Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The latest quarterly results from Carrier Global Corporation depict a mixed yet cautiously optimistic operating environment with strong order growth, raised full-year guidance, and ongoing investments balanced against margin pressures and some segment-specific challenges.</li><li>Carrier reported second-quarter sales of $6.4 billion, with a 3% organic sales growth driven primarily by improving residential and light commercial end markets in the Americas and Europe.</li><li>Adjusted operating profit stood at $1.1 billion, and adjusted earnings per share came in at $0.86, which represented a 7% decline year-over-year largely due to unfavorable mix, higher input costs, timing of tariff mitigation, and a higher effective tax rate.</li></ul>

The latest quarterly results from Carrier Global Corporation depict a mixed yet cautiously optimistic operating environment with strong order growth, raised full-year guidance, and ongoing investments balanced against margin pressures and some segment-specific challenges.Carrier reported second-quarter sales of $6.4 billion, with a 3% organic sales growth driven primarily by improving residential and light commercial end markets in the Americas and Europe.Adjusted operating profit stood at $1.1 billion, and adjusted earnings per share came in at $0.86, which represented a 7% decline year-over-year largely due to unfavorable mix, higher input costs, timing of tariff mitigation, and a higher effective tax rate.

Carrier Global’s Data-Center Orders Quadruple — Can Capacity Keep Up?

<ul><li>Carrier Global has moved to accelerate its intelligent building strategy by acquiring 75F, a cloud-native building automation specialist known for wireless controls, AI-enabled optimisation, and simplified commissioning.</li><li>The transaction extends Carrier’s push beyond equipment sales toward integrated systems that connect HVAC, controls, analytics, and operational intelligence across commercial buildings and data centres.</li><li>The timing aligns with strong demand in Carrier’s commercial HVAC portfolio, where first-quarter 2026 orders rose sharply and data-centre orders increased more than 500%.</li></ul>

Carrier Global has moved to accelerate its intelligent building strategy by acquiring 75F, a cloud-native building automation specialist known for wireless controls, AI-enabled optimisation, and simplified commissioning.The transaction extends Carrier’s push beyond equipment sales toward integrated systems that connect HVAC, controls, analytics, and operational intelligence across commercial buildings and data centres.The timing aligns with strong demand in Carrier’s commercial HVAC portfolio, where first-quarter 2026 orders rose sharply and data-centre orders increased more than 500%.

Carrier’s 75F Acquisition Could Redefine Smart Buildings!

<ul><li>Carrier Global Corporation reported first-quarter 2026 results that generally surpassed internal expectations, driven by robust demand in its commercial HVAC and aftermarket segments, though certain areas faced continuing challenges.</li><li>Total company orders rose by 11%, primarily led by a 35% increase in global commercial HVAC orders, with the commercial HVAC backlog sufficiently covering an expected $1.5 billion in data center sales for the year.</li><li>However, organic sales remained flat, reflecting mixed performance where residential segments experienced softness but light commercial and commercial businesses performed better than anticipated.</li></ul>

Carrier Global Corporation reported first-quarter 2026 results that generally surpassed internal expectations, driven by robust demand in its commercial HVAC and aftermarket segments, though certain areas faced continuing challenges.Total company orders rose by 11%, primarily led by a 35% increase in global commercial HVAC orders, with the commercial HVAC backlog sufficiently covering an expected $1.5 billion in data center sales for the year.However, organic sales remained flat, reflecting mixed performance where residential segments experienced softness but light commercial and commercial businesses performed better than anticipated.

Carrier Global: HVAC Orders Up 35% And Organic Sales Flat Tell Two Very Different Stories!

<ul><li>Carrier Global Corporation's fourth quarter 2025 earnings results reflect a mixed performance against a backdrop of macroeconomic challenges and strategic advancements.</li><li>On the positive side, the company has demonstrated substantial growth in its commercial HVAC and aftermarket segments, achieving double-digit growth for the fifth consecutive year.</li><li>This strength is principally driven by Carrier's investments in technology and its increasing presence in the data center market, which saw a significant increase in orders, anticipating strong future revenue growth in 2026.</li></ul>

Carrier Global Corporation's fourth quarter 2025 earnings results reflect a mixed performance against a backdrop of macroeconomic challenges and strategic advancements.On the positive side, the company has demonstrated substantial growth in its commercial HVAC and aftermarket segments, achieving double-digit growth for the fifth consecutive year.This strength is principally driven by Carrier's investments in technology and its increasing presence in the data center market, which saw a significant increase in orders, anticipating strong future revenue growth in 2026.

Carrier Global Corporation: The NVIDIA Cooling Partnership — A Transformational Opportunity?

<ul><li>Carrier's third quarter 2025 performance reflects a mixture of strategic achievements and challenges faced primarily in its CSA Residential segment, primarily due to a softness in North American residential sales.</li><li>Nonetheless, the company experienced strong growth in several areas, notably in its Commercial HVAC in the Americas, which grew by 30%, and in its aftermarket sector, which saw a 12% rise.</li><li>The strong performance across certain business segments has partially shielded Carrier from significant downturns, allowing the company to continue focusing on its strategic goals.</li></ul>

Carrier's third quarter 2025 performance reflects a mixture of strategic achievements and challenges faced primarily in its CSA Residential segment, primarily due to a softness in North American residential sales.Nonetheless, the company experienced strong growth in several areas, notably in its Commercial HVAC in the Americas, which grew by 30%, and in its aftermarket sector, which saw a 12% rise.The strong performance across certain business segments has partially shielded Carrier from significant downturns, allowing the company to continue focusing on its strategic goals.

Carrier Is QUADRUPLING Chiller Capacity—What This Means for the Future of HVAC!

United States

Carrier Global Corporation manufactures HVAC equipment. The Company offers heating, air-conditioning, and refrigeration solutions. Carrier Global serves customers worldwide.

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Carrier Global (CARR US)

Carrier Global’s Data-Center Orders Quadruple — Can Capacity Keep Up?

The latest quarterly results from Carrier Global Corporation depict a mixed yet cautiously optimistic operating environment with strong order...

Baptista Research

Carrier’s 75F Acquisition Could Redefine Smart Buildings!

Carrier Global has moved to accelerate its intelligent building strategy by acquiring 75F, a cloud-native building automation specialist known for...

Baptista Research

Carrier Global: HVAC Orders Up 35% And Organic Sales Flat Tell Two Very Different Stories!

Carrier Global Corporation reported first-quarter 2026 results that generally surpassed internal expectations, driven by robust demand in its...

Baptista Research

Carrier Global Corporation: The NVIDIA Cooling Partnership — A Transformational Opportunity?

Carrier Global Corporation's fourth quarter 2025 earnings results reflect a mixed performance against a backdrop of macroeconomic challenges and...

Baptista Research

Carrier Is QUADRUPLING Chiller Capacity—What This Means for the Future of HVAC!

Carrier's third quarter 2025 performance reflects a mixture of strategic achievements and challenges faced primarily in its CSA Residential...

Baptista Research

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