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Carrier Global Corporation (CARR-0.61%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $22.5 billion, an increase from $18.95 billion in the previous year. The increase was primarily driven by the acquisition of the Viessmann Climate Solutions business.
Carrier's operating profit for the year was $2.6 billion, up from $2.16 billion in the previous year. The increase was attributed to improved pricing and productivity initiatives.
Net income for the year was $5.6 billion, compared to $1.35 billion in the previous year, with the increase largely due to gains from divestitures.
The company completed several divestitures, including the sale of its Access Solutions, Industrial Fire, and Commercial Refrigeration businesses, generating significant cash proceeds.
Carrier also acquired the Viessmann Climate Solutions business for $14.2 billion, adding significant assets and goodwill to its balance sheet.
Cash and cash equivalents at year-end were $4.0 billion, down from $9.85 billion, reflecting the cash used in the Viessmann acquisition.
Total debt was reduced to $12.3 billion from $14.3 billion, with the company repaying a portion of its borrowings.
Carrier's effective tax rate increased to 46.7%, primarily due to a re-organization related to the Viessmann acquisition.
The company continues to focus on providing intelligent climate and energy solutions, with a strategy to enhance its product offerings and expand its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Carrier Global Corporation annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.