Carrier trims 2025 forecast, hurt by weak residential demand
28/10/2025 11:15
Oct 28 (Reuters) - Carrier Global CARR.N lowered its expectations for 2025 sales and profit on Tuesday, as it faces weak demand for heating, ventilation and air conditioning products from residential markets. It also announced share repurchase authorization of up to $5 billion, sending its shares up 4.6% in premarket trading. Carrier's sales in the Americas from residential markets fell 30% in the third quarter, as distributors reduced inventory levels amid elevated stock. A slump in the North American housing market, largely due to high mortgage rates and a surge in home prices, has hurt demand for heating and ventilation. Despite a fall in mortgage rates, an uncertain economic outlook and tepid hiring have been keeping prospective homebuyers on the sidelines. Slowing residential sales were partially offset by commercial customers, which include data centers that use Carrier's products to cool down IT servers powering artificial intelligence technologies. Carrier expects full-year net sales to be about $22 billion, compared with its earlier forecast of about $23 billion. It sees 2025 adjusted profit per share of roughly $2.65, compared to its previous forecast range of $3.00 to $3.10. The Florida-based company reported a third-quarter adjusted net income of 67 cents per share, compared to Wall Street expectations of 57 cents, per data compiled by LSEG. (Reporting by Anshuman Tripathy and Aishwarya Jain in Bengaluru; Editing by Mrigank Dhaniwala) ((Anshuman.Tripathy@thomsonreuters.com;))