In this Research Note, we examine the HVAC and Fire & Security business of Carrier, based on their 2022 10K Report, investor presentations and building technology-related digital business throughout 2022. Carrier Global Corporation is a global provider of healthy, safe, sustainable and intelligent building and cold chain solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions. Their portfolio includes brands such as Carrier, Toshiba and Automated Logic in their HVAC and building automation business and Kidde, Edwards and LenelS2 in their fire and security business. They also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Carrier’s full-year 2022 sales of $20.4 billion decreased 1% compared to the prior year including organic sales growth of 8%, a 3% headwind from currency translation and a 6% net negative impact from acquisitions and divestitures. GAAP operating profit of $4.5 billion increased 71% and adjusted operating profit increased […]