Carrier Global Corporation's stock surged 5.74% during intraday trading, continuing its positive momentum following the release of its first-quarter financial results that significantly exceeded market expectations.
The company reported Q1 net sales of $5.34 billion, surpassing analyst estimates of approximately $5.0 billion. Adjusted earnings per share came in at $0.57, beating the consensus estimate of $0.51. The data center business emerged as a standout performer, with commercial HVAC orders surging 35% year-over-year, driven by data center orders that grew more than 500%.
Investor confidence was further boosted by the company's announcement that its current data center order backlog fully covers its full-year $1.5 billion data center sales target. Additionally, the divestiture of its Riello business is expected to have a smaller negative revenue impact than previously estimated, enhancing the company's growth outlook.
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