Shares of Carrier Global Corp. CARR, +1.40% fell 2.3% in premarket trading Tuesday, after the heating, ventilation and air conditioning (HVAC) company reported a fourth-quarter profit that missed expectations, while sales rose to top forecasts. Net income doubled to $884 million, or $1.00 a share, from $440 million, or 50 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 31 cents was below the FactSet consensus of 36 cents. The company said results were impacted by planned investment spending on growth initiatives, vendor contract termination and legal costs. Sales rose 2.1% to $4.59 billion, above the FactSet consensus of $4.51 billion, amid strong demand in North America residential HVAC. For 2021, the ocmpany expects adjusted EPS of $1.85 to $1.95 and sales growth of 6% to 8%, compared with the FactSet consensus for EPS of $1.93 and sales of $18.38 billion, which implies 5.3% growth. Separately, the company said it set a $350 million stock repurchase program. The stock has gained 2.3% over the past three months through Monday, while the S&P 500 SPX, +0.74% has advanced 10.3%.
View Article Origin Here
