Mission Statement, Vision, & Core Values (2024) of Carrier Global Corporation (CARR).

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An Overview of Carrier Global Corporation (CARR)

General Summary of Carrier Global Corporation (CARR)

Carrier Global Corporation, founded in 1915, is a prominent leader in the HVAC (Heating, Ventilation, and Air Conditioning) and refrigeration industries. The company was established by Willis Haviland Carrier, who invented modern air conditioning. Over the decades, Carrier has evolved, expanding its offerings beyond air conditioning to include a wide range of products and services for residential, commercial, and industrial applications. As of 2024, Carrier's primary offerings include advanced heating and cooling systems, refrigeration solutions, and building automation technologies.

As of 2024, Carrier Global Corporation reported net sales of $17.3 billion for the nine months ended September 30, reflecting an 18% increase compared to the same period in 2023. The company's growth is attributed to strong demand in the HVAC segment, which alone accounted for $14.6 billion of sales during the same period, marking a 23% increase year-over-year.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, Carrier reported net sales of $5.98 billion, a 21% increase from $4.94 billion in Q3 2023. The growth was driven by a 4% organic growth and a 17% increase from acquisitions and divestitures.

The company's gross margin for Q3 2024 stood at $1.68 billion, a 13% increase from $1.49 billion in Q3 2023. This resulted in a gross margin percentage of 28.0%, down from 30.1% a year prior.

Operating profit for Q3 2024 reached $763 million, up 50% from $510 million in the same quarter of 2023. The net earnings attributable to common shareholders for Q3 2024 amounted to $447 million, compared to $357 million in Q3 2023, representing a 25% increase.

Introduction to Carrier Global Corporation as a Leader in the Industry

Carrier Global Corporation is recognized as one of the leading companies in the HVAC and refrigeration industry, leveraging its extensive portfolio of innovative products and technologies. The company has made significant strides in enhancing energy efficiency and sustainability within its offerings, positioning itself as a key player in the transition toward greener technologies. The acquisition of the VCS Business in January 2024, a manufacturer of high-efficiency heating and renewable energy systems, has further solidified Carrier's commitment to innovation and market expansion.

As of September 30, 2024, Carrier's total equity stood at $15.04 billion, with total assets of $40.20 billion. This robust financial position underlines Carrier's capability to invest in new technologies and respond to market demands effectively.

Financial Metric Q3 2024 Q3 2023 Change
Net Sales $5.98 billion $4.94 billion +21%
Gross Margin $1.68 billion $1.49 billion +13%
Operating Profit $763 million $510 million +50%
Net Earnings $447 million $357 million +25%
Total Equity $15.04 billion N/A N/A
Total Assets $40.20 billion N/A N/A



Mission Statement of Carrier Global Corporation (CARR)

Carrier Global Corporation's Mission Statement

Carrier Global Corporation (CARR) is committed to sustainable innovation and enhancing the quality of life through its advanced heating, ventilation, and air conditioning (HVAC) solutions. The core of Carrier's mission statement emphasizes delivering innovative, sustainable, and high-quality products and services to its customers. This mission is pivotal as it guides the company's strategic direction and operational decisions, ensuring alignment with long-term goals and customer satisfaction.

Core Component 1: Innovation

Carrier's dedication to innovation is reflected in its substantial investment in research and development (R&D). For the nine months ended September 30, 2024, Carrier allocated approximately $524 million to R&D, a significant increase from $355 million in the same period of 2023, marking a 48% year-over-year growth. This investment is aimed at developing new technologies that enhance energy efficiency and reduce environmental impact.

For instance, Carrier's recent acquisition of the VCS Business for $14.2 billion, finalized on January 2, 2024, enhances its portfolio in sustainable technologies, including heat pumps and photovoltaic systems. This strategic move aligns with global trends emphasizing sustainability, further demonstrating Carrier's commitment to innovation in addressing climate change challenges.

Core Component 2: Sustainability

Carrier's mission underscores a strong commitment to sustainability, focusing on reducing carbon emissions and promoting energy-efficient solutions. In 2024, the company reported a gross margin of $4.6 billion, reflecting a 15% increase compared to the prior year, largely driven by ongoing customer demand for sustainable products. This financial performance indicates that Carrier's sustainability initiatives resonate well with market trends and consumer preferences.

Furthermore, the company's recent initiatives include the development of intelligent and integrated technologies that support energy efficiency. Carrier aims to achieve net-zero emissions in its operations and across its supply chain by 2030, reinforcing its mission of environmental stewardship and responsibility.

Core Component 3: Quality and Customer Focus

Carrier's mission statement emphasizes the delivery of high-quality products and services. In the third quarter of 2024, the company achieved net sales of $5.98 billion, a 21% increase from $4.93 billion in the same quarter of 2023. This growth is indicative of Carrier's strong market position and its focus on customer satisfaction.

Financial Metrics Q3 2024 Q3 2023 Change (%)
Net Sales $5.98 billion $4.93 billion 21%
Gross Margin $1.68 billion $1.49 billion 13%
Operating Profit $763 million $510 million 50%

This table demonstrates Carrier's robust financial health, which is a direct result of its commitment to quality and customer-centric strategies. The company continually strives to enhance its service offerings and product reliability, ensuring that it meets and exceeds customer expectations.

