Heating, ventilation, air conditioning, and refrigeration company Carrier Global (NYSE: CARR) will be announcing earnings results this Thursday before market hours. Here’s what investors should know.
Carrier Global missed analysts’ revenue expectations last quarter, reporting revenues of $4.84 billion, down 6% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ revenue estimates and a significant miss of analysts’ adjusted operating income estimates.
Is Carrier Global a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Carrier Global’s revenue to decline 4.2% year on year, in line with the 3.7% decrease it recorded in the same quarter last year.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing in majority downward revisions over the last 30 days. Carrier Global has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Carrier Global’s peers in the building products segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Zurn Elkay delivered year-on-year revenue growth of 11.4%, beating analysts’ expectations by 3.2%, and Simpson reported revenues up 9.1%, topping estimates by 6.4%. Zurn Elkay traded up 9.5% following the results while Simpson was also up 2.4%.
Read our full analysis of Zurn Elkay’s results here and Simpson’s results here.
There has been positive sentiment among investors in the building products segment, with share prices up 14.1% on average over the last month. Carrier Global is up 13.6% during the same time and is heading into earnings with an average analyst price target of $70.95 (compared to the current share price of $61.78).
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