Heating, ventilation, air conditioning, and refrigeration company Carrier Global (NYSE: CARR) will be reporting earnings this Tuesday morning. Here’s what to look for.
Carrier Global met analysts’ revenue expectations last quarter, reporting revenues of $6.11 billion, up 3% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ EBITDA estimates but full-year EPS guidance meeting analysts’ expectations.
Is Carrier Global a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Carrier Global’s revenue to decline 7.1% year on year to $5.56 billion, a reversal from the 21.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.57 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Carrier Global has missed Wall Street’s revenue estimates six times over the last two years.
Looking at Carrier Global’s peers in the building products segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Lennox’s revenues decreased 4.8% year on year, missing analysts’ expectations by 4.3%, and Apogee reported revenues up 4.6%, topping estimates by 2.1%. Lennox traded down 9.9% following the results while Apogee was also down 4.5%.
Read our full analysis of Lennox’s results here and Apogee’s results here.
There has been positive sentiment among investors in the building products segment, with share prices up 3.7% on average over the last month. Carrier Global is down 2.1% during the same time and is heading into earnings with an average analyst price target of $74.29 (compared to the current share price of $57.86).
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