Carrier Global ( CARR ) shares surged to lead S&P 500 gains Thursday after the heating, ventilation, and air conditioning company posted better-than-expected results for the first quarter and raised its full-year profit outlook.

The Palm Beach Gardens, Fla.-based company reported adjusted earnings per share (EPS) of 65 cents on sales that fell 4% year-over-year to $5.22 billion. Analysts who follow Carrier and were polled by Visible Alpha expected 58 cents and $5.2 billion, respectively.

Carrier raised its full-year adjusted EPS outlook to a range of $3 to $3.10 from the prior $2.95 to $3.05. It also sees 2025 sales of about $23 billion, versus approximately $22.5 billion to $23 billion previously.

Shares soared more than 11% Thursday afternoon to just above $69, bringing them into positive territory for 2025.

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