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Carrier sales up 8% in 2023

USA: Despite flat fourth quarter sales compared to 2022, Carrier recorded sales for the year 2023 of $22.1bn, an 8% increase on 2022.

Commenting on fourth quarter sales of $5.1bn, Carrier chairman and CEO David Gitlin said “Our fourth quarter results continue to show Carrier’s ability to perform while transforming with strong operating profit growth and EPS up over 30% compared to the prior year.”

Carrier’s 8% sales increase in 2023 included organic sales growth of 3% and a 5% impact from acquisitions and divestitures. Gross margins increased

210 basis points compared to the prior year. GAAP operating profit of $2.3bn decreased 49% due to prior year gains on the sale of Chubb and the acquisition of Toshiba Carrier, while adjusted operating profit increased 11% to $3.2bn. Operating margin decreased due to the prior year impact of the Chubb and Toshiba Carrier-related gains. 

Carrier completed the acquisition of Viessmann Climate Solutions in January and reached definitive agreements to sell both its Global Access Solutions and Commercial Refrigeration businesses for close to $6bn combined. 

“Looking forward to 2024, our solid backlog levels and sustainability leadership position Carrier for another year of strong financial performance,” Gitlin said.

Related stories:

Carrier completes Viessmann purchase – 2 January 2024
USA/GERMANY: Carrier has completed the €12bn acquisition of German manufacturer Viessmann Climate Solutions, following the deal’s clearance by the European Commission in December. Read more…

Carrier sells refrigeration business to Haier – 13 December 2023
USA/CHINA: Carrier Global Corporation has entered into a definitive agreement to sell its Carrier Commercial Refrigeration business to Chinese manufacturer Haier for $775m. Read more…

Carrier completes Toshiba JV acquisition1 August 2022
USA: Carrier has completed the $900m acquisition of Toshiba’s 60% stake in the Toshiba Carrier air conditioning joint venture that the two companies created in 1999. Read more…

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