Carrier Global Corp (CARR) will raise its quarterly dividend by 50 percent to 12 cents per share. The company started paying a quarterly dividend of $0.08 per share earlier in 2020. This is the first dividend hike announced by the company since its separation from United Technologies (now Raytheon Technologies) earlier this year.
The next dividend of 12 cents per share will be payable on February 10, 2021 to shareowners of record at the close of business on December 23, 2020. An annualized dividend rate of $0.48 per share yields 1.3% at a stock price of $37.16.
"This dividend along with our recent $1.5 billion debt repayment reflects our confidence in the company's performance and commitment to balanced capital deployment," said Carrier President & CEO Dave Gitlin in the company's press release announcing this dividend hike. "We are well positioned to capitalize on key trends in healthy, safe and sustainable building and cold chain solutions and we continue to execute against our strategic growth initiatives and aggressive cost containment plans."
Carrier Global Corporation will pay an estimated $416 million in dividends to its shareholders annually.
Carrier Global Corporation is a global provider of HVAC, refrigeration, fire, security and building automation technologies. The company's portfolio includes industry-leading brands such as Carrier, Kidde, Edwards, LenelS2 and Automated Logic. Carrier Global operates through three segments: HVAC; Refrigeration; and Fire & Security. The company was separated from Dividend Aristocrat United Technologies (now Raytheon Technologies; RTN) in 2020 together with Otis Worldwide (OTIS). Carrier became publicly listed on March 17, 2020 and has initiated a dividend later that year.