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

by · The Markets Daily

Otis Worldwide (NYSE:OTIS – Get Free Report) 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.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays reduced their price objective 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.00.

Get Our Latest Research Report on Otis Worldwide

Otis Worldwide Stock Up 1.3 %

OTIS traded up $1.24 during trading on Friday, reaching $99.44. 3,055,493 shares of the company’s stock were exchanged, compared to its average volume of 2,116,650. Otis Worldwide has a fifty-two week low of $77.51 and a fifty-two week high of $106.33. The company has a market capitalization of $39.83 billion, a P/E ratio of 24.80 and a beta of 1.03. The business has a 50 day moving average price of $99.01 and a 200 day moving average price of $96.87.

Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business 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%. The business’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. As a group, research analysts forecast that Otis Worldwide will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Otis Worldwide Company Profile

(Get Free Report)

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.

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