Carrier Reports Third Quarter 2021 Results

Raising outlook to the high-end of prior adjusted earnings per share guidance

PALM BEACH GARDENS, Fla., Oct. 28, 2021 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR) today reported financial results for the third quarter of 2021 and updated its full year outlook. Carrier is the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions. 

"We delivered a strong quarter driven by continued growth across our portfolio," said Carrier Chairman & CEO David Gitlin. "Our results demonstrate continued robust demand and reinforce our positive long-term outlook. Despite supply chain challenges impacting our input costs and factory output, our team has gone to great lengths to deliver superior products and solutions to our customers. We are helping to address critical societal needs, including climate change, indoor air quality, and the safe distribution of food and vaccines. Our future growth will be driven by our differentiated products and solutions, which are supported by secular tailwinds propelling our healthy, safe, sustainable and intelligent building and cold chain solutions."

Third Quarter 2021 Results

Carrier's third quarter sales of $5.3 billion were up 7% compared to the prior year and organic sales were up 4% over the same period. Sales strength continued in the HVAC segment, with strong light commercial and aftermarket sales performance offsetting the expected modest North American residential HVAC decline in the quarter.  Organic sales growth of 14% for the Refrigeration segment was driven by strong Transport refrigeration growth.  Fire and Security sales were up 2% organically driven by Fire and Security products growth.  All segments were impacted by cost and availability headwinds related to supply chain challenges. GAAP operating profit in the quarter of $828 million was down 23% from last year and adjusted operating profit of $858 million was down 1%.  These results reflect higher volume and price realization offset by increased supply chain costs and the absence of prior year cost containment activities related to the COVID-19 pandemic. GAAP operating profit comparisons were also impacted by the absence of a 2020 gain on the sale of Beijer shares held as an investment.

Net income was $469 million, and adjusted net income was $630 million. GAAP EPS of $0.53 and adjusted EPS of $0.71 included about a $0.05 benefit from a lower adjusted effective tax rate. Net cash flows provided by operating activities were $579 million and capital expenditures were $74 million, resulting in free cash flow of $505 million.

Updated Full-Year 2021 Outlook*

Carrier's updated outlook for 2021 is as follows including Chubb results:


Updated Outlook

Prior Outlook

Sales

Up ~16% Y/Y

Organic* +~13% Y/Y

Acquisitions +1% Y/Y

FX +2% Y/Y

Up 14% - 16% Y/Y

Organic* +10% - 12% Y/Y

Acquisitions +1% Y/Y

FX +3% Y/Y

Adjusted Operating Margin*

>13.5%

>13.5%

Adjusted EPS*

~$2.20

Adjusted Effective Tax Rate* ~22%

$2.10 - $2.20

Adjusted Effective Tax Rate* ~24%

Free Cash Flow*

~$1.9B

~$1.9B

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted effective tax rate, incremental margins/earnings conversion, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.

Conference Call

Carrier will host a webcast of its earnings conference call today, Thursday, October 28, 2021, at 8:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, dial (877) 742-9091.   

About Carrier

As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do.  For more information, visit www.corporate.carrier.com or follow Carrier on social media at @Carrier.

Cautionary Statement

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation from United Technologies Corporation (the "Separation"), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

CARR-IR

Contact:

Media Inquiries


Danielle Canzanella


561-365-1101


Danielle.Canzanella@Carrier.com




Investor Relations


Sam Pearlstein


561-365-2251


Sam.Pearlstein@Carrier.com

 

SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of Carrier Global Corporation ("Carrier"). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

Use and Definitions of Non-GAAP Financial Measures
Carrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP").

We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information.  The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures.  Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables attached to this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share ("EPS"), the adjusted effective tax rate, and net debt are non-GAAP financial measures.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as "other significant items"). Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs and other significant items.  Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure).  Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales.  EBITDA represents net income attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries' earnings from operations, restructuring costs and other significant items.  Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs and other significant items.  Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs and other significant items.  Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents.  For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring and other significant items. 

