Common-Size Income Statement
Quarterly Data

Carrier Global Corp., common-size consolidated income statement (quarterly data)

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Product sales	88.87%	88.68%	89.73%	89.46%	89.60%	82.91%	84.44%	84.26%	82.23%	81.24%	83.83%	82.45%	80.94%
Service sales	11.13%	11.32%	10.27%	10.54%	10.40%	17.09%	15.56%	15.74%	17.77%	18.76%	16.17%	17.55%	19.06%
Net sales	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Cost of products sold	-65.58%	-66.74%	-65.47%	-64.54%	-64.42%	-61.74%	-59.39%	-59.47%	-57.97%	-59.23%	-57.66%	-58.99%	-57.54%
Cost of services sold	-8.29%	-8.83%	-7.43%	-7.70%	-7.80%	-11.65%	-10.63%	-10.77%	-12.36%	-12.80%	-11.14%	-12.29%	-13.61%
Cost of products and services sold	-73.87%	-75.57%	-72.90%	-72.23%	-72.22%	-73.39%	-70.02%	-70.24%	-70.33%	-72.03%	-68.79%	-71.27%	-71.14%
Gross margin	26.13%	24.43%	27.10%	27.77%	27.78%	26.61%	29.98%	29.76%	29.67%	27.97%	31.21%	28.73%	28.86%
Research and development	-2.64%	-2.92%	-2.62%	-2.34%	-2.69%	-2.61%	-2.30%	-2.30%	-2.58%	-2.76%	-2.00%	-2.37%	-2.52%
Selling, general and administrative	-13.67%	-13.18%	-11.45%	-11.78%	-12.91%	-15.90%	-14.00%	-14.94%	-15.81%	-17.63%	-13.61%	-16.04%	-17.80%
Equity method investment net earnings	0.83%	0.78%	1.16%	1.94%	1.25%	0.94%	1.42%	1.60%	0.81%	1.28%	1.24%	1.44%	0.75%
Other income (expense), net	-0.13%	-0.63%	13.81%	0.13%	23.89%	-0.02%	0.41%	0.28%	0.06%	18.24%	4.78%	-0.63%	-1.18%
Operating profit	10.53%	8.48%	27.99%	15.72%	37.32%	9.02%	15.50%	14.39%	12.15%	27.10%	21.61%	11.13%	8.10%
Non-service pension benefit (expense)	0.00%	-0.04%	0.00%	-0.02%	-0.02%	0.19%	0.26%	0.35%	0.38%	0.28%	0.32%	0.35%	0.44%
Interest income (expense), net	-0.87%	-1.06%	-1.03%	-1.17%	-1.03%	-1.32%	-1.39%	-1.31%	-1.98%	-1.78%	-1.76%	-2.04%	-0.95%
Income from operations before income taxes	9.65%	7.38%	26.97%	14.53%	36.27%	7.89%	14.38%	13.44%	10.56%	25.60%	20.17%	9.44%	7.59%
Income tax expense	-2.31%	-1.94%	-2.53%	-3.26%	-6.47%	-1.42%	-5.39%	-4.30%	-2.21%	-6.29%	-5.22%	-2.67%	-4.96%
Net income from operations	7.34%	5.45%	24.44%	11.26%	29.80%	6.47%	8.99%	9.14%	8.34%	19.31%	14.95%	6.77%	2.62%
Non-controlling interest in subsidiaries’ earnings from operations	-0.27%	-0.16%	-0.37%	-0.27%	-0.17%	-0.16%	-0.21%	-0.18%	-0.17%	-0.07%	-0.14%	-0.20%	-0.15%
Net income attributable to common shareowners	7.07%	5.29%	24.07%	11.00%	29.63%	6.31%	8.78%	8.95%	8.17%	19.24%	14.81%	6.57%	2.47%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

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Income statement item	Description	The company
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	Carrier Global Corp. operating profit as a percentage of net sales decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.
Income from operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Carrier Global Corp. income from operations before income taxes as a percentage of net sales decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.
Net income attributable to common shareowners	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Carrier Global Corp. net income attributable to common shareowners as a percentage of net sales decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

Carrier Global Corp. (NYSE:CARR)

Common-Size Income Statement Quarterly Data

Common-Size Income Statement
Quarterly Data