Yahoo Finance Carrier (CARR) Strengthens HVAC Offerings With i-Vu Pro Launch
Carrier Global Corporation CARR launched the i-Vu Pro v8.5 software, the latest version of the i-Vu building automation system, in a bid to bolster its Heating, Ventilation and Air Conditioning (HVAC) segment.
The software includes features like an operator information report for improved security, a staged download process for efficient controller updates and MQTT integration for IoT connectivity.
The latest enhancements are aimed to ensure system security, streamline updates and enable data integration for informed business decisions.
The underlying product is expected to aid CARR in gaining momentum among commercial customers in various industries who require intelligent climate and energy solutions for their buildings. This in turn is expected to contribute to top-line growth of Carrier.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Growth Prospects
Carrier’s growing products portfolio is anticipated to continue helping it expand its footprint in the booming building automation system market.
Per a Markets and Markets report, commercial refrigeration equipment market revenues are expected to exceed $148.6 billion by 2027. The report also states that the market is likely to witness a CAGR of 11.4% between 2022 and 2027.
We believe the strengthening efforts of Carrier in this growing market will help it in winning investors’ confidence in the near term.
Shares of Carrier have gained 4% in the year-to-date period compared with the industry’s rise of 0.9%.
Expanding HVAC Segment
The latest move of Carrier complements its recent efforts to boost its HVAC segment.
Recently, Nlyte Software, part of Carrier Global, released Nlyte R14, which incorporates new architecture features and security updates to increase data center management efficiency and security.
Carrier unveiled the IdroFan 36XH, a next-generation, high-efficiency, hybrid hydronic terminal unit built exclusively for hotels and hospitality facilities with intermittent occupancy. It is a hybrid hydronic terminal that may function as a standalone unit to provide steady and pleasant conditions for visitors while providing energy efficiency, lowering operating costs, and offering flexibility to building owners.
We believe all these endeavors will aid the performance of the HVAC segment in the near term.
In the first quarter of 2023, the segment generated $3,622 million in revenues, accounting for 68.7% of net sales. This figure was up 21.9% from the prior year quarter’s reported figure.
We note that the growth 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 $1.66 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 $6.08 per share, suggesting an increase of 7.04% from the prior year’s reported figure.
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