Yahoo Finance Carrier (CARR) Boosts Refrigeration Segment With New Products
Carrier Global Corporation CARR is leaving no stone unturned to expand its refrigeration offerings on the back of innovation.
Carrier’s Transicold recently unveiled a range of electric and sustainable temperature-controlled transport units at the Brisbane Truck Show 2023.
The introduction of the Vector eCool, Syberia eCool, Eco-Drive 30T, Xarios 6, and Vector HE 17 systems remains noteworthy.
Vector eCool, the flagship product, is an all-electric engineless refrigerated trailer system that utilizes energy recovery and storage, resulting in zero direct emissions. Syberia eCool operates through a connection to an electric vehicle's main batteries, eliminating the need for additional battery packs. The Vector HE 17 system incorporates variable frequency drive technology for increased efficiency and reduced fuel consumption.
These solutions demonstrate Transicold's commitment toward reducing carbon footprint and aligning with its 2030 Environmental, Social, and Governance (ESG) Goals.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Growth Prospects
Carrier’s latest move is expected to help it expand its reach in the growing cold chain logistics market.
Per a Research Nester report, global cold chain logistics market revenues are expected to reach $1.22 trillion by 2033. The report also states that the market is likely to witness a CAGR of 15% between 2023 and 2033.
According to a report by Precedence Research, the underlying market is expected to exceed $801.26 billion by 2030, exhibiting a CAGR of 14.07% during the forecast period of 2022 to 2030.
We believe the strengthening efforts of Carrier in this promising market will help it in winning investors’ confidence in the near term.
Shares of Carrier have gained 4.6% in the year-to-date period compared with the industry’s rise of 1.9%.
Strengthening Refrigeration Offerings
The latest move complements Carrier’s recent efforts to boost its Refrigeration segment.
Recently, Transicold announced the availability of fleets protection from the costs of premature battery failure in transport refrigeration units (TRUs) on its BluEdge service platform.
Additionally, Transicold introduced the Vector S15 temperature-controlled caravan unit, which delivers the performance and reliability expected from Transicold's Vector series while assisting customers in lowering their operational expenses and carbon footprint.
Transicold also unveiled two single-temperature electric truck refrigeration units as the foundation of its new Supra eCool line offering, which includes features such as efficient zero-emissions performance, maximum range and high refrigeration capacity, reduced service requirements and more.
Further, Transicold introduced the XR series of engineless truck refrigeration units, which included the 40XR and 50XR versions.
Carrier's goal of reducing carbon footprint is supported by the XR series. Transicold expects the XR series to gain popularity among mid-sized and heavy truck owners.
We believe all these endeavors are likely to aid the performance of the Refrigeration segment in the near term.
In the first quarter of 2023, the segment generated $898 million in revenues, which accounted for 17% of net sales.
We note that the growing prospects of the underlined segment are likely to benefit the overall performance of Carrier and instill investors’ optimism in the stock.
The Zacks Consensus Estimate for second-quarter 2023 revenues is pegged at $5.76 billion, indicating growth of 10.55% from the year-ago reported figure.
Zacks Rank and Stocks to Consider
Currently, Carrier Global carries a Zacks Rank #3 (Hold).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Ciena CIEN, DigitalOcean DOCN and AMETEK AME. Ciena, DigitalOcean and AMETEK each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ciena shares have lost 14.9% in the year-to-date time frame. The Zacks Consensus Estimate for CIEN’s fiscal year 2023 earnings is pegged at $2.81 per share, suggesting an increase of 47.9% from the prior year’s reported figure.
DigitalOcean shares have risen 27% in the year-to-date period. The Zacks Consensus Estimate for DOCN’s 2023 earnings is pegged at $1.68 per share, suggesting a jump from 94 cents per share reported in the prior year.
AMETEK shares have rallied 3.4% year to date. The Zacks Consensus Estimate for AME’s 2023 earnings is pegged at $6.11 per share, suggesting an increase of 7.57% from the prior year’s reported figure.
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