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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: |
United States | 3,389 | | 3,171 | 2,784 | | 2,832 | 2,848 | 2,353 |
Refrigeration | 858 | | 1,041 | 867 | 1,426 | 1,011 | 1,021 | 1,005 |
HVAC | 3,754 | | 3,005 | 2,639 | 1,325 | 2,702 | 2,757 | 2,486 |
Fire & Security | 932 | | 838 | 771 | 2,572 | 1,377 | 1,403 | 919 |
Total revenues [+] | 5,992 | 5,105 | 5,211 | 4,654 | 5,133 | 5,341 | 5,440 | 4,699 |
Products | | 4,527 | | 4,654 | 5,133 | 5,341 | 5,440 | 4,699 |
Services | | 578 | | | | | | |
Revenue growth [+] | 15.0% | -0.5% | -4.2% | -1.0% | 11.7% | 6.8% | 37.0% | 20.9% |
United States | 6.9% | | 11.3% | 18.3% | | 1.9% | 29.9% | |
Refrigeration | -17.6% | | 2.0% | -13.7% | 162.6% | 15.4% | 67.7% | 24.4% |
HVAC | 24.9% | | 9.0% | 6.2% | -43.3% | 6.1% | 39.5% | 26.9% |
Fire & Security | 11.2% | | -40.3% | -16.1% | 7.3% | 4.0% | 32.7% | -23.8% |
Europe | 7.7% | | -23.3% | -25.3% | 1.6% | 8.3% | 50.6% | 18.6% |
Cost of goods sold | 4,568 | 3,407 | 3,656 | 2,191 | 3,720 | 3,642 | 3,719 | 3,264 |
Gross profit | 1,424 | 1,698 | 1,555 | 2,463 | 1,413 | 1,699 | 1,721 | 1,435 |
Gross margin | 23.8% | 33.3% | 29.8% | 52.9% | 27.5% | 31.8% | 31.6% | 30.5% |
Selling, general and administrative [+] | 784 | 673 | 614 | 601 | 816 | 748 | 813 | 743 |
General and administrative | | | | | 816 | | | |
Research and development | 151 | 149 | 122 | 125 | 134 | 123 | 125 | 121 |
Equity in earnings | 52 | | 101 | 58 | 48 | 76 | 87 | 38 |
Other operating expenses | 293 | 443 | | | 41 | | | |
EBITDA [+] | | | 895 | 1,816 | 509 | 911 | | 654 |
EBITDA growth | -78.1% | -14.9% | 14.3% | 177.7% | -63.2% | -21.7% | 50.6% | 65.2% |
EBITDA margin | 3.3% | 8.5% | 17.2% | 39.0% | 9.9% | 17.1% | 14.4% | 13.9% |
Depreciation | -61 | | 56 | 58 | 63 | 58 | -25 | 59 |
EBITA | 257 | 433 | 839 | 1,758 | 446 | 853 | 808 | 595 |
EBITA margin | 4.3% | 8.5% | 16.1% | 37.8% | 8.7% | 16.0% | 14.9% | 12.7% |
Amortization of intangibles | 61 | | 20 | 21 | 24 | 25 | 25 | 24 |
EBIT [+] | 196 | 433 | 819 | 1,737 | 422 | 828 | 783 | 571 |
EBIT growth | -76.1% | 2.6% | 4.6% | 204.2% | -67.3% | -23.4% | 77.1% | 81.3% |
EBIT margin | 3.3% | 8.5% | 15.7% | 37.3% | 8.2% | 15.5% | 14.4% | 12.2% |
Non-recurring items | -293 | | | | -41 | | | |
Interest expense | 67 | 54 | 61 | 48 | 68 | 74 | 71 | 93 |
Interest expense | 67 | 54 | 61 | 48 | 68 | 74 | 71 | 93 |
Other income (expense), net | | -2 | -1 | -1 | 10 | 14 | 19 | 18 |
Pre-tax income | 422 | 377 | 757 | 1,688 | 405 | 768 | 731 | 496 |
Income taxes | 189 | -99 | 170 | 301 | 73 | 288 | 234 | 104 |
Tax rate | 44.8% | | 22.5% | 17.8% | 18.0% | 37.5% | 32.0% | 21.0% |
Minority interest | 34 | | 14 | 8 | 8 | 11 | 10 | 8 |
Net income | 199 | 270 | 573 | 1,379 | 324 | 469 | 487 | 384 |
Net margin | 3.3% | 5.3% | 11.0% | 29.6% | 6.3% | 8.8% | 9.0% | 8.2% |
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Basic EPS [+] | $0.24 | $0.32 | $0.68 | $1.62 | $0.37 | $0.54 | $0.56 | $0.44 |
Growth | -64.9% | -13.5% | 20.9% | 265.8% | -63.4% | -36.8% | 86.1% | 298.5% |
Diluted EPS [+] | $0.23 | $0.32 | $0.66 | $1.58 | $0.36 | $0.53 | $0.55 | $0.43 |
Growth | -64.8% | -12.9% | 21.5% | 265.6% | -63.8% | -37.5% | 82.4% | 289.3% |
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Shares outstanding (basic) [+] | 836 | 836 | 846 | 853 | 868 | 868 | 869 | 869 |
Growth | -1.1% | -3.7% | -2.6% | -1.8% | 0.1% | 0.1% | 0.3% | 0.4% |
Shares outstanding (diluted) [+] | 851 | 852 | 863 | 874 | 890 | 892 | 891 | 890 |
Growth | -1.4% | -4.3% | -3.2% | -1.8% | 1.1% | 1.2% | 2.3% | 2.7% |
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EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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