Carrier Global (CARR) shares tumbled Thursday as the manufacturer of airꦇ conditioners and building automation syste💖ms posted lower-than-expected sales and cut its guidance as it moved to exit its Fire & Security business.

The company’s third-quarter revenue advanced 21% year-over-year to $5.98 billion. However, analysts surveyed by Visible Alpha were anticipating $6.55 billion. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.83 exceeded forecasts. 

The Fire & Security unit revenue was no longer accounted for in the ledger. It brought in $923 million a year ago, and $871 million in the second quarter. Revenue at Carrier's HVAC division jumped 26% to $5.06 billion, and it was up 1.5% to $938 million at its Refrigeration segment.

CEO Says 'Making Significant Progress on Our Portfolio Transformation'

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) David Gitlin said the company had a strong performance "while making significant progress on our portfolio transformation." He also pointed to the board's approval of an additional $3 billion 澳洲幸运5官方开奖结果体彩网:share repurchase to its prior authorizat🌌ion, making a total of $4.7 billion available. 

Carrier noted that the total Fire & Security unit exit is on track to be completed around the end of the year. It added that because of the change, it was updating its outlook. The company now sees full-year sales of about $22.5 billion, and adjusted EPS of approximately $2.50. Its previous outlook had sales at $25.5 billion and adjusted EPS in a range of $2.80 to $2.90.

Despite today's 8% midday declines, shares of Carrier Global have added nearly 30% of their value this year.