The Unsung Hero of the S&P 500: An Air Conditioning Company
Carrier Global’s Stock Surges
Tech titans like Apple (AAPL), Amazon, (AMZN) and Nvidia (NVDA) have been generating buzz on Wall Street, but one less flashy stock has outperformed them all: Carrier Global (CARR).
Carrier Global is a 105-year-old heating, ventilation, and air conditioning company which has seen its shares rise by 143% on the year after it split from United Technologies and became an independent company. By this measure, it is currently the best performing stock in the S&P 500. The next-closest stock is Nvidia, the chipmaker, which has seen 119% gains.
Solutions for Indoor Air Quality Safety
The COVID-19 pandemic has caused demand for Carrier Global’s services to rise. Over the summer, people working at home were eager to install new HVAC systems. Carrier saw residential HVAC orders jump by 100% in June.
Additionally, offices, schools, malls, and other indoor spaces are turning to Carrier Global for solutions to prevent the novel coronavirus from spreading indoors. In just three weeks, Carrier developed a portable air cleaning system called OptiClean, and sold thousands of units to school districts and other clients. “COVID has shined a light on the criticality of safe and healthy indoor environments. And that’s exactly what we do,” explained David Gitlin, Carrier’s CEO.
Potential Vaccine Distribution Business
Carrier also makes refrigeration systems that help companies transport food, medicine, and other perishable items. This equipment could be very helpful for distributing a COVID-19 vaccine. As COVID vaccine trials unfold, Carrier is in discussions with several companies about engineering refrigerated distribution chains for these vaccines.
Though Carrier has not been in the limelight as much as some other companies during the pandemic, its shares have seen stunning growth, and investors will be eager to see if this trend continues.
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