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CAPITAL GOODS: Carrier Global (Baa2[P]/BBB[P]/BBB[P]): 2Q24 Results

CAPITAL GOODS

Credit neutral overall.

  • Revenue missed consensus by 3%. Orders up around 30% organically.
  • Adj. EBITDA beat by 30% with margins well ahead of expectations. Operating profit was close to consensus, so we wouldn’t read too much into the beat.
  • FCF was 14% better than expected. Net debt around $1bn lower than expected, with two more asset sales expected to close in 2H.
  • Revenue guidance revised marginally lower on FX. Operating margin and FCF are unchanged.
  • Webcast underway https://edge.media-server.com/mmc/p/9m5upgna

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