Carrier Global CARR reported first-quarter 2021 adjusted earnings of 48 cents per share, which beat the Zacks Consensus Estimate by 26.3%. Moreover, the figure increased 37.1% year over year.Net sales of $4.70 billion beat the consensus mark by 6.9%. Moreover, the top line increased 20.9% year over year.Product sales (82.2% of net sales) increased 22.8% year over year to $3.86 billion. Service sales (17.8% of net sales) increased 12.7% year over year to $835 million.Quarterly DetailsHVAC revenues (52.9% of net sales) increased 26.9% year over year to $2.49 billion. The year-over-year growth was driven by record demand in North America residential HVAC, which was up 48% year over year.HVAC operating profit surged 52.5% from the year-ago quarter to $369 million.Carrier Global Corporation Price, Consensus and EPS Surprise Carrier Global Corporation price-consensus-eps-surprise-chart | Carrier Global Corporation QuoteRefrigeration revenues (21.4% of net sales) increased 24.4% from the year-ago quarter to $1 billion. Operating profit increased 30.3% to $129 million.Fire & Safety revenues (26.5% of net sales) slid 5.6% from the year-ago quarter to $1.32 billion. Operating profit was $164 million, up 30.2% year over year.Cost of products sold was $2.72 billion, up 21.8% year over year. Moreover, cost of services sold increased 12.7% to $835 million.Selling, general & administrative (SG&A) as a percentage of revenues decreased 20 basis points (bps) on a year-over-year basis in the reported quarter. Research & development (R&D) expenses, as a percentage of revenues, increased 10 bps on a year-over-year basis.Segmental operating profit in the first quarter surged 41.8% year over year to $662 million.Adjusted operating profit soared 39.4% year over year to $608 million. Operating margin expanded 170 bps on a year-over-year basis to 12.9%.Balance SheetAs of Mar 31, 2021, Carrier had cash and cash equivalents worth $2.60 billion compared with $3.11 billion as of Dec 31, 2020.Total debt (including current portion), as of Mar 31, 2021, was $9.73 billion compared with $10.23 billion as of Dec 31, 2020.GuidanceFor 2021, Carrier now expects sales to grow between 7% and 10%, up from the previous guidance of 6-8%. Organic sales growth is expected to be between 5% and 8%, up from 4-6%. Favorable forex is expected to add roughly 2%.Adjusted operating margin is expected to be roughly 13.5%. Adjusted earnings are expected between $1.95 and $2.05 per share, up from $1.85-1.95.Free cash flow is expected to be roughly $1.7 billion.Zacks Rank & Stocks to ConsiderCarrier currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the broader technology sector are AMETEK AME, Cognex CGNX and CDW Corporation CDW. All three carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.AMETEK, CDW and Cognex are scheduled to report their quarterly earnings on May 4, 5 and 6, respectively.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMETEK, Inc. (AME): Free Stock Analysis Report Cognex Corporation (CGNX): Free Stock Analysis Report CDW Corporation (CDW): Free Stock Analysis Report Carrier Global Corporation (CARR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research