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by operating activities (a GAAP measure) less capital expenditures.  Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners.

When we provide our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted effective tax rate, incremental margins/earnings conversion, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, effective tax rate, incremental operating margin, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance.  The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

 

Carrier Global Corporation
Condensed Consolidated Statement of Operations



(Unaudited)


For the Three Months
Ended September 30,


For the Nine Months
Ended September 30,

(dollars in millions, except per share amounts; shares in millions)

2021


2020


2021


2020

Net sales:








Product sales

$

4,510



$

4,193



$

12,958



$

10,615


Service sales

831



809



2,522



2,247


Total Net sales

5,341



5,002



15,480



12,862


Costs and expenses








Cost of products sold

(3,172)



(2,884)



(9,131)



(7,464)


Cost of services sold

(568)



(557)



(1,735)



(1,574)


Research and development

(123)



(100)



(369)



(292)


Selling, general and administrative

(748)



(681)



(2,304)



(2,010)


Total Costs and expenses

(4,611)



(4,222)



(13,539)



(11,340)


Equity method investment net earnings

76



62



201



148


Other income (expense), net

22



239



40



168


Operating profit

828



1,081



2,182



1,838


Non-service pension (expense) benefit

14



16



51



47


Interest (expense) income, net

(74)



(88)



(238)



(206)


Income from operations before income taxes

768



1,009



1,995



1,679


Income tax (expense) benefit

(288)



(261)



(626)



(560)


Net income from operations

480



748



1,369



1,119


Less: Non-controlling interest in subsidiaries' earnings from operations

11



7



29



21


Net income attributable to common shareowners

$

469



$

741



$

1,340



$

1,098










Earnings per share (1), (2)








Basic

$

0.54



$

0.86



$

1.54



$

1.27


Diluted

$

0.53



$

0.84



$

1.50



$

1.25


Weighted average number of shares outstanding (2)








Basic

867.6



866.4



868.6



866.3


Diluted

892.0



881.5



890.9



876.2










(1)

On April 3, 2020, United Technologies Corporation, since renamed Raytheon Technologies Corporation ("UTC"), completed the spin-off of Carrier into a separate publicly traded company (the "Separation"). The Separation was completed through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of the Company to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020.



(2)

Basic and diluted earnings per share for the nine months ended September 30, 2020 are calculated using the weighted-average number of common shares outstanding for the period beginning after the Distribution date. Diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. For periods prior to the Separation it was assumed that there were no dilutive equity instruments as there were no equity awards in Carrier common stock outstanding prior to the Separation.

 

Carrier Global Corporation
Condensed Consolidated Balance Sheet




(Unaudited)



As of

(dollars in millions)


September 30,
2021


December 31,
2020

Assets





Cash and cash equivalents


$

2,671



$

3,115


Accounts receivable, net


2,669



2,781


Contract assets, current


502



656


Inventories, net


1,926



1,629


Assets held for sale


3,148




Other assets, current


384



343


Total current assets


11,300



8,524







Future income tax benefits


456



449


Fixed assets, net


1,764



1,810


Operating lease right-of-use assets


626



788


Intangible assets, net


481



1,037


Goodwill


9,237



10,139


Pension and post-retirement assets


25



554


Equity method investments


1,619



1,513


Other assets


280



279


Total Assets


$

25,788



$

25,093







Liabilities and Equity





Accounts payable


$

2,158



$

1,936


Accrued liabilities


2,260



2,471


Contract liabilities, current


418



512


Liabilities held for sale


1,102




Current portion of long-term debt


130



191


Total current liabilities


6,068



5,110







Long-term debt


9,558



10,036


Future pension and post-retirement obligations


416



524


Future income tax obligations


331



479


Operating lease liabilities


515



642


Other long-term liabilities


1,678



1,724


Total Liabilities


18,566



18,515







Equity





Common stock


9



9


Treasury stock


(276)




