Carrier Global’s ( CARR Quick Quote CARR - Free Report) refrigerated transport and cold chain visibility brand, Transicold recently partnered with Stonegate Farmers to provide the latter with 15 Transicold Supra units. Notably, Stonegate plans to use the 13 Carrier Transicold Supra 750 S and two Supra 1150 MT units connected to Carrier’s Lynx Fleet digital platform across the U.K. to distribute eggs. The Supra units, combined with Lynx Fleet’s advanced IoT, machine learning, and analytics management technology, will likely improve operational efficiency and provide constant airflow, enabling quick pull-down and accurate set point control. Further, the digital platform provides Stonegate with comprehensive cargo visibility, enabling quick access to refrigerated vehicle data, temperature-out-of-range alarms, and event notifications for optimal performance. Expanding Customer Base
We note that the latest move by Stonegate has added strength to Carrier’s customer base.
Apart from the Stonegate deal, Transicold teamed up with Reed Boardall to reduce its trailer fleet's carbon emissions and fuel consumption, with the latter receiving 60 Vector S15 units and 20 Vector HE 19 multi-temperature systems, potentially saving more than 800 tonnes of CO2 annually. Further, Transicold partnered with Waitrose & Partners to provide the latter with Neos 100 units, aiming to fully electrify all vans and LCVs by 2030. Refrigeration Portfolio Strength: Key Catalyst
Carrier’s increasing customer base in the Refrigeration segment is subject to its strength in the refrigeration offerings.
Recently, Transicold bolstered its solar charging system platform for transport refrigeration unit (TRU) batteries, offering a wider range of options and improved power delivery for faster charging. The expanded solar charging system platform boasts features like a TRU-mount solar charging system, 50-watt trailer rooftop-mount system and rail-optimized door-mount system, among others. Further, Transicold introduced its new Vector 8400R refrigeration unit for domestic intermodal containers, offering improved fuel efficiency and lifetime compliance with California's latest emissions standards. Additionally, Transicold launched the Aspen diesel auxiliary power unit, which offers reliable climate control and power during rest breaks for long-haul truck drivers, reducing fuel consumption and carbon emissions. We believe that the abovementioned endeavors will likely continue driving the company’s customer momentum in the underlined segment, which, in turn, will aid its performance in the days ahead. Our model estimate for 2023 Refrigeration revenues stands at $3.7 billion, indicating year-over-year growth of 16.7%. Strong momentum across the Refrigeration segment will likely strengthen the company’s footprint in the global refrigerated transport market. An Expert Market Research report suggests that the global refrigerated transport market is expected to reach $23.57 billion by 2028, witnessing a CAGR of 5.5% during the period of 2023-2028. We note that Carrier’s solid prospects in this promising market will likely instill investor optimism in the stock. Notably, CARR has gained 31.9% in the year-to-date period, outperforming the industry’s rally of 14%. 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 Quick Quote ASUR - Free Report) , Arista Networks ( ANET Quick Quote ANET - Free Report) and Adobe ( ADBE Quick Quote 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 lost 4.6% in the year-to-date period. ASUR’s long-term earnings growth rate is currently projected at 27%. Arista Networks shares have gained 53.3% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75% Adobe shares have gained 58.2% in the year-to-date period. ADBE’s long-term earnings growth rate is currently projected at 13.22%.