Carrier Global Corp. (NYSE:CARR)

Net sales exhibited a period of significant expansion followed by a slight contraction between 2020 and 2022. Total net sales rose from 17,456 million US$ in 2020 to a peak of 20,613 million US$ in 2021, before settling at 20,421 million US$ in 2022. This overall trend reveals a divergence in performance across the core business segments, where strong growth in one area offset declines in others.

HVAC Segment Growth

The HVAC segment demonstrates a consistent and strong upward trajectory, with sales increasing from 9,478 million US$ in 2020 to 13,408 million US$ in 2022. This growth is predominantly driven by product sales, which rose from 8,165 million US$ to 11,882 million US$ over the three-year period. Service revenues within this segment also grew steadily, moving from 1,313 million US$ in 2020 to 1,526 million US$ in 2022.

Refrigeration Segment Volatility

Refrigeration sales showed an initial increase to 4,127 million US$ in 2021 before declining to 3,883 million US$ in 2022. A significant anomaly is observed in service revenues, which fell from 1,530 million US$ in 2021 to 198 million US$ in 2022, indicating a substantial contraction or structural change in the service delivery model of this segment.

Fire & Security Segment Decline

The Fire & Security segment experienced a sharp reversal in performance. After growing from 4,985 million US$ in 2020 to 5,515 million US$ in 2021, sales plummeted to 3,570 million US$ in 2022. This reduction represents the most significant downward trend across all segments and acted as a primary drag on total net sales in the final year of the period.

Overall Revenue Composition

Total segment sales grew from 17,796 million US$ in 2020 to 20,861 million US$ in 2022. The impact of eliminations and other adjustments remained relatively consistent, increasing slightly from -340 million US$ to -440 million US$. The data indicates that the company's revenue base became increasingly reliant on the HVAC segment to maintain total net sales levels as the Refrigeration and Fire & Security segments contracted in 2022.