Refrigeration businesses for close to $6B combined. Looking forward to 2024, our solid backlog levels and sustainability leadership position Carrier for another year of strong financial performance.”

    Carrier’s 2023 sales of $22.1 billion increased 8% compared to the prior year including organic sales growth of 3% and a 5% impact from acquisitions and divestitures. Gross margins increased 210 basis points compared to the prior year. GAAP operating profit of $2.3B decreased 49% due to prior year gains on the sale of Chubb and the acquisition of Toshiba Carrier, while adjusted operating profit increased 11% to $3.2B. Operating margin decreased due to the prior year impact of the Chubb and Toshiba Carrier-related gains. Adjusted operating margin increased despite the impact from the consolidation of Toshiba Carrier. Strong price realization more than offset continued inflation and productivity savings more than offset strategic incremental investments.
    GAAP EPS was $1.58 and adjusted EPS was $2.73. Net income was $1.3B, and adjusted net income was $2.3B. Net cash flows provided by operating activities were $2.6B and capital expenditures were $469M, resulting in free cash flow of $2.1B. During the quarter the company issued $5.6B of debt related to the acquisition of Viessmann Climate Solutions.