Carrier sales down 7% in Q3

USA: Carrier has reported net sales down 7% at $5.6bn in Q3, with organic sales down 4%.

A 4% headwind from net divestitures from the sale of its Commercial Refrigeration business at the end of last year were partially offset by a 1% tailwind from foreign currency translation.

GAAP operating profit was $539m, down 29% from the same quarter last year. This is said to reflect weaker residential end-markets and distributor destocking in the Americas, partially offset by the absence of prior year backlog and inventory step-up amortisation. Adjusted operating profit was down 21% at $823m.

Its Climate Solution Europe business segment saw sales increase 4%. 

Chairman and CEO David Gitlin commented: “Our team drove continued double-digit aftermarket growth and strong performance in Commercial HVAC, which grew 30% in the Americas, both of which were more than offset by expected weakness in residential in the Americas.”