International. Carrier Global Corporation made its balance sheet for the period, describing the figures obtained as "solid financial results" that allow it to reaffirm its profit projection for the full year.
"Carrier has delivered another quarter of strong financial performance while making great progress in transforming our portfolio," said David Gitlin, Carrier's president and chief executive officer. "We achieved strong sales and order growth of approximately 30% while continuing to outperform in our markets. Our strong operating execution 
drove adjusted operating margin expansion of 200 basis points and double-digit adjusted earnings growth. So far this year, we have also closed two of our four commercial outlets and the remaining two continue with a good trajectory. Proceeds from exits, combined with our strong performance in terms of free cash flow, have allowed us to reduce net debt by approximately $5 billion in the quarter and we now plan to repurchase approximately $1 billion in shares in the second half of 2024."
The results
Carrier's second-quarter sales of $6.7 billion increased 12% year-over-year, including organic growth of 2% and a contribution of approximately 12% from the acquisition of Viessmann Climate Solutions offset by approximately 2% from divestitures.
Foreign currency translation had a negative impact of 1% on sales. Organic sales in the HVAC segment increased by 2%. HVAC sales in the Americas increased by mid-single digits driven by the commercial and light commercial businesses, which both increased by double digits. Residential HVAC sales in North America increased by mid-single digits.
HVAC sales in Asia Pacific fell by high digits with declines driven by the residential light commercial sector in China, partially offset by Southeast Asia, which rose by double digits. Refrigeration sales increased 1% organically driven by more than 30% growth in containers, offset primarily by trucks and trailers and commercial refrigeration in North America.
Fire and Security showed widespread growth and sales increased 3% organically in the quarter. Organic sales of residential and commercial fires, the last of our four commercial outings, increased by mid-single digits.
GAAP operating profit for the quarter of $3.7 billion increased more than 650% year-over-year, primarily due to the gain from the sale of Access Solutions and the addition of Viessmann Climate Solutions. Adjusted operating profit of $1.2 billion increased 26 percent, driven primarily by the addition of Viessmann Climate Solutions.
Net profit was $2.3 billion and adjusted net profit was $793 million. GAAP earnings per share (EPS) was $2.55 and adjusted EPS was $0.87. Net cash flows generated by operating activities were $660 million and capital expenditures were $111 million, resulting in free cash flow of $549 million.
During the second quarter, Carrier received $5 billion in cash proceeds from the sale of Access Solutions, redeemed $1 billion of its long-term notes and repaid €2.3 billion of its term loans.
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