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

Otis Worldwide (NYSE:OTIS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.850-3.850 for the period, compared to the consensus 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.

Analyst Ratings Changes

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

Otis Worldwide Stock Up 1.3 %

Otis Worldwide stock opened at $99.44 on Friday. The stock 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 50-day simple moving average of $99.11 and a 200 day simple moving average of $96.89. Otis Worldwide has a 52 week low of $77.51 and a 52 week high of $106.33.

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

Otis Worldwide Dividend Announcement

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

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.