In this Research Note, we examine the HVAC and building automation business of Carrier, based on their Q4 Earnings Presentation and Conference Call, 11th February 2025, and 2024 10K Report, covering their financial performance and aftermarket and digital business. Carrier Profile Following its portfolio transformation over the last 2 years, Carrier Global Corporation has repositioned itself as a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally enabled lifecycle solutions to its customers. The portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold that offer HVAC, building automation, refrigeration, and cold chain transportation solutions. They also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Carrier has two reportable business segments: HVAC and Refrigeration. 2024 Financial Highlights Carrier’s 2024 sales of $22.5 billion increased 19% compared to the prior year, including organic sales growth of […]