By Will Feuer
Carrier Global Corp. posted better-than-expected sales for the third quarter, as the benefit from its buyout of its joint venture with Toshiba Corp. and organic growth in HVAC offset currency and other headwinds.
The air conditioning and building automation company posted a profit of $1.31 billion for the three months ended Sept. 30, compared with a profit of $469 million a year earlier. Earnings per share were $1.53, compared with 53 cents a year earlier.
Stripping out one-time items, including gains from acquisitions, adjusted earnings came to 70 cents a share. Analysts surveyed by FactSet had been expecting earnings of 65 cents a share.
Sales rose 2% to $5.45 billion. Analysts polled by FactSet had expected $5.44 billion in sales.
Organic sales, which strip out the effects of acquisitions, divestitures and currency translations, rose 8%. Currency translation reduced sales by 4% in the quarter, Carrier said.
Residential and light commercial sales rose 12% in the quarter and commercial heating, ventilation, and air conditioning sales grew 15%, driving organic growth.
The company noted that the recovery of its supply chain has been slower than anticipated.
Write to Will Feuer at Will.Feuer@wsj.com
