Carrier Global Corporation (CARR) CEO David Gitlin on Q1 2022 Results - Earnings Call Transcript

Carrier Global Corporation (NYSE:CARR) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET

Company Participants

Sam Pearlstein - Vice President of Investor Relations

David Gitlin - Chairman & Chief Executive Officer

Patrick Goris - Chief Financial Officer

Conference Call Participants

Josh Pokrzywinski - Morgan Stanley

Julian Mitchell - Barclays

Andrew Obin - Bank of America

Nigel Coe - Wolfe Research

Steve Tusa - JPMorgan

Joe Ritchie - Goldman Sachs

Deane Dray - RBC Capital Markets

John Walsh - Credit Suisse

Tommy Moll - Stephens

Vlad Bystricky - Citigroup

Jack Ayers - Cowen

Brett Linzey - Mizuho

Operator

Good morning, and welcome to Carrier's First Quarter 2022 Earnings Conference Call. This call is being carried live on the Internet, and there is a presentation available to download on Carrier's website at ir.carrier.com.

I would like to introduce your host for today's conference, Sam Pearlstein, Vice President, Investor Relations. Please go ahead, sir.

Sam Pearlstein

Thank you, and good morning, and welcome to Carrier's first quarter 2022 earnings conference call. With me here today are David Gitlin, Chairman and Chief Executive Officer; and Patrick Goris, Chief Financial Officer. Except as otherwise noted, the company will be speaking to results from operations, excluding restructuring costs and other significant items of a non-recurring and/or non-operational nature often referred to by management as other significant items.

The company reminds listeners that the sales, earnings and cash flow expectations and any other forward-looking statements provided during the call are subject to risks and uncertainties. Carrier's SEC filings, including Forms 10-K, 10-Q and 8-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. We will leave time for questions at the end. Once the call is opened up for questions, we ask that you limit yourself to one question and one follow-up to give everyone the opportunity to participate.

With that, I'd like to turn the call over to our Chairman and CEO, Dave Gitlin.

David Gitlin

Thank you, Sam, and good morning, everyone. I'll start with a summary of our Q1 results on Slide 2. Q1 was another strong quarter for us, and I am proud of how our team continues to execute in the face of global challenges. We delivered 12% sales growth, excluding the impact of Chubb. Organic orders growth remained strong at 10% and our backlog is up almost 30% organically versus last year.