As sticky Inflation limits Demand, Carrier Global Lowers Full-Year Sales Forecast

USA/Global: Manufacturer of air conditioners Carrier Global reduced its sales projection for the entire year on Thursday, citing ongoing pressure on consumer spending due to inflation.

Carrier, which also produces HVAC equipment, has lowered its full-year revenue projection from $26.50 billion to $26 billion.

As ongoing inflation eats away at savings, households are choosing not to spend money on energy-efficient upgrades. As a result, the Palm Beach, Florida-based company's first-quarter revenue below Wall Street projections.

Carrier, whose demand is also declining in Europe, announced $6.18 billion in revenue for the quarter.

LSEG data shows that analysts had predicted it to report $6.28 billion in revenue.

In the first quarter of this year, the company's net income was $269 million, or 29 cents per share, as opposed to $373 million, or 44 cents per share, in the previous year.

Source: US News