37 annotations
I think 1 thing I would say is the composition of the backlog is changing quite a bit. And as we went through 2023, it's now like 90%-plus commercial HVAC.
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2023 Q4
26 Feb 24
It's the same level we were at when we entered 2023.
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2023 Q4
26 Feb 24
we're at $6.9 billion right now
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2023 Q4
26 Feb 24
We expect continued strength in our commercial HVAC businesses globally, which comprise about 65% of our revenues, supported by robust end markets, unprecedented backlog
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2023 Q4
25 Feb 24
In the Americas, we expected the residential markets to continue to normalize and for the transport refrigeration markets to move into a moderate down cycle in Q4.
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2023 Q4
25 Feb 24
In the Americas, we expected the residential markets to continue to normalize and for the transport refrigeration markets to move into a moderate down cycle in Q4.
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2023 Q4
25 Feb 24
In the Americas, we expected the residential markets to continue to normalize and for the transport refrigeration markets to move into a moderate down cycle in Q4.
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2023 Q4
25 Feb 24
it's going to go in through at least the first quarter, really the first half
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2023 Q4
25 Feb 24
What's maybe surprised me a little bit is the amount of time it's taken to burn off.
I think you heard me at the -- in our third quarter call was we thought we'd be complete in Q4, and that's not the case.
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2023 Q4
25 Feb 24
what has surprised you about the resi inventory normalization process and how long do you think it might extend into '24?
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2023 Q4
25 Feb 24
what's your view on really how some of the stimulus might work its way through the system?
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2023 Q4
25 Feb 24
So the short answer is, we still believe it's a tailwind. It's going to be a tailwind for both residential and for commercial.
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2023 Q4
25 Feb 24
So the short answer is, we still believe it's a tailwind. It's going to be a tailwind for both residential and for commercial.
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2023 Q4
25 Feb 24
We expect modest declines in our transport markets globally in 2024, which comprise about 15% of our revenues with a snapback to growth in 2025.
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2023 Q4
25 Feb 24
We expect modest declines in our transport markets globally in 2024, which comprise about 15% of our revenues with a snapback to growth in 2025.
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2023 Q4
25 Feb 24
We expect the residential markets, which comprise about 20% of our revenues to continue to normalize in the near term but to show significant improvement in 2024 versus 2023.
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2023 Q4
25 Feb 24
Robust volume growth of approximately 20 points in commercial HVAC accompanied by strong leverage more than offset volume declines in residential and transport.
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2023 Q4
25 Feb 24
We expect the normalization process to continue in the near term
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2023 Q4
25 Feb 24
Our residential business continues to normalize, as expected, but the market declined at a faster rate than anticipated entering the quarter.
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2023 Q4
25 Feb 24
challenges in our transport and residential businesses
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2023 Q4
25 Feb 24