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Carrier Global Hikes Dividend by 50% After Strong Q3 Results

Carrier Global Corporation (CARR) is a world leader in HVAC, refrigeration, fire, security and building automation with a brand portfolio that includes Carrier, Kiddle, SensiTech and Automated Logic.

The company generates just over half of its revenue from HVAC, 30% from fire and security, and 20% from refrigeration. While the Americas account for about half of its revenue footprint, the company also generates revenue from the EMEA and Asia Pacific regions.

Since its debut in April as an independent publicly-traded company, following its separation from United Technologies Corp. (UTX), the stock has more than doubled.

Strong Q3 Results

Carrier Global recently reported strong third-quarter financial results driven by a rise in North American residential HVAC, which was up by 46% compared to the prior year. Total revenue rose by 3.7% to reach $5 billion, beating consensus estimates by $690 million, with non-GAAP earnings of 67 cents per share, beating consensus estimates by 21 cents per share.

The company also raised its guidance for 2020 to $17.3 billion in sales and $2.2 billion in adjusted operating profit, which it expects will yield free cash flow of about $1.5 billion.

In addition to its strong financial results, the company recently sold off its remaining stake in Beijer Ref AB for approximately $1.1 billion and paid off $1.5 billion in debt as part of its commitment to pursue strategic growth initiatives while aggressively containing costs.

The strong financial performance led the company to raise its dividend by 50% to 12 cents per share, which represents a 1.27% forward yield. The dividend is payable on February 10, 2020, to shareholders on record as of December 23, 2020.

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