Carrier Global Corporation reported significant financial growth for the third quarter and the first nine months of 2024, driven by robust sales in its HVAC segment and strategic acquisitions. For the three months ended September 30, 2024, net sales reached $5,984 million, a 21% increase from $4,935 million in the same period of 2023. The nine-month figures also reflected strong performance, with net sales of $17,338 million, up 18% from $14,635 million year-over-year.
Operating profit for the third quarter was $763 million, compared to $510 million in 2023, while net earnings increased to $481 million from $381 million, marking a 26% rise. Earnings per share for the quarter were $0.50, up from $0.43 in the prior year. For the nine months, net earnings soared to $3,139 million, a substantial increase from $1,001 million in 2023, with earnings per share rising to $3.39 from $1.11.
The HVAC segment was a key driver of this growth, with net sales for the third quarter reaching $5,058 million, a 26% increase compared to the same period in 2023. The acquisition of Viessmann Climate Solutions on January 2, 2024, contributed significantly to these results, adding approximately 20% to HVAC net sales. However, operating profit for the HVAC segment decreased slightly to $741 million from $763 million in the previous year, reflecting increased costs associated with the acquisition.
In terms of strategic developments, Carrier completed several divestitures, including the sale of Access Solutions to Honeywell for $5.0 billion and the Industrial Fire business for $1.4 billion. The sale of the Commercial Refrigeration business to Haier Group Corporation was finalized on October 1, 2024, for approximately $775 million. Additionally, the company is in the process of selling its Commercial and Residential Fire business for an expected $3.0 billion.
Financially, Carrier's total assets increased to $40,201 million as of September 30, 2024, up from $32,822 million at the end of 2023. However, cash and cash equivalents saw a significant decrease to $2,225 million from $9,852 million. Total equity rose to $15,042 million, compared to $9,005 million at the end of 2023, reflecting the impact of the acquisitions and divestitures.
The company also reported a net cash outflow from continuing investing activities of $(11,331) million for the nine months ended September 30, 2024, primarily due to the acquisition of the VCS Business. In contrast, net cash flows from operating activities were $1,208 million, down from $1,345 million in the same period of 2023.
Overall, Carrier Global Corporation's financial results for the third quarter and nine months of 2024 demonstrate strong revenue growth and strategic repositioning through acquisitions and divestitures, setting the stage for future performance.
About CARRIER GLOBAL Corp
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