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Otis Worldwide Corporation (OTIS), headquartered in Farmington, Connecticut, is a global leader in the manufacturing, installing, and servicing of elevators, escalators, and moving walkways. With a market cap of $42.28 billion, Otis serves a wide range of clients across various industries, providing innovative mobility solutions that improve the flow of people in urban environments. The company is set to announce its Q3 earnings on Wednesday, Oct. 23.
Ahead of the event, analysts expect OTIS to report a profit of $0.97 per share, up 2.1% from $0.95 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports. Its adjusted earnings of $1.06 per share for the last quarter surpassed the consensus estimate by 2.9%.
For fiscal 2024, analysts expect OTIS to report EPS of $3.88, up 9.6% from $3.54 in fiscal 2023.
OTIS stock is up 16.9% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 20.6% gains and the Industrial Select Sector SPDR Fund’s (XLI) 18.9% returns over the same time frame.
On Jul. 24, shares of OTIS fell 7.1% after its Q2 earnings release. The company reported revenues of $3.6 billion, missing the Wall Street estimates by 2.9%. Moreover, it expects full-year revenue from $14.3 billion to $14.5 billion.
The consensus opinion on OTIS stock is moderately bullish, with an overall “Moderate Buy” rating. Of 11 analysts covering the stock, three advise a “Strong Buy” rating, one suggests a “Moderate Buy,” and seven suggest a “Hold.” OTIS' average analyst price target is $107.50, indicating a potential upside of 2.9% 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.
