Heating, ventilation, air conditioning, and refrigeration company Carrier Global (NYSE:CARR) will be announcing earnings results tomorrow before the bell. Here’s what investors should know.

Carrier Global missed analysts’ revenue expectations by 8.7% last quarter, reporting revenues of $5.98 billion, up 21.3% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts’ expectations.

Is Carrier Global a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Carrier Global’s revenue to grow 21.9% year on year to $5.26 billion, a reversal from the 15.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.48 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.

Looking at Carrier Global’s peers in the hvac and water systems segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Lennox delivered year-on-year revenue growth of 16.5%, beating analysts’ expectations by 8.9%, and Trane Technologies reported revenues up 10.2%, topping estimates by 1.9%. Lennox traded down 8.5% following the results while Trane Technologies’s stock price was unchanged.

Read our full analysis of Lennox’s results here and Trane Technologies’s results here.

There has been positive sentiment among investors in the hvac and water systems segment, with share prices up 2.6% on average over the last month. Carrier Global is down 3.4% during the same time and is heading into earnings with an average analyst price target of $80.09 (compared to the current share price of $64.17).

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