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Carrier Global (CARR) investor relations material
Carrier Global Morgan Stanley’s 13th Annual Laguna Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley’s 13th Annual Laguna Conference summary10 Sep, 2025
Strategic transformation and portfolio positioning
Portfolio now focused and balanced, with leadership in key verticals and geographies, and a clear growth strategy centered on products, aftermarket, and systems.
EPS has grown at a 17% CAGR since 2022, with over 25% growth in the first half of this year.
Commercial HVAC business is on track for its fifth consecutive year of double-digit revenue growth, especially strong in North America.
Data center sales are expected to reach $1 billion this year, doubling last year's figure, with a robust backlog for future growth.
Aftermarket business continues double-digit growth, and emerging regions like India and the Middle East show strong performance.
Residential HVAC market challenges and response
North America residential HVAC volumes expected to be down over 40% in Q3, with sales down about 30% due to weak consumer demand and aggressive distributor destocking.
Inventory levels are being purposefully reduced, expected to reach pre-COVID levels by year-end, positioning for a balanced channel entering next year.
Aggressive cost actions include reducing indirect headcount by over 2,000 and other fixed cost reductions to offset volume declines.
Margins are under pressure due to steep volume declines, but production is being scaled back to avoid lingering impacts into next year.
Price and mix remain a double-digit positive tailwind, with no significant price competition observed yet.
Commercial HVAC and data center growth
Commercial HVAC now represents $6.5 billion, about 30% of the portfolio, with significant wins in data centers and other verticals.
Investments in R&D, digital, and technician capacity have improved competitive positioning, especially outside the U.S.
Data center business is expanding globally, with strong product offerings and long-term aftermarket agreements driving share gains.
Double-digit growth continues outside data centers, with healthcare and electronic fab sectors performing well.
Light commercial in the Americas is stabilizing, with share gains and signs of recovery in Q4.
How will Q4 inventory levels compare to historical norms?
How will Carrier sustain data center share gains?
What is the timeline for Carrier Energy HEMS revenue?
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Next Carrier Global earnings date
Q3 202528 Oct, 2025
Next Carrier Global earnings date
Q3 202528 Oct, 2025
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Frequently asked questions
Carrier Global Corporation is a provider of heating, ventilating, and air conditioning (HVAC) cooling products and technologies, refrigeration and food safety solutions that help customers improve the performance of their buildings and processes. The company offers a range of heating, ventilation, and air conditioning systems for residential, commercial, and industrial applications; ceiling fans; commercial refrigeration systems; wiring devices for alarms, fire protection, radios, phones, computers, and televisions; professional-grade building automation systems; security and surveillance products; prefabricated fire protection walls and door panels; aircraft auxiliary power unit engines; highly efficient compressors for mobile air conditioners used in recreational vehicles (RVs); cellular phone signal carriers, integrated into mobile home roofs; lithium-ion batteries that serve as an alternative to generators; prefabricated shelters designed to protect communications equipment during adverse weather conditions or a nuclear disaster. It also provides job site services consisting of installation, set-up commissioning, maintenance program implementation support. In addition, the company offers post-construction services through its Carrier Advantage program for HVAC installations.
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