HVAC maker Carrier beats Q3 revenue estimates on higher commercial demand

Carrier Global

28/10/2025 10:17

Overview

Carrier Q3 revenue beats analyst expectations despite 7% yr/yr decline

Adjusted EPS for Q3 beats analyst expectations, despite 13% yr/yr decline

Company announces $5 bln share repurchase authorization, indicating strategic confidence

Outlook

Carrier expects full-year 2025 sales of ~$22 bln

Company projects full-year adjusted EPS of ~$2.65

Carrier anticipates full-year free cash flow of ~$2 bln

Result Drivers

COMMERCIAL HVAC GROWTH - Commercial HVAC segment in the Americas grew 30%, offsetting some declines in other areas

RESIDENTIAL DECLINE - Residential segment in the Americas declined about 30%, impacting overall sales

DIVESTITURE IMPACT - 4% headwind from net divestitures, including sale of Commercial Refrigeration

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$5.60 bln
$5.57 bln (19 Analysts)
Q3 Adjusted EPS
Beat
$0.67
$0.56 (20 Analysts)
Q3 EPS
$0.47
Q3 Adjusted Operating Income
Miss
$823 mln
$833.95 mln (17 Analysts)
Q3 Free Cash Flow
$224 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 12 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the electrical components & equipment peer group is "buy"

Wall Street's median 12-month price target for Carrier Global Corp is $75.00, about 22.3% above its October 27 closing price of $58.29

The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release: ID:nPn7Rsx6sa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)