CARRIER GLOBAL Corp (CARR) [Rocket]

In millions, except per share items	Jun-30-23	Dec-31-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21
	10-Q	8-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q
Revenues:
Refrigeration			4,345	4,325	4,463	3,580	3,445	3,033
HVAC			9,671	9,423	9,270	10,281	10,126	9,345
Fire & Security			5,558	6,123	6,271	6,097	6,044	5,698
Total revenues [+]			20,339	20,568	20,613	20,074	19,735	18,267
Products				20,568	20,613	20,074	19,735	18,267
Revenue growth [+]			3.1%	12.6%	18.1%	15.6%	14.9%	0.5%
Refrigeration			26.1%	42.6%	57.4%	25.2%	18.6%	-6.7%
HVAC			-4.5%	0.8%	5.1%	18.3%	15.8%	-1.7%
Fire & Security			-8.0%	7.5%	4.8%
Europe			-9.9%	5.2%	17.0%	18.0%	15.6%	-1.2%
Cost of goods sold			13,209	13,272	14,345	13,037	12,535	11,615
Gross profit			7,130	7,296	6,268	7,037	7,200	6,652
Gross margin			35.1%	35.5%	30.4%	35.1%	36.5%	36.4%
Selling, general and administrative [+]			2,779	2,978	3,120	3,114	3,047	2,871
Sales and marketing			1,963	2,162		2,304	2,237	2,061
General and administrative					816
Research and development			504	507	503	496	473	442
Equity in earnings			283	269	249	260	246	216
Other operating expenses					41
EBITDA [+]			4,131	4,019	2,857	3,733		3,722
EBITDA growth			3.7%	8.0%	-17.5%	42.8%	84.1%	47.1%
EBITDA margin			20.3%	19.5%	13.9%	18.6%	20.2%	20.4%
Depreciation			235	154	155	161	159	237
EBITA			3,896	3,865	2,702	3,572	3,826	3,485
EBITA margin			19.2%	18.8%	13.1%	17.8%	19.4%	19.1%
Amortization of intangibles			90	95	98	100	101	101
EBIT [+]			3,806	3,770	2,604	3,472	3,725	3,384
EBIT growth			2.2%	11.4%	-16.8%	51.7%	102.8%	53.8%
EBIT margin			18.7%	18.3%	12.6%	17.3%	18.9%	18.5%
Non-recurring items					-41
Interest expense			251	261	306	320	334	344
Interest expense			251	261	306	320	334	344
Other income (expense), net			22	42	61	64	66	61
Pre-tax income			3,618	3,592	2,400	3,171	3,412	3,056
Income taxes			832	896	699	915	888	760
Tax rate			23.0%	24.9%	29.1%	28.9%	26.0%	24.9%
Minority interest			41	37	37	32	28	26
Net income			2,745	2,659	1,664	2,224	2,496	2,270
Net margin			13.5%	12.9%	8.1%	11.1%	12.6%	12.4%

Basic EPS [+]			$3.20	$3.08	$1.92	$2.56	$2.88	$2.62
Growth			11.1%	17.5%	-16.2%	44.3%	93.3%	25.1%
Diluted EPS [+]			$3.12	$3.00	$1.87	$2.50	$2.82	$2.58
Growth			10.7%	16.3%	-17.6%	41.8%	89.6%	23.2%

Shares outstanding (basic) [+]			859	864	868	868	868	867
Growth			-1.1%	-0.3%	0.2%	0.2%	0.2%	0.1%
Shares outstanding (diluted) [+]			880	887	891	888	886	881
Growth			-0.7%	0.7%	1.8%	2.0%	2.1%	1.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.