NYSE$CARR
Carrier Global Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Carrier's Q4 2023 financial results were strong, with EPS up over 30% compared to the prior year.
Carrier Global Corporation reported strong financial results for the fourth quarter and full year of 2023. The company's fourth quarter sales were $5.1B. GAAP EPS was $0.49, up 53% vs. 2022 and adjusted EPS was $0.53, up 33% vs. 2022.
- Sales of $5.1B
- Operating margin expansion of 340 basis points and adjusted operating margin expansion of 80 basis points
- GAAP EPS of $0.49, up 53% vs. 2022 and adjusted EPS of $0.53, up 33% vs. 2022
- Net cash flow from operating activities of $1.1B and free cash flow of $829M
Headline financials
Revenue & EPS history
Carrier · Revenue · Quarterly
$5.1B
Forward guidance
Carrier is announcing the following outlook for 2024: Sales ~$26.5B Adjusted Operating Margin* 15.0% - 15.5% Adjusted EPS* $2.80 - $2.90 Free Cash Flow* ~$0.7B
Tailwinds
- Sales ~$26.5B
- Organic* up MSDFX 0%
- Acquisitions +20%
- Divestitures (5%)
- Adjusted Operating Margin* 15.0% - 15.5%
Headwinds
- Adjusted EPS* $2.80 - $2.90
- Free Cash Flow* ~$0.7B
- Includes $1.7B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs
- Global Access Solutions and Commercial Refrigeration included through June 30, 2024
- Viessmann Climate Solutions sales expected to grow mid-single-digits
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.6%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+6.5%
Avg return
30 days after
50%
15 / 30 earnings
Positive
+11.8%
Q1 2020
Best reaction
-10.6%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +5.9% | +4.0% | +3.6% | |
| Q4 2025 | -0.7% | +3.6% | -8.2% | |
| Q3 2025 | +0.9% | +2.1% | -6.7% | |
| Q2 2025 | -10.6% | -16.5% | -17.5% | |
| Q1 2025 | +11.6% | +12.2% | +13.8% | |
| Q4 2024 | -1.6% | -1.7% | -3.0% | |
| Q3 2024 | -7.8% | -6.7% | -3.7% | |
| Q2 2024 | +1.2% | +2.2% | +8.0% | |
| Q1 2024 | +10.5% | +12.3% | +19.9% | |
| Q4 2023 | -4.3% | -0.4% | +5.8% | |
| Q3 2023 | -1.1% | +1.3% | +12.6% | |
| Q2 2023 | +8.4% | +9.9% | +1.1% | |
| Q1 2023 | -3.1% | -0.3% | -1.7% | |
| Q4 2022 | -2.4% | -2.9% | +0.0% | |
| Q3 2022 | +7.6% | +6.9% | +19.0% | |
| Q2 2022 | +2.5% | +2.2% | +1.8% | |
| Q1 2022 | -4.9% | -4.7% | -0.1% | |
| Q4 2021 | +4.9% | -0.5% | -4.2% | |
| Q3 2021 | -1.7% | -1.4% | +4.2% | |
| Q2 2021 | +7.1% | +10.9% | +13.1% | |
| Q1 2021 | -2.0% | -3.1% | +3.2% | |
| Q4 2018 | -6.3% | -6.1% | -1.2% | |
| Q4 2020 | -6.3% | -6.1% | -1.2% | |
| Q3 2019 | +0.3% | +11.0% | +13.5% | |
| Q3 2020 | +0.3% | +11.0% | +13.5% | |
| Q2 2019 | +2.7% | +4.5% | +12.6% | |
| Q2 2020 | +0.2% | +2.2% | +11.5% | |
| Q4 2019 | -3.1% | -9.0% | +20.9% | |
| Q1 2019 | -3.1% | -9.0% | +20.9% | |
| Q1 2020 | +11.8% | +0.2% | +43.6% |
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