Analysis of Revenues
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Carrier Global Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2020
- Return on Assets (ROA) since 2020
- Price to Earnings (P/E) since 2020
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Revenues as Reported
Carrier Global Corp., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The data indicates an overall growth in net sales from 17,456 million US dollars in 2020 to 20,613 million in 2021, followed by a slight decrease to 20,421 million in 2022. This suggests a general upward trend with a minor contraction in the most recent period.
- HVAC Segment Sales
- The HVAC sales category exhibited consistent growth, increasing from 9,478 million in 2020 to 11,390 million in 2021, and further to 13,408 million in 2022. Both product and service components within this segment contributed to this growth, with product sales rising from 8,165 million to 11,882 million over the same period, and service sales increasing modestly from 1,313 million to 1,526 million.
- Refrigeration Segment Sales
- The Refrigeration segment showed sales growth from 3,333 million in 2020 to 4,127 million in 2021, followed by a slight decline to 3,883 million in 2022. Product sales increased notably from 2,927 million in 2020 to 3,653 million in 2021, but then decreased to 3,432 million in 2022. Service sales within refrigeration rose from 406 million to 474 million between 2020 and 2021, then declined slightly to 451 million in 2022. This signals some volatility in this segment, particularly in the product category.
- Fire & Security Segment Sales
- This segment displayed a different trend, with sales peaking at 5,515 million in 2021 before a sharp decline to 3,570 million in 2022. Product sales followed a similar pattern, growing from 3,585 million in 2020 to 3,985 million in 2021, then significantly decreasing to 3,372 million in 2022. Services revenues in this segment dropped markedly, from 1,400 million in 2020 to 198 million in 2022, indicating substantial service revenue challenges or restructuring.
- Consolidated Sales and Eliminations
- Segment sales overall increased from 17,796 million in 2020 to 21,032 million in 2021 but then saw a marginal decrease to 20,861 million in 2022. The eliminations and other adjustments, which are negative values, slightly increased in absolute terms from -340 million in 2020 to -440 million in 2022, contributing to the net sales figure adjustments. Net sales mirrored the segment sales trend closely, with strong growth up to 2021 and a minor decline thereafter.