Carrier Global CARR is constantly making strong efforts to expand its refrigeration segment offerings.
One of its brands, Transicold, recently expanded its line of solar charging systems for transport refrigeration unit (TRU) batteries. This testifies to the aforesaid fact.
It has introduced a wide array of enhancements on its platform, including a TRU-mount solar charging system, a 50-watt trailer rooftop-mount system, a 20-series 50-watt rooftop-mount system, a 50-watt rail-optimized door-mount system and a charging system for the Solara heating unit.
These new advancements, along with tri-layer solar panel technology, are expected to boost power delivery for faster charging.
This, in turn, is likely to drive Carrier’s momentum in the refrigeration market.
Carrier Global Corporation Price and Consensus
Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote
Strengthening Refrigeration Offerings
The latest move complements Carrier’s recent efforts to boost its refrigeration offerings.
Recently, Carrier Transicold unveiled a range of electric and sustainable temperature-controlled transport units at the Brisbane Truck Show 2023. The introduction of the Vector eCool, Syberia eCool, Eco-Drive 30T, Xarios 6 and Vector HE 17 systems remains noteworthy.
Further, Transicold announced the availability of fleet protection from the costs of premature battery failure in transport refrigeration units (TRUs) on its BluEdge service platform.
Additionally, Transicold introduced the Vector S15 temperature-controlled caravan unit, which delivers the performance and reliability expected from Transicold's Vector series while assisting customers in lowering their operational expenses and carbon footprint.
Transicold also unveiled two single-temperature electric truck refrigeration units as the foundation of its new Supra eCool line offering, which includes features such as efficient zero-emissions performance, maximum range, high refrigeration capacity and reduced service requirements, to name a few.
We believe all these endeavors are likely to aid the performance of the Refrigeration segment in the near term.
In the first quarter of 2023, the segment generated $898 million in revenues, accounting for 17% of net sales.
We note that the growing prospects of the underlined segment are likely to benefit the overall performance of Carrier and instill investors’ optimism in the stock.
The Zacks Consensus Estimate for 2023 revenues is pegged at $22.16 billion, indicating growth of 8.5% from the reported figure of fiscal 2022.
Notably, CARR has returned 22.3% on a year-to-date basis.
Zacks Rank & Other Stocks to Consider
Currently, Carrier Global carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader technology sector are Akamai Technologies AKAM, Baidu BIDU and AvidXchange AVDX. While Akamai Technologies and Baidu sport a Zacks Rank #1 (Strong Buy), AvidXchange carries the same rank as CARR.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Akamai shares have gained 6.6% in the year-to-date period. The long-term earnings growth rate for AKAM is currently projected at 10%.
AvidXchange shares have increased by 4.4% in the year-to-date period. The long-term earnings growth rate for AVDX is currently projected at 5.7%.
Baidu shares have gained 19.7% in the year-to-date period. Its long-term earnings growth rate is presently projected at 19.5%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
