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<p>Carrier, the HVAC and refrigeration giant, has remade its $22 billion business around shrinking the energy footprint of heating and cooling. It estimates that since 2020, its products have helped users avoid 490 million metric tons of greenhouse-gas emissions—the equivalent of the annual energy use of 65 million U.S. homes.</p>

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CTW 2021-49 Carrier

<span style="font-weight: 400">When COVID-19 sparked demand for better air filtration, Carrier was poised to help. Healthy-building tech is a central focus for the HVAC-systems maker. Among the products it introduced: Portable equipment designed to contain and remove air potentially contaminated by viral particles—giving health care providers the means to turn any space into an infectious disease isolation room.</span>

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F500-2021-171-Carrier Global

This Florida-based corporation keeps its customers acclimated with its heating, air conditioning, and refrigeration services.

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Carrier Global is the largest heating, ventilation, air conditioning (HVAC) and refrigeration company in North America, serving customers in over 160 countries. The refrigeration segment offers products and services for trucks, trailers, shipping containers, and rail applications. In 2024, the company announced it had acquired renewable HVAC provider Viessmann Climate Solutions for $18 billion. Willis Carrier, the inventor of modern air conditioning, founded the company in 1915. United Technologies acquired Carrier in 1979 before the company was spun off in 2020.

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Q4 2024

Carrier Global (CARR): Company Profile, Stock Price, News, Rankings

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Carrier Global

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Good morning, and welcome to Carrier's Fourth Quarter twenty twenty four Earnings Call. I would like to introduce your host for today's conference, Michael Redner, Vice President of Investor Relations. Please go ahead.

Good morning and welcome to Carrier's Fourth Quarter twenty twenty four Earnings Conference Call. On the call with me today are David Gitlin, Chairman and Chief Executive Officer and Patrick Goras, Chief Financial Officer. Except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant non recurring items. A reconciliation of these and other non GAAP financial measures can be found in the appendix of the webcast. We also remind listeners that the presentation contains forward looking statements, which are subject to risks and uncertainties.

Carrier's SEC filings, including our Form 10 K and quarterly reports on Form 10 Q, provide details on important factors that could cause actual results to differ materially. With that, I'd like to turn the call over

Thanks, Mike, and welcome aboard. Let me start by saying thank you to our team for delivering great results in 2024 while completing such a significant portfolio transformation. I am more excited about 2025 than I have ever been entering a new year. I feel as if all of the work done by so many a carrier over so many years has positioned us for this moment to create outsized value for our customers, people and shareholders.

As you can see on Slide two, 2024 was a strong and transformational year for us. We achieved 3% organic growth by delivering double digit growth in global commercial HVAC and aftermarket, both for the fourth consecutive year to help offset unexpected weakness in residential light commercial HVAC in Europe and China. Total company orders were up low teens with HVAC Americas applied up about 40%. Our global commercial HVAC backlog is up mid teens versus last year positioning us for another year of double digit growth in 2025 in that business. For overall carrier, organic growth and strong productivity contributed to close to 100% core earnings conversion, 180 basis points of margin expansion and 16% adjusted EPS growth.

We delivered these strong results while we successfully completed our portfolio transformation. We integrated with Beasman Climate Solutions and executed on our divestitures yielding over $10,000,000,000 in gross proceeds. And as committed, we paid down debt and returned to roughly 2x net leverage. We also returned over $2,600,000,000 to shareholders through dividends and share repurchases. Turning to slide three.

I think of our years since SPIN in three phases. During our first phase, we built the foundation for a new carrier. We promoted and added key talent. We launched and have lived a new culture embedded in the carrier way that has given us tremendous energy and a focus on growth and innovation. We launched carrier excellence to drive operational execution, excellence and productivity.

We invested in our product portfolio and developed and implemented our aftermarket playbook to position us for sustained organic growth. We sold Chubb, added Toshiba, simplified the back office and paid down debt. 2023 and 2024 were defined by our mantra of performing while transforming. We sharpened our vision and successfully transformed our portfolio. We now have greater bandwidth to create even more value for our customers and thus our shareholders.

