Carrier: HVAC and Heating Technology Specialist Struggles with Residential Weakness, Focuses on Data Centers

Carrier Global, a global leader in heating, ventilation, and air conditioning (HVAC), is facing a significant decline in the North American residential customer segment. At the Morgan Stanley Laguna Conference, CEO David Gitlin stated that revenues in the residential sector are expected to drop by about 30% year-over-year in Q3. Reasons include weaker demand, rising interest rates, and aggressive inventory reductions by distributors. The decline corresponds to a revenue shortfall of approximately $500 million. Cost-cutting as a countermeasure...