Carrier Reports Strong Growth in 2024, Provides Optimistic 2025 Outlook

Fourth Quarter Performance

Carrier Global Corporation reported a solid finish to 2024, with fourth-quarter sales reaching $5.1 billion - up 19% compared to the same period in 2023. Organic growth accounted for 6%, with acquisitions and divestitures contributing the remaining 13%. Adjusted earnings per share (EPS) for the quarter rose 50% to $0.54, while adjusted operating margins expanded by 370 basis points.

"We capped a transformational year for Carrier with robust fourth-quarter results," said Carrier Chairman & CEO David Gitlin. "We are well-positioned to deliver strong results in 2025, supported by our growing commercial HVAC backlog and focus on aftermarket growth."

In the HVAC segment, sales grew 11% organically. North America led the gains with high-teen growth, driven by double-digit increases in both Commercial and Residential sales. In Europe, the Middle East, and Africa (EMEA), sales remained flat overall, with commercial growth offsetting declines in Residential and Light Commercial segments. Asia Pacific saw slight growth, with strength in Japan and South Asia balancing weaknesses in China’s Residential Light Commercial market.

Refrigeration segment sales fell 6% organically, driven primarily by lower demand in North America for truck and trailer products.

2024 Full-Year Results

For the full year, Carrier reported sales of $22.5 billion, a 19% increase from 2023, with 3% organic growth and a 16% boost from acquisitions and divestitures. Adjusted operating profit grew 34% to $3.5 billion, driven by strong performance and the integration of Viessmann Climate Solutions.

GAAP net earnings from continuing operations were $1.1 billion, while adjusted net earnings reached $2.3 billion. Adjusted EPS for the year stood at $2.56, up 16% from the prior year.

In 2024, Carrier returned approximately $2.6 billion to shareholders through dividends and share repurchases, highlighting its commitment to shareholder returns.

2025 Outlook

Carrier projects continued growth in 2025, with reported sales expected to reach between $22.5 billion and $23.0 billion despite a $750 million headwind from the divestiture of its Commercial Refrigeration business. Organic sales are forecasted to grow in the mid-single digits.

The company also aims to achieve an adjusted operating margin of 16.5% to 17.0%, an increase of approximately 100 basis points from 2024. Adjusted EPS is expected to rise to between $2.95 and $3.05, reflecting mid to high-teens growth. Free cash flow is projected to be between $2.4 billion and $2.6 billion.

Carrier plans to repurchase around $3 billion worth of shares in 2025, continuing its strategy of creating long-term value for shareholders.

Gitlin emphasized Carrier’s focus on innovation, aftermarket expansion, and leveraging secular growth trends in the commercial HVAC and energy solutions sectors to sustain momentum in the coming year.