Focus, simplification, differentiation, customers, win, grow, the new phase accelerating growth has begun and there is tremendous energy within Carrier. As we navigated this transition, we have been purposefully increasing our addressable market and value proposition for our customers as you can see on Slide four. In 2020, we began to not only increase our investments in our product portfolio, we significantly increased our focus on digitally enabled life cycle solutions. Aftermarket has increased our addressable market, contributed to margin expansion, all while creating greater customer stickiness and increasing recurring revenues. Now, in addition to driving differentiated products and aftermarket, we are introducing fully integrated systems, which further increase customer value across our three targeted ecosystems: homes, buildings and the cold chain.

For integrated systems and homes, we are significantly expanding and enhancing our European home energy management system offerings and through a newly created business within Carrier called Carrier Energy, we are bringing similar offerings to The United States. For The U. S, we are actively working with utilities to provide an end to end integrated battery heat pump solution with automated controls to run the system using stored energy during peak hours, while recharging the system during the trough of energy grid usage. The interest from utilities and other customers has been very encouraging to address grid constraints and resiliency. Within building systems, one offering is our integrated cooling solution for data centers that we announced last week under the brand of Quantum Leap.

By combining traditional cooling, liquid cooling and our building and server management systems, we provide differentiated more efficient solutions for our customers in this important and growing vertical. For cold chain solutions, we are transitioning from solely selling reefers to providing end to end systems enabled by our LYNX digital platform and SensiTech technologies. Selling complete integrated systems provides us with a new and important opportunity for differentiation, customer value and increased revenue streams. Slide five lays out our strategic focus areas and priorities for 2025. In addition to our growth initiatives that we just discussed, we also remain laser focused on margin expansion through carrier excellence while maintaining disciplined capital allocation.

We deeply embed our priorities throughout our organization through a structured goal alignment process. Slide six shows how these priorities are reflected in our 2025 guidance. Given our strategic positioning, we expect organic growth of mid single digits with our fifth consecutive year of double digit growth in aftermarket and global commercial HVAC. We will continue to drive productivity and expect 100 basis points of year over year margin expansion. We expect adjusted EPS to be up 17% at the midpoint and about 100% free cash flow conversion.

As we look ahead, we will continue to focus on execution within Viessmann Climate Solutions, which we discuss on Slide seven. Obviously, 2024 was well off what we expected coming into the year. Nevertheless, I am proud that the team controlled the controllables and drove share gains, significant cost synergies and key new product introductions. The team also took the tough but necessary actions to significantly reduce both temporary and structural overhead costs, positioning us for strong margin expansion as growth returns. Looking at our growth algorithm for 2025.

Given political and economic uncertainty in Europe, we assume that market volume will be flat to down mid single digits. In addition, we expect a five point full year revenue headwind associated with last year's Q1 backlog reduction, which normalized at the beginning of Q2 of last year. On the positive side, we expect continued positive mix with double digit growth in heat pumps offsetting a modest decline in boilers. Similar to last year, we expect VCS aftermarket to grow double digits and we also expect a point or so of price. New products introduced last year, including the nineteen and forty kilowatt heat pumps will see a full year of sales in 2025.

We are introducing a full lineup of cascatable heat pumps up to five sixty kilowatts with natural refrigerants that we will be selling through the Viessmann channel. As we think about revenue synergies, we are excited for the ISH trade show in Frankfurt in March where we will showcase our new multi brand products such as our newly launched carrier branded air conditioning units that we will also be selling through the Viessmann channel. We gained share in key European geographies last year and expect that to continue in 2025. And the team has been putting all the pieces together to significantly increase our complete home energy management system sales this year and beyond. We also remain confident in margin expansion and cost synergies.

So all in, we expect a strong year across Carrier with accelerated organic growth, margin expansion, EPS growth and strong free cash flow. With that, let me turn it over to Patrick. Patrick?

Thank you, Dave, and good morning, everyone. Please turn to Slide eight. In short, Q4 earnings were ahead of our expectations in the guide we provided in October. Reported sales were $5,100,000,000 with 6% organic sales growth including about two points of price and four points of volume. We had a favorable 13% net impact from acquisitions and divestitures.

Organic sales were in line with expectations, driven by continued strength in global commercial and North America residential HVAC, partially offset by weakness across residential light commercial HVAC in Europe and China. Q4 adjusted operating profit was up 65% compared to last year, driven by the contribution of Eastman Climate Solutions, the benefit of organic growth and productivity. As a result, adjusted operating margin expanded by three seventy basis points compared to last year. The absence of commercial refrigeration was about a 0.5 tailwind to margin. Adjusted EPS of 0.54 was up 50% year over year.

