Subscribe to the daily news Sign in
En
11 February 2025

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.
Related tags: HVAC, Carrier, Viessmann
Share

Related news

Carrier and Google Cloud Collaborate on AI-Based Home Energy Manage...
Carrier has announced a partnership with Google Cloud to enhance residential energy management using artificial intelligence (AI). The collaboration aims to integrate Carrier’s HVAC and home energy...
11 Mar 2025
Carrier Introduces Domestic Hot Water Air-to-Water Heat Pump
Carrier has launched its first Domestic Hot Water Air-to-Water (DHW A2W) Heat Pump in North America, unveiled at the International Builders’ Show (IBS). This new system integrates home heating,...
10 Mar 2025
Daikin Applied Acquires Modular Comfort Systems to Strengthen HVAC ...
Daikin Applied Americas has announced a majority investment in Modular Comfort Systems, a provider of customized HVAC solutions serving upstate New York. The acquisition aims to enhance HVAC sy...
06 Mar 2025
Modine to Acquire AbsolutAire to Expand HVAC Offerings
Modine has announced a definitive agreement to acquire AbsolutAire, a Michigan-based manufacturer of direct-fired heating, ventilation, and make-up air systems. The acquisition is expected to be fi...
13 Mar 2025
Panasonic Canada and EMCO Partner to Expand Heat Pump Distribution
Panasonic Canada Inc. and EMCO HVAC have announced a national partnership to expand the distribution of Panasonic’s energy-efficient heat pump products across Canada. This collaboration aims to imp...
07 Mar 2025
Copeland Collaborates with HVAC OEMs to Advance Cold-Climate Heat P...
Copeland has announced new partnerships with AAON and other HVAC original equipment manufacturers (OEMs) to enhance the development of cold-climate heat pump technologies. These collaboration...
07 Jan 2025