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Carrier Global Corporation
2024 Segment Results
(Unaudited)
2024
(In millions)Q1Q2Q3Q4Full Year
Climate Solutions Americas
Net sales$2,360 $2,865 $2,961 $2,341 $10,527 
Segment operating profit425 713 750 435 2,323 
Segment operating margin18.0 %24.9 %25.3 %18.6 %22.1 %
Climate Solutions Europe
Net sales$1,292 $1,194 $1,246 $1,252 $4,984 
Segment operating profit167 93 129 80 469 
Segment operating margin12.9 %7.8 %10.4 %6.4 %9.4 %
Climate Solutions Asia Pacific, Middle East & Africa
Net sales$884 $902 $840 $874 $3,500 
Segment operating profit108 157 106 95 466 
Segment operating margin12.2 %17.4 %12.6 %10.9 %13.3 %
Climate Solutions Transportation
Net sales$884 $973 $937 $681 $3,475 
Segment operating profit113 138 137 97 485 
Segment operating margin12.8 %14.2 %14.6 %14.2 %14.0 %
Segment Total
Net sales$5,420 $5,934 $5,984 $5,148 $22,486 
Segment operating profit813 1,101 1,122 707 3,743 
Segment operating margin15.0 %18.6 %18.8 %13.7 %16.6 %

2024
(In millions)Q1Q2Q3Q4Full Year
Reconciliation to Earnings before income taxes
Segment operating profit$813 $1,101 $1,122 $707 $3,743 
Corporate and other(49)(45)(78)(29)(201)
Restructuring costs(8)(29)(60)(11)(108)
Amortization of acquired intangibles(172)(170)(175)(172)(689)
Acquisition step-up amortization(111)(109)(31)(31)(282)
Acquisition/divestiture-related costs(48)(24)(15)(8)(95)
Viessmann-related hedges(86)— — — (86)
Gain on liability adjustment46 — — — 46 
CCR gain— — — 318 318 
Non-service pension (expense) benefit— — (1)— (1)
Interest (expense) income, net(141)(157)8 (81)(371)
Earnings before income taxes$244 $567 $770 $693 $2,274 




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Carrier Global Corporation
2023 Segment Results
(Unaudited)
2023
(In millions)Q1Q2Q3Q4Full Year
Climate Solutions Americas
Net sales$2,215 $2,719 $2,694 $1,987 $9,615 
Segment operating profit332 579 660 260 1,831 
Segment operating margin15.0 %21.3 %24.5 %13.1 %19.0 %
Climate Solutions Europe
Net sales$522 $498 $453 $464 $1,937 
Segment operating profit61 43 44 29 177 
Segment operating margin11.7 %8.6 %9.7 %6.3 %9.1 %
Climate Solutions Asia Pacific, Middle East & Africa
Net sales$883 $993 $863 $842 $3,581 
Segment operating profit65 122 101 73 361 
Segment operating margin7.4 %12.3 %11.7 %8.7 %10.1 %
Climate Solutions Transportation
Net sales$898 $972 $925 $1,023 $3,818 
Segment operating profit124 132 121 117 494 
Segment operating margin13.8 %13.6 %13.1 %11.4 %12.9 %
Segment Total
Net sales$4,518 $5,182 $4,935 $4,316 $18,951 
Segment operating profit582 876 926 479 2,863 
Segment operating margin12.9 %16.9 %18.8 %11.1 %15.1 %

2023
(In millions)Q1Q2Q3Q4Full Year
Reconciliation to Earnings before income taxes
Segment operating profit$582 $876 $926 $479 $2,863 
Corporate and other(50)(47)(49)(68)(214)
Restructuring costs(4)(10)(29)(32)(75)
Amortization of acquired intangibles(37)(36)(35)(35)(143)
Acquisition step-up amortization(11)(10)(10)(10)(41)
Acquisition/divestiture-related costs(12)(11)(35)(65)(123)
TCC acquisition-related gain(8)— — — (8)
Viessmann-related hedges— (111)(257)272 (96)
Bridge loan financing costs— — (1)(2)(3)
Non-service pension (expense) benefit— — — (1)(1)
Interest (expense) income, net(32)(55)(39)(34)(160)
Earnings before income taxes$428 $596 $471 $504 $1,999 
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