Common-Size Income Statement
Quarterly Data
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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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Carrier Global Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Product and Service Sales
- Product sales as a percentage of net sales demonstrate a rising trend, increasing from approximately 81% in early 2020 to around 89% by early 2023, indicating a growing reliance on product revenue. Conversely, service sales declined from roughly 19% to approximately 11% over the same period, reflecting a diminishing contribution of services to total net sales.
- Cost Structure and Gross Margin
- Costs of products and services sold have generally increased as a percentage of net sales, rising from about 71% in early 2020 to around 74% by early 2023. Notably, the cost of products sold rose from near 58% to approximately 66%, while the cost of services sold dropped from about 14% to just over 8%. Gross margin, consequently, experienced fluctuations, starting at roughly 29% at the beginning of 2020, peaking above 31% in late 2020, then declining to around 26% by early 2023. This suggests margin pressure primarily driven by the increased product costs.
- Operating Expenses
- Research and development expenses as a percentage of net sales remained relatively stable, fluctuating between approximately 2.0% and 2.9% without a clear trend. Selling, general, and administrative expenses showed a more distinct downward trend, decreasing from about 18% in early 2020 to near 11%–13% in 2023, indicating enhanced cost control in administrative areas.
- Equity Method Investment and Other Income
- Net earnings from equity method investments have been somewhat volatile but generally stable within a range of 0.75% to nearly 2% of net sales, with no clear upward or downward trend. Other income (expense), net, exhibited high volatility with notable peaks in late 2020 and early 2022, reaching over 18% and 23% respectively, indicative of significant, though irregular non-operating income events during those periods.
- Profitability Metrics
- Operating profit as a percentage of net sales showed marked volatility, peaking above 37% in early 2022 but generally oscillating between approximately 8% and 28% in other quarters. Income from operations before taxes followed a similar pattern with substantial fluctuations. Income tax expenses varied considerably without a strong directional trend, sometimes showing low negative percentages and at other times higher rates. Net income from operations and net income attributable to common shareowners mirrored the volatility seen in operating profit, reaching highs above 29% in early 2022 but falling to lower single digits in other quarters, reflecting significant variability in profitability.
- Other Items
- Non-service pension benefits remained a small positive or near zero impact on net sales percentages, with a slight decline observed in recent periods. Interest income (expense), net, consistently imposed a small negative impact, typically between approximately -0.9% and -2% of net sales without a clear trend. Non-controlling interest in subsidiaries’ earnings fluctuated mildly in a negative range, increasing slightly towards the end of the period.