Carrier Global Corporation’s ( CARR Quick Quote CARR - Free Report) subsidiary Carrier Commercial Refrigeration is consistently expanding its refrigeration offerings on the back of new products.
Carrier came up with a new EasyCube solution for chilled and frozen products, which testifies the above-mentioned fact.
The energy-efficient EasyCube plug-in island cabinet is equipped with the ability to switch between chilled or frozen refrigeration. It features automatic defrost and drip water evaporation, provides optimum product visibility and can be operated at two temperature classes.
The versatile nature of the underlined product is expected to aid CARR in gaining momentum among the various stores of any format. This, in turn, is likely to get reflected in Carrier’s refrigeration segment’s performance.
Notably, the segment generated $4.12 billion revenues in 2021 (20% of total revenues), which were up 23.8% from the 2020 reading.
Expanding Refrigeration Offerings
Apart from the latest launch, Carrier Global’s brand Carrier Transicold introduced its Vector eCool units in Australia in April. Vector eCool is a fully electric trailer refrigeration unit, which operates autonomously without a diesel engine.
Last month, Carrier’s subsidiary PROFROID expanded its range of QuietCO2OL MC compact indoor refrigeration units with more than 20 new models. The latest models feature semi-hermetic compressors, making the QuietCO2OL MC provide greater cooling capacities to large convenience stores.
In February, Carrier’s brand Sensitech released a TempTale Ultra BLE Bluetooth temperature monitor that lets delivery drivers to monitor temperature without opening cargo packages.
These growing endeavors are expected to help Carrier gain momentum among customers, which in turn, is likely to contribute to its top line in the days ahead.
Efforts to Boost Refrigeration Prospects
Carrier’s growing refrigeration products are anticipated to continue helping it expand its footprint in the booming commercial refrigeration equipment market.
The underlined market is witnessing significant growth in recent times owing to increasing demand for ready-to-eat products and expanding retail outlets.
Per a Future Market Insights
report, the commercial refrigeration equipment market is expected to exceed revenues worth $51.8 million by this year-end. The report also states that the market is likely to witness a CAGR of 4% between 2022 and 2029.
We believe strengthening efforts of Carrier in this growing market is expected to help it in winning investors’ confidence in the near term.
Shares of Carrier have been down 34.3% in the year-to-date period, lagging the
Computer and Technology sector’s decline of 31.3%. Zacks Rank & Stocks to Consider
Currently, Carrier carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like
Aspen Technology ( AZPN Quick Quote AZPN - Free Report) , Agilent Technologies ( A Quick Quote A - Free Report) and MACOM Technology Solution ( MTSI Quick Quote MTSI - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Aspen technology has returned 27.5% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.
Agilent has lost 26.1% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 14.9%.
MACOM has lost 30.4% in the year-to-date period. The long-term earnings growth rate for MTSI is currently projected at 15.9%.