Carrier Global (CARR) Declines 10.6% on Earnings Drop

We recently published Massive Drop Alert: These 10 Stocks Take a Beating. Carrier Global Corporation (NYSE:CARR) is one of the worst-performing stocks on Tuesday.

Carrier Global declined by 10.61 percent on Tuesday to close at $71.67 apiece as investors soured on the company’s dismal earnings performance in the second quarter of the year.

During the period, Carrier Global Corporation (NYSE:CARR) said net income attributable to shareholders fell by 75 percent to $591 million from $2.337 billion in the same period last year, while total net sales inched up by 3 percent to $6.113 billion from $5.934 billion in the same period last year.

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In the first six months of the year, net income attributable to shareholders declined by 61 percent to $1 billion from $2.6 billion year-on-year. Total net sales ended flat at $11.3 billion.

Despite the figures, Carrier Global Corporation (NYSE:CARR) maintained its full-year guidance of around $23 billion in sales, adjusted operating margin of 16.5-17 percent, as well as adjusted earnings per share of $3 to $3.10, or a year-on-year growth of 17-21 percent.