Carrier Global Corporation (NYSE:CARR) stock observed trading 1.55% off 52-week high price. On the other end, the stock has been noted 59.65% away from low price over the last 52-weeks. The stock disclosed a move of 22.56% away from 50 day moving average and 22.56% away from 200 day moving average. Moving closer, we can see that shares have been trading 18.64% off 20-day moving average. It has market cap of $15.90B.
On May 08, 2020, Carrier Global Corporation (NYSE:CARR) disclosed financial results for the first quarter of 2020. Carrier is a leading global provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, fire, security and building automation technologies.
We moved early to address the COVID-19 pandemic head-on with a focus on protecting our employees, and throughout this, our 53,000 global employees demonstrated resilience and commitment to continuing to provide our critical products, said Carrier President & CEO Dave Gitlin. At the same time, we remain laser focused on our strategic growth priorities, including growing our base, increasing product extensions and geographic coverage and focusing on services and digital. We are also taking aggressive cost actions, identifying $425 million of savings and a 40-50% reduction in planned capital spending, while preserving investments in those initiatives that are most critical to position Carrier for growth when economic conditions improve. We are a more agile, customer-focused company with a clear roadmap to drive best-in-class organic growth.
First Quarter Results
Carrier’s first quarter sales of $3.9 billion were down 10% compared to last year, a 9% decline organically. About half of the sales decline was due to the expected reduction in gas furnace sales, North America truck trailer sales and the wind-down of a residential intrusion business, with the remainder largely related to COVID-19. GAAP operating profit in the quarter of $315 million was down 37%, but adjusted operating profit of $436 million was down 16% helped by the benefit of Carrier’s aggressive cost containment and the acceleration of Carrier 600, a program expected to remove $600 million in costs over three years. GAAP EPS was $0.11 and, on an adjusted basis, EPS was $0.35 after excluding net nonrecurring and restructuring charges. Net income in the quarter was $96 million and included $210 million of net nonrecurring and restructuring charges. Net cash flows provided by operating activities was $47 million and capital expenditures were $48 million, resulting in a use of free cash flow of $1 million, a substantial improvement from the negative $224 million of free cash flow in the prior year’s first quarter. Importantly, Carrier’s cash balance at the time of the spin was approximately $1.3 billion.
The USA based company Carrier Global Corporation moved with change of 11.88% to $18.36 with the total traded volume of 17645679 shares in recent session versus to an average volume of 15.12M shares. The stock was observed in the 5 days activity at 9.48%. The one month performance of stock was 28.75%. The average volatility for the week and month was at 6.63% and 6.68% respectively. There are 866.16M shares outstanding.