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Carrier (CARR) Adds New Heat Pumps to Its HVAC Offerings
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Carrier Global (CARR - Free Report) introduced a new line of high-temperature air and water source heat pumps, namely AquaForce and AquaSnap.
Notably, the new line, featuring 30-735 kW capacity, 82-120°C water temperature range and low global warming potential hydrofluoroolefin refrigerants, aims to reduce carbon emissions and energy costs.
These high-temperature heat pumps utilize heat from multiple sources, including ambient air, ground and waste sources, for various purposes like comfort heating, replacing fossil fuel boilers in heating applications and domestic hot water production.
We believe Carrier is likely to gain strong traction across industrial applications, and district and local heating networks on the back of the latest move.
The latest launch is in sync with Carrier’s growing efforts toward strengthening its Heating, Ventilating and Air Conditioning (HVAC) segment’s portfolio offerings.
Apart from AquaForce and AquaSnap, the company recently introduced a new high outdoor air system for the WeatherExpert packaged rooftop units, which provides a comprehensive HVAC solution for schools, hotels, and office buildings, allowing conditioning up to 100% outdoor air.
Further, Carrier introduced i-Vu Pro v8.5 software, which improves system security, streamlines updates and facilitates data integration, thereby strengthening its HVAC segment.
We believe that the abovementioned endeavors will likely drive the underlined segment’s performance in the days ahead.
Our model estimate for 2023 HVAC revenues stands at $15.34 billion, with year-over-year growth of 14.4%.
Further, strong momentum in the HVAC segment will likely benefit Carrier’s overall financial performance, as it accounts for the majority of net sales.
For 2023, Carrier expects revenues to be $22 billion.
Growth Prospects
Strengthening HVAC offerings are expected to bolster Carrier’s presence in the global HVAC systems market.
Per a Markets and Markets report, the global HVAC system market is expected to hit $206.3 billion in 2023 and reach $280.1 billion by 2028, witnessing a CAGR of 6.3% from 2023-2028.
A Grand View Research predicts the global HVAC systems market size to register a CAGR of 6.3% between 2023 and 2030.
We believe that Carrier’s growing prospects in this booming market will likely instill investor optimism in the stock.
Notably, CARR has gained 36.7% in the year-to-date period, outperforming the industry’s rally of 20.7%.
Image: Shutterstock
Carrier (CARR) Adds New Heat Pumps to Its HVAC Offerings
Carrier Global (CARR - Free Report) introduced a new line of high-temperature air and water source heat pumps, namely AquaForce and AquaSnap.
Notably, the new line, featuring 30-735 kW capacity, 82-120°C water temperature range and low global warming potential hydrofluoroolefin refrigerants, aims to reduce carbon emissions and energy costs.
These high-temperature heat pumps utilize heat from multiple sources, including ambient air, ground and waste sources, for various purposes like comfort heating, replacing fossil fuel boilers in heating applications and domestic hot water production.
We believe Carrier is likely to gain strong traction across industrial applications, and district and local heating networks on the back of the latest move.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Strengthening HVAC Segment
The latest launch is in sync with Carrier’s growing efforts toward strengthening its Heating, Ventilating and Air Conditioning (HVAC) segment’s portfolio offerings.
Apart from AquaForce and AquaSnap, the company recently introduced a new high outdoor air system for the WeatherExpert packaged rooftop units, which provides a comprehensive HVAC solution for schools, hotels, and office buildings, allowing conditioning up to 100% outdoor air.
Further, Carrier introduced i-Vu Pro v8.5 software, which improves system security, streamlines updates and facilitates data integration, thereby strengthening its HVAC segment.
We believe that the abovementioned endeavors will likely drive the underlined segment’s performance in the days ahead.
Our model estimate for 2023 HVAC revenues stands at $15.34 billion, with year-over-year growth of 14.4%.
Further, strong momentum in the HVAC segment will likely benefit Carrier’s overall financial performance, as it accounts for the majority of net sales.
For 2023, Carrier expects revenues to be $22 billion.
Growth Prospects
Strengthening HVAC offerings are expected to bolster Carrier’s presence in the global HVAC systems market.
Per a Markets and Markets report, the global HVAC system market is expected to hit $206.3 billion in 2023 and reach $280.1 billion by 2028, witnessing a CAGR of 6.3% from 2023-2028.
A Grand View Research predicts the global HVAC systems market size to register a CAGR of 6.3% between 2023 and 2030.
We believe that Carrier’s growing prospects in this booming market will likely instill investor optimism in the stock.
Notably, CARR has gained 36.7% in the year-to-date period, outperforming the industry’s rally of 20.7%.
Zacks Rank & Other Stocks to Consider
Currently, Carrier carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Asure Software (ASUR - Free Report) , Arista Networks (ANET - Free Report) and Adobe (ADBE - Free Report) . While Asure Software sports a Zacks Rank #1 (Strong Buy), Arista Networks and Adobe carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Asure Software shares have gained 27.6% in the year-to-date period. ASUR’s long-term earnings growth rate is currently projected at 27%.
Arista Networks shares have gained 62.8% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Adobe shares have gained 66.8% in the year-to-date period. ADBE’s long-term earnings growth rate is currently projected at 13.27%.