April 30 (Reuters) - Carrier Global, a provider of heating, ventilation and cooling solutions, posted first-quarter profit above Wall Street estimates on Thursday, driven by strong demand from data center clients, sending its shares up nearly 10% in afternoon trading.
Rising use of artificial intelligence applications has spurred technology companies to rapidly expand their data center buildouts, benefiting HVAC firms like Carrier, which provides liquid cooling for IT equipment.
o "Orders in our global commercial HVAC business increased 35%, helped by data centers which were up over 500% in the quarter," CEO David Gitlin said.
o Carrier posted a quarterly adjusted profit of 57 cents per share compared with analysts' average expectations of 51 cents per share, according to data compiled by LSEG.
o Total quarterly revenue came in at $5.34 billion, up 2% from last year, and above Wall Street estimates of $5.01 billion.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Diti Pujara)
Mr. David L. Gitlin is a Chairman, President & Chief Executive Officer at Carrier Global Corp., a President & Chief Executive Officer at Carrier Corp. and a President at Goodrich Corp. He is on the Board of Directors at ORBIS International, Inc. Mr. Gitlin was previously employed as a President & Chief Operating Officer by Collins Aerospace, a President by UTC Aerospace Systems, a President-Aerospace Customers by Hamilton Sundstrand Corp., a President by Goodrich Corp., a General Manager by Rolls-Royce Holdings Plc, and a Vice President by The Pratt & Whitney Co., Inc. He also served on the board at Rockwell Collins, Inc. He received his undergraduate degree from Cornell University, a graduate degree from Connecticut School of Law University Of and an MBA from MIT Sloan School of Management.
Carrier Global Corporation specializes in the design, manufacture and marketing of heating, ventilation, air conditioning and refrigeration systems for industrial and domestic use. Products are sold under the brand names Carrier, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO, Riello, Carrier Commercial Refrigeration, Carrier Transicold, Sensitech and others. In addition, the group provides security systems (burglar alarms, access control and video surveillance systems) and fire detection and protection systems, notably under the Autronica, Chubb, Det-Tronics, Edwards, Fireye, GST, Interlogix, Kidde, LenelS2, Marioff, Onity and Supra brands.
Net sales break down by source of income between sales of products (88.2%) and sales of services (11.8%).
Net sales are distributed geographically as follows: the United States (51.2%), Europe (28%), Asia/Pacific (17.7%) and other (3.1%).
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