Sep. 10 at 7:58 PM
Carrier Global shares dropped as much as 5% before trimming losses to 3% after CEO David L. Gitlin cautioned at a Morgan Stanley conference that third-quarter volumes will fall short of prior expectations. He cited industry data showing volumes down nearly 30% in July, with Carrier’s own sales dropping by a similar margin.
Gitlin warned that August and September could see declines of about 30% or worse, blaming high interest rates and consumer pressure that are weighing on housing demand and delaying residential HVAC activity.
The weak forecast spilled over to peers: Lennox shares fell as much as 3%, while Watsco extended its decline to 3.75%.
Carrier Global is a leading provider of HVAC, refrigeration, and fire safety solutions for residential and commercial markets.
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