Additional paid-in capital


5,384



5,345


Retained earnings


2,774



1,643


Accumulated other comprehensive loss


(991)



(745)


Non-controlling interest


322



326


Total Equity


7,222



6,578


Total Liabilities and Equity


$

25,788



$

25,093


 

Carrier Global Corporation
Condensed Consolidated Statement of Cash Flows



(Unaudited)



For the Nine Months Ended
September 30,

(dollars in millions)


2021


2020

Operating Activities





Net income from operations


$

1,369



$

1,119


Adjustments to reconcile net income to net cash flows from operating activities:





Depreciation and amortization


251



241


Deferred income tax provision


69



121


Stock-based compensation costs


60



56


Equity method investment net earnings


(201)



(148)


Distributions from equity method investments


65



88


Impairment charge on minority-owned joint venture investments


2



72


(Gain) loss on sale of investments


(4)



(252)


Changes in operating assets and liabilities





Accounts receivable, net


(290)



(117)


Contract assets, current


(66)



(120)


Inventories, net


(344)



(237)


Other assets, current


(20)



52


Accounts payable and accrued liabilities


496



529


Contract liabilities, current


43



44


Defined benefit plan contributions


(29)



(29)


Other operating activities, net


(77)



74


Net cash flows provided by (used in) operating activities


1,324



1,493


Investing Activities





Capital expenditures


(206)



(151)


Investments in businesses, net of cash acquired


(214)




Disposition of businesses


3




Proceeds on sale of investments




300


Settlement of derivative contracts, net


(18)



67


Other investing activities, net


9



14


Net cash flows provided by (used in) investing activities


(426)



230


Financing Activities





Increase (decrease) in short-term borrowings, net


(17)



(22)


Issuance of long-term debt


122



11,762


Repayment of long-term debt


(692)



(124)


Repurchases of common stock


(275)




Dividends paid on common stock


(313)



(70)


Dividends paid to non-controlling interest


(32)



(17)


Net transfers to UTC




(10,359)


Other financing activities, net


(18)



3


Net cash flows provided by (used in) financing activities


(1,225)



1,173


Effect of foreign exchange rate changes on cash and cash equivalents


(15)




Net increase (decrease) in cash and cash equivalents and restricted cash


(342)



2,896


Less: Change in cash balances classified as assets held for sale


74




Cash, cash equivalents and restricted cash, beginning of period


3,120



957


Cash, cash equivalents and restricted cash, end of period


2,704



3,853


Less: restricted cash


33



5


Cash and cash equivalents, end of period


$

2,671



$

3,848


 

Carrier Global Corporation
Segment Net Sales and Operating Profit Reported (GAAP) to Adjusted (Non-GAAP)



(Unaudited)


For the Three Months Ended September 30,


For the Nine Months Ended September 30,


2021


2020


2021


2020

(In millions)

Reported


Adjusted


Reported


Adjusted


Reported


Adjusted


Reported


Adjusted

Net sales
















HVAC

$

3,054



$

3,054



$

2,892



$

2,892



$

8,660



$

8,660



$

7,142



$

7,142


Refrigeration

1,011



1,011



876



876



3,037



3,037



2,384



2,384


Fire & Security

1,377



1,377



1,324



1,324



4,084



4,084



3,587



3,587


Segment sales

5,442



5,442



5,092



5,092



15,781



15,781



13,113



13,113


Eliminations and other

(101)



(101)



(90)



(90)



(301)



(301)



(251)



(251)


Net sales

$

5,341



$

5,341



$

5,002



$

5,002



$

15,480



$

15,480



$

12,862



$

12,862


















Operating profit
















HVAC

$

573



$

583


$

839



$

598



$

1,511



$

1,534



$

1,364



$

1,199


Refrigeration

119



121


103



102



369



376



263



265


Fire & Security

182



198


200



204



480



531



426



442


Segment operating profit

874



902


1,142



904



2,360



2,441



2,053



1,906


Eliminations and other

(10)



(10)


(31)



