Carrier cuts annual revenue forecast (Oct. 24)

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October 24, 2024 11:08 AM EDT

FILE PHOTO: A private security guard walks past a logo of Carrier Corp outside the air conditioner plant, a unit of United Technologies Corp, in Santa Catarina, on the outskirts of Monterrey, Mexico, February 17, 2016. REUTERS/Daniel Becerril/File Photo

(Reuters) - (This Oct. 24 story has been corrected to say that Carrier cut its revenue forecast to reflect the disposal of its fire and security business, not due to weak consumer spending, in paragraph 1; to remove the reference to shares; to drop the reference to the company in paragraph 3; and to correct the previous forecast to 'around $25.5 billion,' not 'around $26 billion,' in paragraph 4) Carrier Global cut its annual revenue forecast on Thursday to account for the sale of its fire and security business.

Households are deciding against spending on energy-efficient upgrades as persistent inflation eats into savings.

A slow housing market due to high mortgage rates and a surge in home prices have also impacted demand for heating and ventilation products in North America.

The company expects 2024 revenue to be $22.5 billion compared with its previous forecast of around $25.5 billion.

The company said it expects adjusted earnings per share to be about $2.50, lower than the midpoint of its prior expectation of between $2.80 and $2.90.

It reported a third-quarter net income of $447 million, or 49 cents per share, compared with $357 million, or 42 cents per share a year ago.

(Reporting by Kannaki Deka and Nathan Gomes in Bengaluru; Editing by Vijay Kishore)


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