Otis Worldwide (NYSE:OTIS) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

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

Otis Worldwide Trading Down 0.1 %

OTIS traded down $0.08 during midday trading on Thursday, hitting $98.20. The company’s stock had a trading volume of 2,398,095 shares, compared to its average volume of 2,107,329. Otis Worldwide has a 52-week low of $76.22 and a 52-week high of $106.33. The firm has a 50-day moving average price of $98.92 and a two-hundred day moving average price of $96.86. The firm has a market cap of $39.33 billion, a P/E ratio of 28.67 and a beta of 1.03.

Wall Street Analyst Weigh In

Several research firms have weighed in on OTIS. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays dropped their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday. Wells Fargo & Company increased their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $102.43.

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.