Carrier Has Sales Miss, Makes Electrification Move
Right after reporting slowing sales in the first quarter, Carrier Transicold signals commitment to electrification with acquisition of Addvolt.
Global revenue for transport refrigeration firm Carrier Transicold dropped over 26% in the first quarter of 2025, compared to the same period last year.
Services revenue dropped the most - down 56%, while new unit sales dropped 22%. The company blamed a drop in "end-user demand" in its Q1 earnings report.
Despite the sales miss, the company improved gross margins by 130 basis points, helping to limit the drop in operating profit to just 14%.
Carrier also recently announced a deal to acquire Addvolt, S.A., a Portugal-based company specializing in transport electrification technology. Addvolt was the first investment by Carrier Ventures, the company's global venture capital arm, in 2022.
Addvolt's technology strengthens Carrier's electrification strategy by providing advanced electrification technology, integrated power management and power electronics capabilities. The technology is already in use by Carrier Transicold customers in Europe on the Vector eCool autonomous electric trailer refrigeration system.
The acquisition speeds the path to offering more electric refrigeration options in North America.
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