Operational performance was in line with our guide and we benefited from discrete tax items. Net interest expense was a bit light versus our guide given the earlier close of the commercial and residential fire business. Free cash and I now refer to both continuing and disc ops was an outflow of about $90,000,000 in the quarter. Full year free cash flow of $30,000,000 was about $200,000,000 better than we guided. Having closed residential and commercial fire in early December, we picked up the pace on share repurchases and we ended 2024 with about $1,900,000,000 of share repurchases, about $1,000,000,000 more than our October guide.

Moving on to the segments starting on Slide nine. The HVAC segment had another strong quarter with organic sales growth of 11%. Organic sales in The Americas were up high teens. Within The Americas, commercial was up mid teens and light commercial was a little better than expected and down around 10%. In the fourth quarter of twenty twenty three, light commercial was up about 20%, so certainly a tough comp.

Residential was up 35%, mostly driven by strong volume compared to a very weak Q4 last year, which was about minus 20% as our channel was in destocking mode a year ago. On the last earnings call, we mentioned that we expected no material pre buy in Q4. The actual pre buy was in line with expectations and movement was stronger than expected. Movement, that is sales from our distributors to installers, has continued to be strong in January. Organic sales in EMEA were flat driven by double digit growth in Commercial, offset by a decline in Residential and Light Commercial HVAC, reflecting continued market weakness.

Organic sales in Asia were slightly positive, driven by strength in Japan and South Asia, partially offset by declines in our residential and light commercial business in China. The HVAC segment adjusted operating margins were up two fifty basis points, driven by the benefit of organic growth and strong productivity. As you can see at the bottom of the slide, 2024 was another great year for our HVAC business with continued growth and margin expansion. Transitioning to Refrigeration on Slide 10. Q4 was the first quarter without commercial refrigeration given its exit on October 1.

Overall results for this segment were as expected. Our global truck and trailer business was down around 10% with North America down about 25% and Europe down low single digits, only partially offset by high single digit growth in Asia. Container was down low single digits. Our aftermarket and Sensatec businesses were both up mid single digits. Operating margin expanded by 160 basis points year over year.

For the full year, this segment was down 1% organically with container up roughly 25%, mostly offset by declines in North America Truck And Trailer. Margins expanded 20 basis points. Turning to Slide 11. Total company orders total company organic orders were up low teens. Overall HVAC orders were up about 5% with continued strong orders growth in The Americas at about 10%.

EMEA and Asia organic orders were down mid single digits. In Asia, weak orders in China residential and light commercial HVAC were partially offset by China commercial HVAC orders and strength in other countries. Globally, commercial HVAC orders were up about 10%. Refrigeration orders were up around 55% in the quarter, mostly as a result of very strong growth in North America truck trailer on an easy comp. Truck and trailer orders in Europe were up over 20% and Asia orders were up mid single digits.

Overall, we entered 2025 with robust longer cycle backlogs in commercial HVAC and orders momentum in key businesses. Moving on to Slide 12 and shifting to 2025 organic sales guidance. We expect mid single digit organic growth and reported sales of between $22,500,000,000 and $23,000,000,000 This also includes a $750,000,000 year over year headwind from the commercial refrigeration exit. We expect roughly one point of price and the remaining organic growth to come from volume and mix up. We expect currency translation to be about a point of headwind.

The organic growth for board segments is expected to be up mid single digits for 2025. Within HVAC, we expect The Americas to be up high single digits driven by continued double digit growth in Commercial, high single digit growth in Residential driven by the new Refrigerant mix up and low to mid single digit growth in light commercial. We expect Europe to be up low single digits with commercial up double digits and flat sales growth in residential in light in residential and light commercial. Dave just walked you through our assumptions for flat sales growth in this market segment. Finally, within Asia, we expect low single digit sales growth with China sales flat and mid single digit growth outside of China.

Within Refrigeration, we expect Global Truck and Trailer to be up mid single digits with North America Truck And Trailer returning to growth in the second half of the year. We expect mid to high single digit growth in Container and double digit growth in SensiTech. Moving on to Slide 13, profit and cash guidance. Total company adjusted operating margin is expected to be up about 100 basis points compared to 2024 with half of the increase driven by volume, price and net productivity, partially offset by investments. The absence of commercial refrigeration contributes 50 basis points of margin expansion.

