Carrier's profit beats estimates on price hikes, demand for cooling systems
July 25 (Reuters) -Carrier Global CARR.N surpassed analysts' estimates for second-quarter profit on Thursday, benefiting from price hikes, resilient demand for its heating, ventilating and air conditioning products and aftermarket repair services.
The air conditioner maker also said it plans to repurchase shares worth about $1 billion in the second half of the year.
Deadly heatwaves across the Northern Hemisphere and rising levels of air pollution have aided demand for air conditioners and air purifiers.
The Florida-based company has also benefited from a rapid adoption of energy-efficient heat pumps as more buildings are now required to meet energy regulations.
Shares of Carrier were up about 1.3% in premarket trading.
On an adjusted basis, the company earned 87 cents per share, compared with LSEG estimates of 84 cents per share.
Overall sales in the quarter ended June 30 were up about 12% to $6.7 billion, compared with the $7 billion estimated by analysts.
Reporting by Kannaki Deka in Bengaluru; Additional reporting by Nathan Gomes; Editing by Shilpi Majumdar
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