Otis Worldwide (NYSE:OTIS) Issues 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 guidance of 3.850-3.850 for the period, compared to the consensus earnings per share 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 Performance

Shares of NYSE:OTIS traded up $1.24 during midday trading on Friday, reaching $99.44. The company’s stock had a trading volume of 3,055,493 shares, compared to its average volume of 2,116,650. The firm has a 50 day moving average price of $99.01 and a two-hundred day moving average price of $96.87. Otis Worldwide has a fifty-two week low of $77.51 and a fifty-two week high of $106.33. The firm has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.80 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OTIS. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday. Morgan Stanley began coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.