Carrier's profit beats estimates on price hikes

NEW YORK, July 25 (Reuters): Carrier Global surpassed analysts' estimates for second-quarter profit on Thursday, benefiting from price hikes, resilient demand for its heating, ventilating and air conditioning products and aftermarket repair services.

The air conditioner maker also said it plans to repurchase shares worth about $1 billion in the second half of the year.

Deadly heatwaves across the Northern Hemisphere and rising levels of air pollution have aided demand for air conditioners and air purifiers.

The Florida-based company has also benefited from a rapid adoption of energy-efficient heat pumps as more buildings are now required to meet energy regulations. Shares of Carrier were up about 1.3 per cent in premarket trading.

On an adjusted basis, the company earned 87 cents per share, compared with LSEG estimates of 84 cents per share.