Otis Worldwide (NYSE:OTIS) Issues FY 2024 Earnings Guidance

Otis Worldwide (NYSE:OTIS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.850-3.850 for the period, compared to the consensus EPS estimate of 3.870. The company issued revenue guidance of $14.2 billion-$14.2 billion, compared to the consensus revenue estimate of $14.4 billion. Otis Worldwide also updated its FY24 guidance to ~$3.85 EPS.

Otis Worldwide Stock Up 1.3 %

NYSE OTIS traded up $1.24 during trading hours on Friday, hitting $99.44. The company’s stock had a trading volume of 3,055,493 shares, compared to its average volume of 2,116,650. Otis Worldwide has a twelve month low of $77.51 and a twelve month high of $106.33. The stock has a fifty day moving average of $99.01 and a 200 day moving average of $96.87. The firm has a market capitalization of $39.83 billion, a P/E ratio of 24.80 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm’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 posted $0.95 EPS. On average, analysts predict that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. Otis Worldwide’s payout ratio is 38.90%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OTIS shares. 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. Barclays dropped their price objective on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Wolfe Research cut shares of 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 given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.00.

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.