Carrier (CARR) will strengthen the refrigeration segment through EasyCube

Global carrier companyCARR’s subsidiary, Carrier Commercial Refrigeration, is constantly expanding its refrigeration offerings with new products.

Carrier has imagined a new EasyCube solution for fresh and frozen products, which testifies to the fact mentioned above.

The energy-efficient EasyCube plug-in island cabinet is equipped with the option to switch between chilled or frozen refrigeration. It features automatic defrosting and drip water evaporation, offers optimum product visibility and can be used in two temperature classes.

The versatile nature of the highlighted product should help CARR gain momentum among various stores of any format. This, in turn, should be reflected in the performance of Carrier’s refrigeration segment.

Notably, the segment generated $4.12 billion in revenue in 2021 (20% of total revenue), up 23.8% from 2020 reading.

Carrier Global Corporation Pricing and Consensus

Carrier Global Corporation Price Consensus Chart | Quote from Carrier Global Corporation

Expand refrigeration offerings

Along with the latest launch, Carrier Global’s brand, Carrier Transicold, introduced its Vector eCool units in Australia in April. Vector eCool is a fully electric trailer refrigeration unit, which operates autonomously without a diesel engine.

Last month, PROFROID, a subsidiary of Carrier, expanded its range of QuietCO2OL™ compact indoor refrigeration units with more than 20 new models. The latest models are equipped with semi-hermetic compressors, allowing the QuietCO2OL™ to provide greater cooling capacities for larger convenience stores.

In February, Carrier’s Sensitech brand launched a TempTale Ultra BLE Bluetooth temperature monitor that allows delivery drivers to monitor temperature without opening freight packages.

These growing efforts should help Carrier gain traction with its customers, which, in turn, should help its revenue in the days ahead.

Efforts to Boost Refrigeration Prospects

Growth in Carrier’s refrigeration products should continue to help it expand its presence in the booming commercial refrigeration equipment market.

The highlighted market is witnessing significant growth in recent times owing to the growing demand for convenience products and the expansion of retail outlets.

According to a Future Market Insights report, the commercial refrigeration equipment market is expected to exceed revenue by $51.8 million by the end of the year. The report also indicates that the market is expected to grow at a CAGR of 4% between 2022 and 2029.

We believe Carrier’s increased efforts in this growth market should help it gain investor confidence in the near term.

Carrier shares are down 34.3% year-to-date, trailing the 31.3% drop in the computer and technology sector.

Zacks Ranking and Stocks to Consider

Currently, Carrier wears a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector may consider some higher-ranked stocks like Aspen Technology AZPN, AgilentTechnologies A T MACOM technology solution MTSI, each carrying a Zacks Rank #2 (Buy) at present. You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Aspen Technology has returned 27.5% year-to-date. AZPN’s long-term earnings growth rate is currently projected at 18.4%.

Agilent has lost 26.1% since the start of the year. The long-term earnings growth rate for A is currently projected at 14.9%.

MACOM has lost 30.4% since the start of the year. MTSI’s long-term earnings growth rate is currently projected at 15.9%.

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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.

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