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Carrier Global (CARR) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
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Carrier Global (CARR - Free Report) reported $5.99 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 15%. EPS of $0.79 for the same period compares to $0.69 a year ago.
The reported revenue represents a surprise of +3.78% over the Zacks Consensus Estimate of $5.77 billion. With the consensus EPS estimate being $0.76, the EPS surprise was +3.95%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Carrier Global performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- HVAC: $4.22 billion versus the five-analyst average estimate of $3.95 billion. The reported number represents a year-over-year change of +24.4%.
Net Sales- Refrigeration: $972 million versus the five-analyst average estimate of $992.85 million. The reported number represents a year-over-year change of -6.6%.
Net Sales- Fire & Security: $932 million versus the five-analyst average estimate of $918.01 million. The reported number represents a year-over-year change of +5.1%.
Net Sales- Eliminations and other: -$128 million versus the five-analyst average estimate of -$105.52 million. The reported number represents a year-over-year change of +21.9%.
Net Sales- Product sales: $5.36 billion versus the two-analyst average estimate of $5.21 billion. The reported number represents a year-over-year change of +14.9%.
Net Sales- Service sales: $637 million compared to the $582.33 million average estimate based on two analysts. The reported number represents a change of +16% year over year.
Adjusted Operating profit- Fire & Security: $137 million versus $143.11 million estimated by five analysts on average.
Adjusted Operating profit- HVAC: $791 million versus $680.14 million estimated by five analysts on average.
Adjusted Operating profit- Refrigeration: $119 million versus the five-analyst average estimate of $141.12 million.
Adjusted operating profit- General Corporate Expenses and Eliminations and Other: -$48 million versus the three-analyst average estimate of -$36.88 million.
Operating profit- GAAP- Fire & Security: -$157 million versus $137.76 million estimated by three analysts on average.
Operating profit- GAAP- HVAC: $742 million versus $670.95 million estimated by three analysts on average.
Shares of Carrier Global have returned +10.4% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Carrier Global (CARR) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
Carrier Global (CARR - Free Report) reported $5.99 billion in revenue for the quarter ended June 2023, representing a year-over-year increase of 15%. EPS of $0.79 for the same period compares to $0.69 a year ago.
The reported revenue represents a surprise of +3.78% over the Zacks Consensus Estimate of $5.77 billion. With the consensus EPS estimate being $0.76, the EPS surprise was +3.95%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Carrier Global performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Sales- HVAC: $4.22 billion versus the five-analyst average estimate of $3.95 billion. The reported number represents a year-over-year change of +24.4%.
- Net Sales- Refrigeration: $972 million versus the five-analyst average estimate of $992.85 million. The reported number represents a year-over-year change of -6.6%.
- Net Sales- Fire & Security: $932 million versus the five-analyst average estimate of $918.01 million. The reported number represents a year-over-year change of +5.1%.
- Net Sales- Eliminations and other: -$128 million versus the five-analyst average estimate of -$105.52 million. The reported number represents a year-over-year change of +21.9%.
- Net Sales- Product sales: $5.36 billion versus the two-analyst average estimate of $5.21 billion. The reported number represents a year-over-year change of +14.9%.
- Net Sales- Service sales: $637 million compared to the $582.33 million average estimate based on two analysts. The reported number represents a change of +16% year over year.
- Adjusted Operating profit- Fire & Security: $137 million versus $143.11 million estimated by five analysts on average.
- Adjusted Operating profit- HVAC: $791 million versus $680.14 million estimated by five analysts on average.
- Adjusted Operating profit- Refrigeration: $119 million versus the five-analyst average estimate of $141.12 million.
- Adjusted operating profit- General Corporate Expenses and Eliminations and Other: -$48 million versus the three-analyst average estimate of -$36.88 million.
- Operating profit- GAAP- Fire & Security: -$157 million versus $137.76 million estimated by three analysts on average.
- Operating profit- GAAP- HVAC: $742 million versus $670.95 million estimated by three analysts on average.
View all Key Company Metrics for Carrier Global here>>>Shares of Carrier Global have returned +10.4% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.