Why Carrier Global Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
Carrier Global Corp (CARR) shares surged following its Q1 FY24 earnings report, with a 17% Y/Y increase in net sales to $6.18 billion, slightly below consensus. Adjusted operating profit rose 44% Y/Y to $927 million, and adjusted EPS of $0.62 beat the consensus of $0.51. The company highlighted the transformative acquisition of Viessmann Climate Solutions and provided an updated FY24 outlook, expecting adjusted EPS of $2.80-$2.90 and sales of ~$26 billion. Investors can also gain exposure to CARR through ETFs like FPX and CSD.
April 25, 2024 | 4:57 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Carrier Global Corp reported strong Q1 FY24 earnings with a notable beat on EPS and a significant year-over-year increase in adjusted operating profit, driving its stock price up.
The positive earnings report, especially the EPS beat and the optimistic outlook provided by the company, including the strategic acquisition of Viessmann Climate Solutions, are likely to instill confidence in investors, leading to a short-term positive impact on CARR's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Invesco S&P Spin-Off ETF, which may include CARR, could see a positive influence from Carrier Global's robust Q1 performance and optimistic future projections.
CSD's potential inclusion of CARR means that Carrier Global's strong earnings and the positive momentum following its acquisition and outlook updates could positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
First Trust US Equity Opportunities ETF, which includes CARR in its holdings, may see a positive impact due to Carrier Global's strong earnings report and stock price surge.
Given FPX's exposure to CARR, the strong performance and positive outlook of Carrier Global are likely to have a favorable impact on the ETF, potentially attracting more investors to FPX.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60