由于商业空调的强劲抵消了住宅的疲软，运营商超出了预期

Carrier Global (NYSE:CARR) on Tuesday reported third-quarter results that beat Wall Street expectations on both profit and sales, and its stock rose about 2% in premarket trading after the report. The company also unveiled a new $5 billion share-repurchase authorization.

The maker of heating, ventilation and air-conditioning equipment reported earnings adjusted for one-time items of $0.67 a share, beating the $0.57 Wall Street expected; revenue was $5.58 billion, compared with the $5.55 billion consensus.

Earnings from continuing operations were $0.47 a share. Net income fell to $407 million, or $0.47 a share, from $564 million, or $0.62 a share; Wall Street’s estimate for GAAP EPS was $0.46.

Sales down 7% as residential softness persists

Total net sales declined 7% year over year, including a 4% organic drop and a 4% headwind from the late-2024 divestiture of Commercial Refrigeration, partially offset by a 1% currency tailwind. GAAP operating profit fell 29% to $539 million, while adjusted operating profit slid 21% to $823 million. Management cited weaker U.S. residential demand and distributor destocking as key pressures.

Commercial strength; data center pipeline highlighted

Within Climate Solutions Americas, Commercial grew 30% in the region, more than offset by about a 30% decline in Residential and a 4% drop in Light Commercial. Chief Executive David Gitlin pointed to continued double-digit aftermarket growth and a strong data-center pipeline positioning Carrier (NYSE:CARR) for “strong earnings growth in 2026.”

Cash returns and buyback

Carrier (NYSE:CARR) generated $341 million in operating cash flow and $224 million in free cash flow for the quarter, and said it has returned $3 billion to shareholders year-to-date, including $2.4 billion of repurchases. The board approved a new $5 billion buyback authorization.

Outlook trimmed

For full-year 2025, Carrier (CARR) now expects about $22 billion in sales, versus prior estimates of about $23 billion. It also trimmed its earnings estimate to about $2.65 a share from a previous range of $3 to $3.10, reflecting a softer residential backdrop and the refrigeration divestiture headwind, partially offset by currency. The company reiterated confidence in long-term earnings growth as cost actions take hold.