Core earnings conversion that is excluding the impact of acquisitions, divestitures and FX is expected to be above 30%. We estimate free cash flow to be about $2,400,000,000 to be between $2,400,000,000 and $2,600,000,000 reflecting roughly 100% conversion with normal seasonality. Finally, we intend to repurchase about $3,000,000,000 in shares. Through last week, we repurchased about $900,000,000 of shares so far this year. We estimate that average diluted share count for 2025 will be down about 5% from 2024.

Moving to Slide 14. We expect adjusted EPS between $2.95 and $3.05 up 17% at the midpoint. The building blocks are identical to what we shared with you on the last earnings call except for currency. Adjusted EPS growth includes about $0.3 of operational performance driven by volume leverage, price and net productivity and about 45,000,000 of corporate stranded cost elimination, partially offset by investments. We expect foreign currency translation to represent a headwind of about $0.05 As a result of debt pay down, we expect net interest expense to be a $0.05 to $0.1 tailwind.

Finally, we expect a lower share count, partially offset by 22% tax rate and NCI to provide another $0.1 to $0.15 of EPS benefit. With respect to capital deployment, we'll pay down $1,200,000,000 worth of debt this quarter. The dividend per share increases by 18%. And as I mentioned earlier, share repurchase are expected to amount to $3,000,000,000 this year. As usual, additional guide items are in the appendix on Slide 17.

Finally, let me provide some additional color on the first quarter. We anticipate Q1 revenues to be about flat sequentially, a little more than $5,000,000,000 with first quarter organic revenue growth flat to up low single digits. This reflects continued strength in global commercial HVAC and a tough comparison in resulite commercial HVAC in Europe and China. We expect organic growth for refrigeration to be about flat. We expect about 100 basis points of margin expansion in Q1 and adjusted EPS to be between $0.55 and $0.6 So overall, we ended 2024 on a strong note and expect 2025 to be another year of strong financial performance.

With that, we'll open it up for questions.

Thank Our first question comes from Jeffrey Sprague with Vertical Research. Your line is open.

Good morning, Dave, Patrick. Mike, good to hear you there too. Can we just drill a little bit more into resi and what you saw in the quarter? So you're characterizing it, I guess, as no pre buy or no significant pre buy. Maybe you can just kind of elaborate on that.

Does that suggest you're holding inventory that you'll sell into the channel in Q1 or any other kind of color on how to kind of piece these moving parts together?

Yes, Jeff, we'd say that we had a bit of pre buy. Basically, what we thought back in October, we shipped about $75,000,000 to $100,000,000 worth of 410A units that we would characterize that were pull ahead from this year into last year. And we calculate this by looking at the inventory levels that are held by our distributors, which were just slightly elevated versus the same time last year. And as Patrick said, MVMT was very strong in 4Q. MVMT was up about 15% from our distributors to our dealers and we were up about that same amount in January.

The February was a little bit lower than that. So look, inventory in the channel not too high, movement good. So we think that nearly everything we shipped was underlying true demand with maybe 75 to 100 of pre buy.

And Jeff, we will be selling from inventory in Q1. So we did hold some extra inventory. Yes, we will sell some 410A in Q1 from inventory.

to high single digit for the year, we've got in 4.10A in Q1 and then we've sort of got price related mix effect for the balance of the year getting us to high single digit. What do you think the kind of realized price is on the four fifty four units on an all in basis?

Yes, Jeff, about 10%, but let me walk you through the high single digits. It's really along the lines you were saying. So we think that volume will be flat to down low single digits, which includes that modest pre buy that I just mentioned. Then we expect base price to be up low single digits. So between those two, you're about flattish.

The benefit of the mix up of the transition to be high single digits. So 80% of our volume is impacted by the refrigerant transition, 20% is not affected because they're either furnaces or things we ship to Canada. Of that 80%, Jeff, we expect about 90% of that to be four fifty four B and about 10% to be the four ten A. And of that four fifty four B, we expect a 10% to realize a 10% price increase. So that mix up alone that gets you to about 7% sales growth and then we expect modest growth in the remaining 20% of the business.

