Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement (quarterly data)
US$ in millions
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).
The analysis of the quarterly financial data over the examined periods reveals several key trends and patterns across the major financial items.
- Net Sales
- Net sales demonstrated a general upward trajectory from March 2020 through the end of 2021, peaking around the third quarter of 2021. This increase was primarily driven by growth in product sales, which consistently remained the largest component of net sales. Service sales showed fluctuations with a noticeable decrease in early 2022 but gradually recovered by the latest quarter. Despite some volatility, overall net sales maintained strength into the first quarter of 2023.
- Cost of Products and Services Sold
- The combined cost of products and services sold increased over time in line with rising sales volumes, with a marked spike during mid to late 2021. Costs fluctuated moderately in 2022 but remained elevated relative to early 2020 levels. The cost increases somewhat compressed gross margins in certain quarters, although gross margin values themselves showed sustained profitability throughout the periods.
- Gross Margin
- Gross margin generally tracked positive growth alongside net sales, peaking notably in some quarters such as the first quarter of 2022 with values exceeding previous years. However, there was a decline during late 2022 followed by partial recovery in early 2023. This pattern suggests some pressure on profitability, potentially due to rising costs or other operational factors impacting margin quality.
- Operating Expenses
- Research and development (R&D) expenses remained relatively stable with slight increases late in the period, indicating consistent investment in innovation efforts. Selling, general and administrative (SG&A) expenses showed a slight downward trend from earlier highs in 2020 and 2021, although values fluctuated somewhat. Overall, operating expenses did not appear to significantly constrain operating profitability.
- Operating Profit and Income Before Taxes
- Operating profit displayed significant volatility, with pronounced peaks especially in early 2022 and late 2022 quarters, reaching highs exceeding 1.5 billion USD. However, some quarters showed sharp decreases from these peaks, pointing to fluctuating operational performance. Income from operations before income taxes closely followed operating profit trends, confirming that operational efficiency heavily influenced pre-tax earnings.
- Other Income (Expense), Net
- This item showed substantial variability including large positive spikes in certain quarters such as the first quarter of 2022 and third quarter of 2022, which contributed positively to operating profit. Conversely, some quarters registered minor negative amounts. These swings indicate the presence of non-operating or one-time items significantly impacting overall profitability.
- Interest Income (Expense), Net
- Net interest expense was generally consistent with slight decreases over time, indicating stable financing costs relative to company size and activity. This expense remained a modest drag on earnings without notable fluctuations.
- Net Income Attributable to Common Shareowners
- Net income followed a pattern of strong increases during 2020 and 2021 with peaks coinciding with operating profit highs. The first and third quarters of 2022 saw record net income levels, reflecting both operational performance and other income contributions. However, subsequent quarters showed declines in net income, suggesting some normalization following exceptional periods. The latest data for early 2023 indicate a moderate recovery from troughs in the prior quarter.
- Income Tax Expense
- Income tax expense fluctuated considerably, influenced by the variability in pre-tax income. Some quarters demonstrated relatively low tax charges compared to earnings, while others had proportionally higher expenses, hinting at variable effective tax rates or tax strategy impacts.
In summary, the data depict a firm with strong, albeit volatile, sales growth accompanied by corresponding increases in costs and expenses. Profitability trends show significant quarter-to-quarter swings, largely driven by changes in other income and operating performance. The overall financial dynamics suggest a business navigating changing market and operational conditions with periods of exceptional earnings followed by more moderate results.