Otis Worldwide (NYSE:OTIS) Releases FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of ~$3.85 for the period, compared to the consensus estimate of $3.87. The company issued revenue guidance of ~$14.2 billion, compared to the consensus revenue estimate of $14.37 billion. Otis Worldwide also updated its FY 2024 guidance to 3.850-3.850 EPS.

Otis Worldwide Stock Up 1.3 %

Shares of OTIS traded up $1.24 during trading hours on Friday, hitting $99.44. The company had a trading volume of 3,060,559 shares, compared to its average volume of 2,116,650. The firm has a market cap of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.04. The business has a fifty day moving average of $99.11 and a 200-day moving average of $96.89. Otis Worldwide has a 12 month low of $77.51 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. On average, equities analysts expect that Otis Worldwide will post 3.88 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent research reports. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Barclays decreased their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $102.00.

About Otis Worldwide

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.