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Carrier Reports Strong FY2023 Results and Positive Outlook for 2024

In fiscal year 2023, Carrier Global Corporation, a global leader in climate and energy solutions, reported strong financial results. In the fourth quarter alone, the company posted $5.01 billion in revenue, with GAAP earnings per share (EPS) increasing by 53% to $0.49 and adjusted EPS rising 33% to $0.53 compared to 2022. For the full year, revenue grew 8% year-over-year to $22.1 billion, with net operating cash flow increasing 49% to $26.0 billion and free cash flow up 53% to $21.0 billion.

Looking ahead to 2024, Carrier anticipates solid revenue growth from Viessmann Climate Solutions and plans to use approximately $4.5 billion in net proceeds from recent business divestitures to reduce debt. Total revenue is projected to reach around $26.5 billion, with an adjusted operating margin of 15.0% to 15.5%. Adjusted EPS is expected to range from $2.80 to $2.90, and free cash flow is forecast at approximately $700 million, accounting for expected tax and restructuring costs.

Carrier’s 2023 performance underscores its ability to transform and grow. The successful integration of Viessmann Climate Solutions and the roughly $6 billion divestiture agreements for Global Access Solutions and Commercial Refrigeration position the company for continued strong financial performance in 2024.

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