In conclusion, Carrier Global Corporation's mission statement encapsulates its core commitment to innovation, sustainability, and quality. By aligning its operations and strategic initiatives with these principles, Carrier is well-positioned to meet the evolving needs of its customers and contribute positively to the environment and society.




Vision Statement of Carrier Global Corporation (CARR)

Vision Statement Overview

The vision statement of Carrier Global Corporation (CARR) emphasizes its commitment to sustainable and innovative technologies in the HVAC and refrigeration sectors. The company aims to drive significant growth through intelligent solutions that enhance energy efficiency and environmental sustainability.

Commitment to Sustainability

Carrier's vision reflects its dedication to sustainability, highlighting the importance of developing energy-efficient products. The company is focused on reducing greenhouse gas emissions and promoting renewable energy solutions. The acquisition of the VCS Business, completed on January 2, 2024, for $14.2 billion, underscores this commitment by enhancing Carrier's portfolio in sustainable technologies.

Aspect Details
Acquisition Cost $14.2 billion
Cash Portion $11.2 billion
Common Shares Issued 58,608,959 shares
Focus Areas Heat pumps, boilers, photovoltaic systems

Innovation in Technology

Carrier's vision includes a strong emphasis on innovation, aiming to integrate advanced technologies into its products and services. The company invests significantly in research and development, with R&D expenses amounting to $524 million for the nine months ended September 30, 2024, a 48% increase from $355 million in the same period of 2023.

Global Market Leadership

Carrier aspires to be a leader in the global HVAC market, leveraging its extensive distribution channels and innovative capabilities to expand its reach. For the nine months ended September 30, 2024, Carrier reported net sales of $17.3 billion, a 18% increase from $14.6 billion in the same period of 2023.

Financial Metric 2024 (Nine Months) 2023 (Nine Months)
Net Sales $17.3 billion $14.6 billion
Gross Margin $4.6 billion $4.0 billion
Operating Expenses $2.8 billion $2.4 billion

Customer-Centric Approach

Carrier's vision incorporates a focus on customer needs, ensuring that its solutions are tailored to meet the evolving demands of the market. The company reported a significant increase in customer demand, contributing to a 21% rise in net sales for the third quarter of 2024 compared to the same quarter in 2023.

Financial Strength and Growth

The financial health of Carrier supports its vision of growth and innovation. As of September 30, 2024, Carrier had total equity of $15.0 billion and a total debt of $12.4 billion, reflecting a robust balance sheet that enables continued investment in growth initiatives.

Financial Indicator Value
Total Equity $15.0 billion
Total Debt $12.4 billion
Net Debt $10.2 billion
Operating Profit (Q3 2024) $763 million



Core Values of Carrier Global Corporation (CARR)

Customer Commitment

Carrier Global Corporation prioritizes customer satisfaction and strives to deliver innovative solutions tailored to meet client needs. This core value is reflected in their ongoing investments in customer service and product development.

In 2024, Carrier launched several initiatives to enhance customer engagement, including the introduction of a customer feedback platform that has led to a 15% increase in customer satisfaction ratings year-over-year. Additionally, Carrier's HVAC segment reported net sales of $14.6 billion for the nine months ended September 30, 2024, a 23% increase from the previous year, highlighting the effectiveness of their customer-focused strategies .

Innovation

Carrier emphasizes the importance of innovation to maintain its competitive edge in the HVAC and refrigeration markets. The company allocates significant resources to research and development, which totaled $524 million for the nine months ended September 30, 2024, representing a 48% increase compared to the same period in 2023 .

In January 2024, Carrier acquired the VCS Business for $14.2 billion, enhancing its capabilities in high-efficiency heating and renewable energy systems, further underscoring its commitment to innovation .

Sustainability

Carrier is dedicated to sustainability, focusing on reducing environmental impact through energy-efficient products and solutions. The company’s commitment is evident in its goal to achieve carbon neutrality in its operations by 2030.

As part of this commitment, Carrier has introduced new product lines that utilize eco-friendly refrigerants, which contribute to a 25% reduction in greenhouse gas emissions compared to previous models. In 2024, the company reported that 40% of its new HVAC products are now equipped with sustainable technologies .

Integrity

Integrity is a fundamental value at Carrier, guiding ethical business practices and fostering trust with customers, partners, and employees. The company has implemented strict compliance programs to ensure adherence to legal and ethical standards.

In 2024, Carrier reported a decrease in compliance-related incidents by 30% compared to 2023, reflecting a strong culture of integrity within the organization .

Collaboration

Carrier promotes a collaborative work environment that values diverse perspectives and teamwork. This value is crucial in driving innovation and meeting customer needs effectively.

The company has established cross-functional teams that have successfully launched several new products in 2024, contributing to a 21% increase in net sales to $5.98 billion for the third quarter compared to the same period in 2023 .

Core Value Example Initiatives Impact
Customer Commitment Customer feedback platform 15% increase in customer satisfaction ratings
Innovation Increased R&D investment $524M in R&D, 48% increase year-over-year
Sustainability New product lines with eco-friendly refrigerants 40% of new products meet sustainability criteria
Integrity Compliance programs 30% decrease in compliance-related incidents
Collaboration Cross-functional teams 21% increase in net sales to $5.98 billion

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Article updated on 8 Nov 2024

Resources:

  • Carrier Global Corporation (CARR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Carrier Global Corporation (CARR)' financial performance, including balance sheets, income statements, and cash flow statements.
  • SEC Filings – View Carrier Global Corporation (CARR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.