Movement Alert|Carrier Global Corporation Falls 3.08% in Regular Trading, Q2 Earnings Decline YoY Triggers Profit-Taking

Market Focus07-29

On July 29, Carrier Global Corporation fell 3.08% in regular trading, trading at $61.25/share, with turnover of $31.27 million. The stock had surged over 6% in pre-market trading before reversing sharply as the market digested the year-over-year earnings decline.

On the news front, the company released its Q2 earnings report on July 28 before market open. While adjusted EPS of $0.86 beat the analyst consensus estimate of $0.81 by 6.17%, the figure represented a 6.52% decline from $0.92 in the year-ago quarter. Net sales of $6.35 billion also exceeded estimates of $6.02 billion, and full-year adjusted EPS guidance was raised to $2.90 from $2.80, above the Street estimate of $2.81. Despite the beats, the year-over-year earnings contraction prompted profit-taking after the initial pre-market rally.

The Building Products sector was broadly under pressure, with Lennox down 16.68%, Masco down 11.79%, Modine Manufacturing down 4.90%, and Trane Technologies down 1.17%, further weighing on sentiment around Carrier Global Corporation.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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