Carrier reports strong HVAC sales in Q1

USA: Carrier has reported strong sales in its HVAC segment in Q1, with North America residential, light commercial, and controls all up over 20%.

Refrigeration sales were only up 1% organically, although that is compared to the record quarter for Carrier’s container business in 2021.

Overall, net sales for the group were down 1% at $4.7bn following the sale of its Chubb fire and security business at the end of last year. Organic sales, however, grew 10%, and sales were up about 12% if Chubb sales from the first quarter of 2021 are excluded.

“Demand for our innovative solutions was strong in the first quarter as customers leverage our differentiated offerings to improve indoor environments and achieve their sustainability goals,” said Carrier chairman and CEO Dave Gitlin. “This drove double-digit organic sales growth and strong adjusted operating margin expansion, both of which exceeded our expectations. We are encouraged by this momentum and confident that key secular trends and our differentiated life-cycle solutions will drive continued strong growth.”