Thank you for that great color. And maybe just a quick one and I'll pass it on. Just on the share repurchase, I

of us thought you might do an ASR. It looks like you bought a lot regular way in Q4. Is that the plan for the balance of 2025 also? It's just regular way to your repo?

Yes, Jeff. Exactly as you said, we achieved the same thing without an ASR. And from now until the balance of the year, we'll expect to be in the market throughout the year.

Thank you. Our next question comes from Andy Kaplowitz with Citigroup. Your line is open.

Hey, good morning everyone. Good morning, Andy. Dave, so maybe just a little more color into your outlook for VSAN in 2025. I know for a while you were talking about a stronger potential revenue growth. It's possible in 2025 and now you're talking about this 2024 backlog reduction headwind.

Of course, German elections are coming up. So maybe just talk about the visibility to get to that flat growth. And is it derisked now in your opinion in the guide? And when you look at the items that are in your control, aftermarket price synergies, how much visibility do you have in getting those pieces of growth?

Yes, I think so. I think that it's a very balanced guide, perhaps total market, we just have to be honest that there is a fair amount of economic and political, uncertainty in Europe. So we put that volume at flat to down 5%. And we did see I think first quarter of last year was the last quarter that I think we shipped out of some level of excess backlog. So that now normalizes in the second quarter of this year, but that will cause us about five points of total full year headwind.

The stuff that so that kind of walked us down to say five, ten per down five to 10. But when we look at what's in our control, three to four points of mix up, that assumes double digit heat pump growth and down a bit in boilers and we have pretty good visibility to that. If you look at the second half of last year just in Germany, our subsidy applications were up around 65% year over year, up 60% on a two year stack. Wiesemann heat pump orders in the second half were up about 40%. So some early indications that there's underlying demand for heat pumps in Germany.

So three to four points of mix up. We'll get a point or two of aftermarket with double digit growth, a point or so of price. And then that bucket of revenue synergies, we're looking at about $100,000,000 of revenue synergies this year around the globe, probably 70% in Europe. And I could tell you, Andy, we have that like line by line, the air conditioning units with carrier brand going through the VSAMET channel. We have hydronics.

We have system level sales that we're taking from Europe using for HEMS in The United States. We have multi brand strategy in China. So details on the revenue synergies, system selling could be a new frontier for us this year as we really put the wheels in motion to drive that. Share gains again this year, NPI again this year. So we feel good about what's in our control and we'll keep an eye on the market.

Very helpful, Dave. And then David or Patrick, it looks like you're forecasting something like low 30s incrementals for HVAC in 2025. Maybe puts and takes to get there, especially because it's topical around tariffs. How do you account in your bridge? Do you put the China in there?

And then there's obviously steel and aluminum that just got passed. Can you remind us of the cost structure on that side of the business?

Yes. I'll just talk very high level on the tariffs. We have embedded into our guide what's happened with the tariffs related to China and those are fully mitigated in our guide for this year. With respect to what has happened more recently about some of the materials, most of the materials we purchased such as steel actually come from U. S.

Vendors. In addition to that, we are pretty well blocked for the full year. North America, I think we're blocked for about close to 80% of our steel volume. So generally, we think we're in a pretty good position there. With respect to your questions on the margins for next year, and I'll talk at the overall company level because given the size of HVAC, it applies to that as well.

What you can think about is differently than in 2024. In 2025, we expect a bigger contribution from organic sales growth. That's both volume and of course the mix up. That combined with strong productivity, those are the main drivers of margin expansion and that then would be offset by reinvestments in our business. And so it's really driven by organic growth, continued strong productivity, the impact of the mix up of course, offset by reinvestments in our business.

Thank you. Our next question comes from Julian Mitchell with Barclays. Your line is open.

Good morning. Maybe just first off on the organic sales guide for the year.

So you're starting out with sort of flat to up slightly in the first quarter total company. The year is up mid single digits. So maybe walk us through kind of how we think about growth for the rest of the year after Q1 and maybe put a finer point on the cadence of a couple of the businesses most in focus, which are Viessmann and The Americas Resi HVAC, please?

Yes. So Julian, from an overall company point of view, so I said flat to low single digits in Q1. That would also, as I mentioned, mean refrigeration flattish and HVAC, therefore, low single digits. Within Q1, VCS, because of the tough comp that Dave referred to, likely between 1015% down in Q1. And then starting in Q2, we expect sales growth to be in the high single digit range for the overall company and that includes or is particularly the case for HVAC and also for Viessmann.

