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

Otis Worldwide (NYSE:OTIS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 3.850-3.900 for the period, compared to the consensus earnings per share estimate of 3.870. The company issued revenue guidance of $14.3 billion-$14.5 billion, compared to the consensus revenue estimate of $14.6 billion. Otis Worldwide also updated its FY24 guidance to $3.85-3.90 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OTIS. Argus boosted their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a buy rating in a report on Monday, May 13th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a hold rating on the stock. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $98.00 to $100.00 and gave the stock an equal weight rating in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a neutral rating in a research report on Thursday, April 25th. Six 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 MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $99.67.

Otis Worldwide Price Performance

OTIS traded up $3.13 on Thursday, reaching $94.56. 2,382,237 shares of the company traded hands, compared to its average volume of 2,086,932. The stock’s 50 day moving average price is $97.33 and its 200-day moving average price is $94.99. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.84. The company has a market cap of $38.23 billion, a price-to-earnings ratio of 26.42 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 earnings per share. As a group, equities research analysts forecast that Otis Worldwide will post 3.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

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.