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Based in Farmington, Connecticut, Otis Worldwide Corporation (OTIS) is a global leader in manufacturing, installing, and servicing elevators, escalators, and moving walkways. With a market cap of $38.94 billion, known for its advanced engineering and innovative solutions, Otis provides essential services and products that ensure the safe, reliable, and efficient movement of people and goods in buildings worldwide. The company is set to announce its fiscal Q2 earnings results on Wednesday, Jul. 24.
Ahead of the event, analysts expect OTIS to report a profit of $1.03 per share, up 12% from $0.92 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
OTIS' adjusted earnings of $0.88 per share for the last quarter surpassed the consensus estimate by 1.2%. Better-than-expected operational improvements contributed to OTIS’ Q1 earnings beat.
For fiscal 2024, analysts expect OTIS to report EPS of $3.88, up 9.6% from $3.54 in fiscal 2023.
OTIS stock has gained 8.3% YTD, underperforming the broader S&P 500 Index's ($SPX) 18.1% gains. However, the stock has outperformed the Industrial Select Sector SPDR Fund’s (XLI) 7% returns over the same time frame.
Otis Worldwide reported its Q1 results on April 24, with a revenue of $3.44 billion. The company projects full-year revenue between $14.5 billion and $14.8 billion. Following the release of these results, the stock closed down more than 4%.
The consensus opinion on OTIS stock is optimistic, with an overall “Moderate Buy” rating. Out of nine analysts covering the stock, three advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and five recommend a “Hold.” OTIS' average analyst price target is $100.71, indicating a potential upside of 4% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
