(Reuters) – Air conditioner maker Carrier Global cut its full-year revenue forecast on Thursday, anticipating continued pressure on consumer spending amid persistent inflation.
Carrier, which also makes heating and ventilation equipment, now expects full-year revenue to be $26 billion, below its previous forecast of $26.50 billion.
Households are deciding against spending on energy-efficient upgrades as persistent inflation eats into savings, which also led to the Palm Beach, Florida-based company’s first-quarter revenue falling short of Wall Street estimates.
Carrier, which is also facing slumping demand in Europe, reported quarterly revenue of $6.18 billion.
Analysts had expected it to post revenue of $6.28 billion, according to LSEG data.
The company reported a first-quarter net income of $269 million, or 29 cents per share, compared with $373 million, or 44 cents per share, last year.
(Reporting by Kannaki Deka and Abhinav Parmar in Bengaluru; Editing by Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.