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

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. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $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 Stock Performance

Shares of OTIS traded up $1.04 on Thursday, hitting $99.32. 973,451 shares of the stock traded hands, compared to its average volume of 2,105,052. Otis Worldwide has a one year low of $76.22 and a one year high of $106.33. The company has a market capitalization of $39.78 billion, a PE ratio of 28.62 and a beta of 1.03. The business has a 50 day simple moving average of $98.92 and a 200 day simple moving average of $96.86.

Analysts Set New Price Targets

A number of analysts have recently weighed in on OTIS shares. Barclays upped their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price for the company. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.