USA: The impact of the the covid-19 pandemic is blamed for a 6% drop in Carrier sales in 2020 to $17.5bn.
The sales decline experienced by the US air conditioning and refrigeration manufacturer was said to have been partly offset by strong demand in North America residential HVAC in the second half of 2020.
GAAP operating profit of $3.1bn was up 24% and adjusted operating profit of $2.23bn was down 19%. GAAP operating profit benefited from the gain on the sale of the company’s shares in Beijer Ref in the second half of the year. Adjusted operating profit was impacted by investments in growth initiatives, lower sales and unfavourable productivity due to factory disruptions related to the covid-19 pandemic.
The full-year results follow Q4 sales of $4.6bn, a 2% increase on 2019.