(9)



(73)



(56)



(122)



(40)


General corporate expenses

(36)



(34)


(30)



(28)



(105)



(98)



(93)



(87)


Operating profit

$

828



$

858


$

1,081



$

867



$

2,182



$

2,287



$

1,838



$

1,779


















Operating margin















HVAC

18.8

%


19.1

%


29.0

%


20.7

%


17.4

%


17.7

%


19.1

%


16.8

%

Refrigeration

11.8

%


12.0

%


11.8

%


11.6

%


12.2

%


12.4

%


11.0

%


11.1

%

Fire & Security

13.2

%


14.4

%


15.1

%


15.4

%


11.8

%


13.0

%


11.9

%


12.3

%

Total Carrier

15.5

%


16.1

%


21.6

%


17.3

%


14.1

%


14.8

%


14.3

%


13.8

%

 

Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP)
Operating Profit




(Unaudited)




For the Three Months Ended


For the Nine Months Ended



September 30,


September 30,


(dollars in millions - Income (Expense))

2021


2020


2021


2020


HVAC







Net sales

$

3,054



$

2,892



$

8,660



$

7,142














Operating profit

$

573



$

839



$

1,511



$

1,364




Restructuring

(7)





(18)



(3)




Gain on sales of joint venture



252





252




Impairment of joint venture investment







(71)




Separation costs







(2)




Charge resulting from litigation matter



(11)





(11)




Acquisition-related costs

(3)





(5)






Adjusted operating profit

$

583



$

598



$

1,534



$

1,199













Refrigeration










Net sales

$

1,011



$

876



$

3,037



$

2,384














Operating profit

$

119



$

103



$

369



$

263




Restructuring

(2)



1



(7)



(2)




Adjusted operating profit

$

121



$

102



$

376



$

265













Fire & Security










Net sales

$

1,377



$

1,324



$

4,084



$

3,587














Operating profit

$

182



$

200



$

480



$

426




Restructuring

(3)



(4)



(23)



(13)




Separation costs







(3)




Chubb transaction costs

(13)





(28)






Adjusted operating profit

$

198



$

204



$

531



$

442













General Corporate Expenses and Eliminations and Other










Net sales

$

(101)



$

(90)



$

(301)



$

(251)














Operating profit

$

(46)



$

(61)



$

(178)



$

(215)




Restructuring

(1)





(4)



(1)




Separation costs



(24)



(19)



(87)




Chubb transaction costs

(1)





(1)






Adjusted operating profit

$

(44)



$

(37)



$

(154)



$

(127)













Carrier










Net sales

$

5,341



$

5,002



$

15,480



$

12,862














Operating profit

$

828



$

1,081



$

2,182



$

1,838




Total restructuring costs

(13)



(3)



(52)



(19)




Total non-recurring and non-operational items

(17)



217



(53)



78




Adjusted operating profit

$

858



$

867



$

2,287



$

1,779



 

Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Income, Earnings Per Share, and Effective Tax Rate



(Unaudited)


For the Three Months Ended September 30, 2021


For the Nine Months Ended September 30, 2021

(In millions, except per share amounts)

Reported


Adjustments


Adjusted


Reported


Adjustments


Adjusted

Net sales

$

5,341



$



$

5,341



$

15,480



$



$

15,480














Operating profit

828



30


a

858



2,182



105


a

2,287


Operating margin

15.5

%




16.1

%


14.1

%




14.8

%













Income from operations before income taxes

768



30


a, b

798



1,995



124


a,b

2,119


Income tax expense

(288)



131


c

(157)



(626)



160


c

(466)


Income tax rate

37.5

%




19.7

%


31.4

%




22.0

%













Net income attributable to common shareowners

$

469



$

161



$

630



$

1,340



$

284



$

1,624














Summary of Adjustments:












Restructuring costs



$

13


a





$

52


a


Separation costs




a





19


a


Acquisition-related costs



3


a





5


a


Chubb transaction costs



14


a





29


a


Debt prepayment costs




b





19


b


Total adjustments



$

30







$

124
















Tax effect on adjustments above



$

(5)







