Carrier sales up 13% in Q1

USA: Carrier Global Corporation has reported first quarter sales of $5.3bn, a 13% increase on Q1 2022. Organic sales grew 4% over the same period.

Organic sales strength continued in the HVAC segment with commercial and light commercial HVAC and controls up double digits, while Fire and Security was up 9% organically in the quarter. Refrigeration sales were down 5% organically driven by container and commercial refrigeration only partially offset by strength in global truck and trailer. North America residential and light commercial HVAC was down 2%.

GAAP operating profit in the quarter of $555m was down 68% from last year that included the gain related to the divestiture of Chubb. Adjusted operating profit of $642m was down 2%.

Referring to the announcement of the purchase of Viessmann’s Climate Solutions business, Carrier chairman and CEO David Gitlin commented: “We are excited to build on our growth and success with the strategic actions announced separately today, which will transform Carrier into a more focused, pure-play, higher growth intelligent climate and energy solutions company with leadership positions in the most attractive markets globally.”