由于国际销售疲软掩盖了盈利的阴影，运营商股价下跌

Carrier Global (NYSE:CARR) delivered second-quarter results on Tuesday that exceeded Wall Street’s expectations on earnings and met revenue estimates. However, shares of the climate and energy solutions provider fell as much as 11% in trading, as investors reacted to persistent demand softness and margin pressures in key markets.

Management flagged several headwinds, including weaker-than-expected volumes in U.S. residential and light commercial segments, an inventory buildup across distribution channels and ongoing macroeconomic uncertainty. Internationally, the company pointed to continued challenges in China’s residential market and sluggish conditions in Germany, where boiler sales and product mix issues are weighing on margins. Demand from K-12 schools and light commercial customers also remained subdued.

“Interest rates have continued to be high, which has put a damper on residential new construction and also people moving to buy new homes,” David Gitlin, chairman and chief executive, said in a conference call with analysts.

He cited macro pressures that have hampered consumer activity. In Europe, margin deterioration driven by mix, particularly a sharper-than-expected drop in higher-margin floor-standing boilers, remains a concern, though Gitlin reiterated that Carrier’s (NYSE:CARR) synergy efforts and cost-cutting actions are on track to help offset the pressure.

Carrier (CARR) maintained share in U.S. residential markets amid a challenging period, he said.  

“When volume was a little bit lower in 2Q than what we expected, we were very paranoid. We've looked at every single distributor,” Gitlin told analysts. “We've talked to many of our dealer partners to see, is there something happening. And I just think that between the later cooling season and some watch around the consumer, just a bit softer.”

The company reported earnings adjusted for one-time items of $0.92 a share, up 26% from a year ago and ahead of the consensus estimate of $0.90. Revenue rose 3% year-over-year to $6.11 billion, matching analysts’ expectations of $6.1 billion.

Organic sales growth came in at 6%, driven by a strong performance in its climate solutions Americas segment, where commercial sales surged 45% and aftermarket sales rose 13%.

Carrier (NYSE:CARR) reaffirmed its full-year 2025 guidance, including adjusted earnings of $3.00 to $3.10, which implies up to 21% growth, and free cash flow between $2.4 billion and $2.6 billion.

Global results

Investors appeared concerned about weakness outside the Americas. The Europe segment saw flat organic sales growth, while Asia Pacific, the Middle East & Africa (CSAME) reported a 4% decline. Carrier (NYSE:CARR) attributed the CSAME softness to lower residential and light commercial demand in China, partly offset by strength in India, Japan and the Middle East. Operating profit in the region fell 14%, and margins contracted 210 basis points.

Additionally, sales in its climate solutions transportation segment fell 25% with the 2024 divestiture of the commercial refrigeration business. Even stripping out the effect of that transaction, organic sales still fell 1%.

Carrier's (CARR) free cash flow was improved at $568 million for the quarter and a year-to-date total of $988 million, more than double the prior year’s mark. Operating margins also expanded: adjusted operating margin hit 19.1%, up 130 basis points, according to the company.