Connect with us

Hi, what are you looking for?

Economy

Carrier cuts annual revenue forecast on weak consumer demand, shares fall

(Reuters) – Carrier Global (NYSE:CARR) cut its annual revenue forecast on Thursday due to weak consumer spending on non-essential items such as heating, ventilation and air conditioning systems, sending its shares down more than 7%.

Households are deciding against spending on energy-efficient upgrades as persistent inflation eats into savings.

A slow housing market due to high mortgage rates and a surge in home prices have also impacted demand for the company’s heating and ventilation business in North America.

Carrier expects 2024 revenue to be $22.5 billion compared with its previous forecast of around $26 billion.

The company said it expects adjusted earnings per share to be about $2.5, lower than the midpoint of its prior expectation of between $2.80 to $2.90.

It reported a third-quarter net income of $447 million, or 49 cents per share, compared with $357 million, or 42 cents per share a year ago.

This post appeared first on investing.com

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com