Carrier Global Corp (CARR) will raise its quarterly dividend by 25 percent to $0.15 quarterly per share. This follows a dividend hike of 50 percent to 12 cents per share announced last year. The company started paying a quarterly dividend of $0.08 per share earlier in 2020. This is the 2nd dividend hike announced by the company since its separation from United Technologies (now Raytheon Technologies).

The next CARR dividend of 15 cents quarterly will be payable on February 10, 2022 to shareowners of record at the close of business on December 23, 2021. An annualized dividend rate of $0.60 per share yields 1.1% at a stock price of $56.16.

"Since becoming an independent company, Carrier has delivered outstanding results in a challenging environment, generated strong cash flow and has substantially improved our balance sheet position," said Carrier Chairman & CEO Dave Gitlin. "This dividend increase reflects those improvements, the Board's confidence in Carrier's financial strength and outlook, and supports our continued commitment to a balanced capital allocation strategy."

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.