We expect Viessmann in Q2 to be mid single digits of growth and then the rest of HVAC to be pretty strong as well. And so that takes you Q2 in the high single digit range that we expect that to continue into Q3 and then the Q4 sales growth to maybe taper down a little bit to the mid single digits.

That's very helpful. Thank you. And then maybe if you could focus for a second just on the light commercial business in The Americas. There's often a lot of investor concerns around decline there and obviously the orders quarter to quarter are lumpy. You're guiding for revenue growth, I think, low to mid single digits for this year ahead in Americas Like Commercials.

So maybe just help us understand kind of how you see the market dynamics there. Any concerns around the education vertical given Ezra funding moving lower? Any color on that vertical would be great.

Yes. Let me just say in terms of the latter piece, specifically with the ESSER funding, even though that will start to obviously come to its end, it's going to be replaced with the bond funding from the states, which could be about $76,000,000,000 of the bond referendums that have been passed in 30 states or so. So I'll tell you, Julian, we've seen great growth in K-twelve. Orders for us last year were up 20%. So we feel good about the growth in 2025, '20 '20 '6.

When we look at light commercial overall, we expect sales growth to be up low to mid single digits. And kind of like resi, it's driven by the mix up of four fifty four B. We assume a flattish market. Actually the first quarter will be our toughest compare. So we think that will be down, say, 5% to 10% in light commercial.

And then when we think about the full year, the benefit from the mix up is somewhat similar to what we said on resi, but 90% of our volume is impacted by the refrigerant transition. So that 10% excludes sales, for example, to Canada, other sales outside The U. S. Of that 90%, we expect 80% of that to be $4.50 4B and we expect mid to high single digit price increase there and then the 20% will be 410A in 2025. So like I said, K through 12 looks pretty good.

Some of the other verticals are good. Some are in decline that have been in decline like commercial real estate and warehouse. So we feel balanced on the year at that low to mid single digits.

Thank you. Our next question comes from Steve Tusa with JPMorgan. Your line is open.

Just on the resi side, the HRI data is obviously up pretty substantially. You guys are talking like others about more modest degree of pre buy. Do you think you're kind of in line with the industry? Is there somebody else that maybe selling more and maybe just talk about how you see the competitive environment playing out in the first half?

Well, look, we have tools where we look at by distributor exactly how much inventory they're holding and we're looking at inventory levels underlying demand driven and looking at movement. And when we do not a tops down assessment, but a true bottoms up assessment of what we think in the market and what we think the true demand is from our distributors, that's how we got to the 75 to 100. I will say that on a twelve month roll, when we look at last year, we did gain around 100 bps of share, but that's our assessment of what we think the pre buy was.

And as far as heading into this year and pricing in the marketplace, do you see anybody obviously there was some big share shifts last year with one of your major competitors. What are you seeing in the channel there and you're concerned at all about any efforts there to regain that share?

Look, that's something that's come up every year for like the last five years. We get a variation of that question, which is we've announced pricing. Do we think it will stick because someone else may end up being more aggressive? And every year about what we thought we'd get in price, we've gotten in price. So we think, we'll realize about 10% from April B.

Whether or not everyone in the industry is at that level, it's hard for me to say.

Thank you. Our next question comes from Joe Ritchie with Goldman Sachs. Your line is open.

Hey, can you guys give us just an update on your capacity additions on Americas commercial? I think I recall you guys pretty significantly increasing your capacity. And then ultimately, what does that ultimately mean for like being able to maybe convert your backlog faster in the next like twelve to twenty four months?

Yes, it's a really big deal for us, Joe. I honestly could not be more proud of our operations team because we basically stood up a brand new facility in North America for commercial HVAC, something that would normally take maybe eighteen to twenty four months, we did in about seven to eight months. So we're ready. We're shipping our first units out of our new North American facility. We're maxing out our Charlotte, North Carolina facility.

So with the capacity that we've now built, we have the ability to significantly increase our Charlotte output probably by about 50%. And then we have the ability to get to that same level if not more from our new facility. So we can more than double our output for North America. And the demand has been great. The only thing frankly has that's been constraining our demand has been our capacity.

Carrier Global (CARR) Q4 2024 Earnings Call Transcript

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