USA: Carrier Global Corporation has reported first quarter sales of $3.9bn, down 10% compared to last year.
HVAC sales were down 9.6% to $1,959m. Refrigeration sales were $808m, down 16% on last year.
Carrier says that about half of the sales decline was due to the expected reduction in gas furnace sales, North America truck trailer sales and the wind-down of a residential intrusion business, with the remainder largely related to COVID-19.
Operating profit in the quarter of $315m was down 37%, but adjusted operating profit of $436m was down 16%. Carrier attributes this to its aggressive cost containment and the acceleration of Carrier 600, a programme expected to remove $600m in costs over three years.
Carrier president and CEO Dave Gitlin said that Carrier had identified $425m of savings and a 40-50% reduction in planned capital spending.