Otis Worldwide (NYSE:OTIS) Issues Earnings Results

Otis Worldwide (NYSE:OTIS) released its quarterly earnings results on Wednesday. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01), Briefing.com reports. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. Otis Worldwide updated its FY 2024 guidance to 3.850-3.850 EPS and its FY24 guidance to ~$3.85 EPS.

Otis Worldwide Stock Performance

OTIS traded up $1.04 on Thursday, hitting $99.32. The company had a trading volume of 973,451 shares, compared to its average volume of 2,105,052. The stock has a market capitalization of $39.78 billion, a price-to-earnings ratio of 28.62 and a beta of 1.03. The stock has a fifty day moving average price of $98.92 and a 200-day moving average price of $96.86. Otis Worldwide has a 12-month low of $76.22 and a 12-month high of $106.33.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several analyst reports. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays increased their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company raised their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.71.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.