Carrier Global Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net sales reaching $22.5 billion, a 19% increase from $19.0 billion in 2023. The company's operating profit also rose to $2.6 billion, up 23% from the previous year's $2.2 billion. This growth was attributed to a combination of organic sales growth of 3% and a substantial contribution from acquisitions, particularly the integration of the Viessmann Climate Solutions business, which added approximately $3.3 billion in sales since its acquisition on January 2, 2024.
In terms of strategic developments, Carrier has undergone a significant portfolio transformation, divesting several non-core businesses in 2024. The company completed the sale of its Access Solutions business for $5.0 billion, the Industrial Fire business for $1.4 billion, the Commercial Refrigeration business for $679 million, and the Commercial and Residential Fire business for $2.9 billion. These divestitures collectively resulted in substantial net gains, including a $1.8 billion gain from the Access Solutions sale. The proceeds from these transactions are expected to be utilized for debt repayment and reinvestment in growth initiatives.
Operationally, Carrier's workforce comprised approximately 48,000 employees as of December 31, 2024, with a geographic distribution of 35% in the Americas, 36% in Europe, the Middle East, and Africa (EMEA), and 29% in the Asia-Pacific region. The HVAC segment generated $19.1 billion in sales, a 26% increase from the previous year, while the Refrigeration segment saw a decline in sales to $3.5 billion, down 9% year-over-year. The company noted that the HVAC segment's growth was driven by strong demand in the Americas, while the Refrigeration segment faced challenges in certain end markets.
Looking ahead, Carrier's management expressed confidence in the company's growth trajectory, supported by favorable market trends such as urbanization and energy efficiency. The company plans to continue investing in product innovation and technology, particularly in energy management solutions, to enhance its competitive position. Additionally, Carrier aims to achieve its sustainability goals, including a commitment to invest over $4 billion by 2030 to develop intelligent climate and energy solutions that reduce environmental impacts. The company remains focused on leveraging its strong brand portfolio and operational synergies to drive long-term shareholder value.
About CARRIER GLOBAL Corp
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