Carrier Global Delivers Mixed Q2 Results, Plan To Repurchase $1B Shares In H2
Portfolio Pulse from Lekha Gupta
Carrier Global Corp (NYSE:CARR) reported mixed Q2 FY24 results with net sales rising 12% Y/Y to $6.70 billion, missing the consensus of $7.00 billion. The company plans to repurchase $1 billion in shares in H2 2024. Adjusted EPS of $0.87 beat the consensus of $0.84. The company reduced its sales outlook to ~$25.5 billion from ~$26 billion. CARR shares are down 2.73%. Investors can gain exposure via First Trust US Equity Opportunities ETF (NYSE:FPX) and Carbon Collective Climate Solutions U.S. Equity ETF (NASDAQ:CCSO).
July 25, 2024 | 2:52 pm
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NEGATIVE IMPACT
Carrier Global reported mixed Q2 results with net sales missing estimates but adjusted EPS beating expectations. The company plans a $1 billion share repurchase in H2 2024. Sales outlook was reduced, leading to a 2.73% drop in share price.
The mixed results, with net sales missing estimates and a reduced sales outlook, have led to a negative market reaction. However, the planned share repurchase and adjusted EPS beat provide some positive aspects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Carbon Collective Climate Solutions U.S. Equity ETF (CCSO) may experience minor impact due to its exposure to Carrier Global, which reported mixed Q2 results and a reduced sales outlook.
CCSO has exposure to Carrier Global, which reported mixed results. The negative reaction to Carrier's stock may slightly impact CCSO.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
First Trust US Equity Opportunities ETF (FPX) may see minor impact due to its exposure to Carrier Global, which reported mixed Q2 results and a reduced sales outlook.
FPX has exposure to Carrier Global, which reported mixed results. The negative reaction to Carrier's stock may slightly impact FPX.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50