运营商第三季度盈利超出预期：下调2025年前景，宣布回购50亿美元股票

Carrier Global Corporation (NYSE:CARR), a global leader in intelligent climate and energy solutions, on Tuesday reported its third-quarter 2025 results, topping Wall Street estimates.

Carrier reported quarterly earnings of 67 cents per share, beating the analyst consensus estimate of 57 cents. The figure marks a 13% decline from earnings of 77 cents per share in the same quarter last year.

Quarterly net sales came in at $5.58 billion, slightly above the consensus estimate of $5.57 billion and down 6.8% from $5.98 billion a year earlier and 4% decline in organic sales.

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Carrier reported an adjusted operating margin of 14.8%, down from 17.4% in the same quarter last year.

The company reported cash and cash equivalents of $1.42 billion as of September 30, 2025.

Segment Performance

Carrier's Climate Solutions Americas (CSA) segment reported an 8% decline in sales, with organic sales also down 8% from the prior year. The segment's operating margin was 19.7%, compared with 25.3% a year earlier.

The Climate Solutions Europe (CSE) segment reported a 4% increase in sales, while organic sales declined 3% from the prior year. The segment operating margin decreased by 110 basis points to 9.3%, as strong productivity gains and cost synergies were more than offset by lower organic sales and a weaker mix.

Climate Solutions Asia, Middle East & Africa (CSAME) segment reported a 1% decline in sales, with organic sales down 2%, mainly due to weaker Residential and Light Commercial (RLC) demand in China, partially offset by continued strong growth in India and the Middle East. Operating margin fell 100 bps to 11.6% as lower sales offset productivity gains.

Climate Solutions Transportation (CST) segment posted a 20% sales decline, reflecting the Commercial Refrigeration divestiture, while organic sales rose 6% on strong Container growth. The operating margin improved 80 bps to 15.4%, driven by the refrigeration exit during the fourth quarter of 2024, partly offset by mix.

Financial Outlook

Carrier lowered its full-year 2025 adjusted earnings guidance to $2.65 per share, down from the prior range of $3.00 to $3.10, compared with the analyst estimate of $2.72.

The company also cut its full-year sales outlook to $22.0 billion from $23.0 billion, below the consensus estimate of $22.23 billion.

Separately, Carrier's Board approved a new $5 billion share repurchase authorization, bringing the total buyback capacity to about $5.8 billion, including the $800 million remaining from the prior program.

CEO Commentary

“Our team drove continued double-digit aftermarket growth and strong performance in Commercial HVAC¹, which grew 30% in the Americas, both of which were more than offset by expected weakness in Residential in the Americas,” chairman & CEO David Gitlin said. “Our previously announced cost reduction actions and continued strength in our data center pipeline and backlog position us well for strong earnings growth in 2026. The $5 billion share repurchase authorization reflects confidence in our strategy and commitment to delivering superior value for our shareholders.” 

Price Action: CARR shares were trading 2.5% higher at $59.75 premarket at last check on Tuesday.

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