$

(19)




Tax specific adjustments



136







179




Total tax adjustments



$

131


c





$

160


c














Shares outstanding - Diluted

892.0





892.0



890.9





890.9














Earnings per share - Diluted

$

0.53





$

0.71



$

1.50





$

1.82


 

Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Income, Earnings Per Share, and Effective Tax Rate



(Unaudited)


For the Three Months Ended September 30, 2020


For the Nine Months Ended September 30, 2020

(In millions, except per share amounts)

Reported


Adjustments


Adjusted


Reported


Adjustments


Adjusted

Net sales

$

5,002



$



$

5,002



$

12,862



$



$

12,862














Operating profit

1,081



(214)


a

867



1,838



(59)


a

1,779


Operating margin

21.6

%




17.3

%


14.3

%




13.8

%













Income from operations before income taxes

1,009



(214)


a,b

795



1,679



(54)


a,b

1,625


Income tax expense

(261)



63


c

(198)



(560)



138


c

(422)


Income tax rate

25.9

%




24.9

%


33.4

%




26.0

%













Net income attributable to common shareowners

$

741



$

(151)



$

590



$

1,098



$

84



$

1,182














Summary of Adjustments:












Restructuring costs



$

3


a





$

19


a


Gain on sale of joint venture



(252)


a





(252)


a


Impairment of equity method investment




a





71


a


Charge resulting from litigation matter



11


a





11


a


Separation costs



24


a





92


a


Debt issuance costs




b





5


b


Total adjustments



$

(214)







$

(54)
















Tax effect on adjustments above



$

51







$

29




Tax specific adjustments



12







109




Total tax adjustments



$

63


c





$

138


c














Shares outstanding - Diluted

881.5





881.5



876.2





876.2














Earnings per share - Diluted

$

0.84





$

0.67



$

1.25





$

1.35














 


Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results


Components of Changes in Net Sales


Three Months Ended September 30, 2021 Compared with Three Months Ended September 30, 2020


(Unaudited)


Factors Contributing to Total % change in Net Sales


Organic


FX
Translation


Acquisitions /
Divestitures, net


Other


Total

HVAC

2

%


1

%


3

%


%


6

%

Refrigeration

14

%


1

%


%


%


15

%

Fire & Security

2

%


2

%


%


%


4

%

Consolidated

4

%


1

%


2

%


%


7

%













Nine Months Ended September 30, 2021 Compared with Nine Months Ended September 30, 2020


(Unaudited)


Factors Contributing to Total % change in Net Sales


Organic


FX T
ranslation


Acquisitions /
Divestitures, net


Other


Total

HVAC

18

%


1

%


2

%


%


21

%

Refrigeration

23

%


4

%


%


%


27

%

Fire & Security

9

%


5

%


%


%


14

%

Consolidated

16

%


3

%


1

%


%


20

%

 

Free Cash Flow Reconciliation




(Unaudited)



Q1


Q2


Q3


Q4


FY


Q1


Q2


Q3

(dollars in millions)


2020


2020


2020


2020


2020


2021


2021


2021

Net cash flows provided by operating activities


$

47



$

509



$

937



$

199



$

1,692



$

184



$

561



$

579


Less: Capital expenditures


48



46



57



161


312



53



79



74


Free cash flow


$

(1)



$

463



$

880



$

38



$

1,380



$

131



$

482



$

505


 

Net Debt Reconciliation




(Unaudited)



As of

(dollars in millions)


September 30, 2021


December 31, 2020

Long-term debt


$

9,558



$

10,036


Current portion of long-term debt


130



191


Less: Cash and cash equivalents


2,671



3,115


Net debt


$

7,017



$

7,112


 

Cision View original content:https://www.prnewswire.com/news-releases/carrier-reports-third-quarter-2021-results-301410436.html

SOURCE Carrier Global Corporation

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