Carrier Global Corporation (NYSE:CARR) Q3 2023 Results Conference Call October 26, 2023 7:30 AM ET
Company Participants
Sam Pearlstein - VP, IR
David Gitlin - Chairman, CEO
Patrick Goris - CFO
Conference Call Participants
Matthew Clark - Piper Sandler
Andrew Obin - Bank of America
Brett Linzey - Mizuho
Deane Dray - RBC Capital Markets
Gautam Khanna - TD Cowen
Jeffrey Sprague - Vertical Research Partners
Joe Ritchie - Goldman Sachs
Julian Mitchell - Barclays
Nigel Coe - Wolfe Research
Noah Kaye - Oppenheimer
Steve Volkmann - Jefferies
Operator
Good morning, and welcome to Carrier's Third Quarter 2023 Earnings Conference Call. 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 Third Quarter 2023 Earnings Conference Call. With me here today are David Gitlin, Chairman and Chief Executive Officer; and Patrick Goris, Chief Financial Officer. We will be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in our earnings presentation, which is available to download from Carrier's website at ir.carrier.com.
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. Once the call is open 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 am very proud of our team for delivering another strong quarter, enabling us to again increase our full year guidance.
HVAC environment security sales were both up mid-single digits with the overall company delivering yet another quarter of double-digit aftermarket growth. Adjusted operating profit and adjusted EPS were both up over 20% year-over-year with adjusted operating margins up 240 basis points in the quarter. The HVAC and Fire & Security segments both delivered record adjusted operating margins in the quarter, approximately 21% and 18%, respectively.
Free cash flow performance also continues to be strong, positioning us for some upside for our full year guidance. Bottom line is we continue to perform while we transform, as you can see on Slide 3.