CARRIER SALES UP 12%
USA: Carrier has reported strong Q2 2024 financial results with sales up 12% to $6.7bn compared to last year. This included organic growth of 2%, approximately 12% contribution from the acquisition of Viessmann Climate Solutions offset by about 2% from divestitures. “We delivered solid sales and roughly 30% orders growth as we continue to outperform in our markets,” stated Carrier chairman and CEO David Gitlin. “Our strong operational execution drove 200 basis points of adjusted operating margin expansion and double-digit adjusted earnings growth. Year-to-date, we also closed on two of our four business exits, and the remaining two continue to track well. “The proceeds from the exits, combined with our strong free cash flow performance, have enabled us to reduce net debt by about $5bn in the quarter and we now plan to repurchase about $1bn of shares in the second half of 2024.” Organic sales in the HVAC segment were up 2%. HVAC sales in the Americas were up mid-single digits driven by continued strength in commercial and light commercial businesses both of which were up double-digits.
