Otis Worldwide (NYSE:OTIS) Updates FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of ~$3.85 for the period, compared to the consensus EPS 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 %

NYSE OTIS traded up $1.24 during trading hours on Friday, hitting $99.44. 3,060,559 shares of the company were exchanged, compared to its average volume of 2,116,650. Otis Worldwide has a 52 week low of $77.51 and a 52 week high of $106.33. The stock has a 50-day moving average price of $99.11 and a 200 day moving average price of $96.89. The stock has a market cap of $39.83 billion, a PE ratio of 24.80 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last released its earnings results 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 for 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%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 EPS. As a group, sell-side analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid 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 dividend payout ratio is presently 38.90%.

Analyst Ratings Changes

Several brokerages have issued reports on OTIS. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wells Fargo & Company cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday. 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. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley initiated 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. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average 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.