HVAC Giant Carrier Global Stock Cools on Soft Sales, Outlook Cut [Video]

Carrier Global (CARR) shares tumbled Thursday as the manufacturer of air conditioners and building automation systems posted lower-than-expected sales and cut its guidance as it moved to exit its Fire & Security business.

The company’s third-quarter revenue advanced 21% year-over-year to $5.98 billion. However, analysts surveyed by Visible Alpha were anticipating $6.55 billion. Adjusted earnings per share (EPS) of $0.83 exceeded forecasts. 

The Fire & Security unit revenue was no longer accounted for in the ledger. It brought in $923 million a year ago, and $871 million in the second quarter. Revenue at Carrier’s HVAC division jumped 26% to $5.06 billion, and it was up 1.5% to $938 million at its Refrigeration segment.

Chief Executive Officer (CEO) David Gitlin said the company had a strong performance “while making significant progress on our portfolio transformation.” He also pointed to the board’s approval of an additional $3 billion share repurchaseto its prior authorization, making a total of …