Investors might want to bet on Otis Worldwide (OTIS) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The po ...

Highlights accelerating portfolio growth with Service sales growing mid-single digits or higher, while gaining share in New Equipment Outlines medium-term outlook* with low to mid-single digit organic sales growth and over 10% annualized adjusted EPS growth Plans to return over $8 billion in capital to shareholders through dividends and share repurchases through 2028 FARMINGTON, Conn., Feb. 15, 2024 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) is hosting its 2024 Investor Day at the New York St ...

FARMINGTON, Conn., Feb. 1, 2024 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.34 per share of Otis' common stock. The dividend will be payable on March 8, 2024, to shareholders of record at the close of business on February 16, 2024. About Otis Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2.3 billion people a day and maintain approximately 2.3 million customer units world ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-K ____________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______. Commission file number 001-39221 ____________________________________ OTIS WORLDWIDE CORPORATION (Exact name of registra ...

Financial Data and Key Metrics Changes - The company achieved full year organic sales growth of 5.6%, driven by service growth of 7.7% [4] - Adjusted EPS grew 16% or $0.12 in the fourth quarter [17] - Adjusted free cash flow for the year was approximately $1.5 billion, with $573 million in the fourth quarter [8][46] Business Line Data and Key Metrics Changes - New equipment sales for the full year were $5.8 billion, with organic sales growth of 2.6% [20] - Service sales reached $8.4 billion with 7.7% organic growth, including maintenance and repair sales up 6.8% [42] - Modernization orders increased by 16.8% for the year, with a backlog up 15% [31][36] Market Data and Key Metrics Changes - New equipment orders were down 3.9% for the year, with mid-teens growth in Asia Pacific offset by declines in China and the Americas [9] - The Americas market was down low-teens, while EMEA saw high-single-digit declines [48] - The Asia market was down mid-single-digits, primarily due to a decline in China [48] Company Strategy and Development Direction - The company is focused on executing its growing new equipment and modernization backlogs, with a commitment to ESG goals [5] - The strategy includes standardizing products and optimizing supply chains to drive sales growth above 7% [27] - The company aims to repurchase approximately $800 million in shares in 2024 while pursuing bolt-on M&A opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the service-driven business model despite macroeconomic uncertainties [30] - The global new equipment market is expected to decline low to mid-single-digits in 2024, with service expected to drive growth [24] - Adjusted EPS is projected to be in the range of $3.80 to $3.90, reflecting a growth of 7% to 10% [49] Other Important Information - The company launched the Gen3 Mod and a package of upgrades to support modernization in the Americas [10] - The company has 900,000 connected units, with 500,000 using the Otis ONE IoT solution [12] - The company is on track to achieve $150 million in run rate savings by mid-2025 through Project Uplift initiatives [52] Q&A Session Summary Question: What is the outlook for modernization margins? - Management indicated that modernization margins are expected to surpass new equipment margins as they standardize products and optimize supply chains [77][92] Question: How is the competitive environment in China affecting pricing? - Management noted that while the market remains weak, they are managing volume and share versus profitability, maintaining a focus on service growth [96][104] Question: What is the expected performance in North America and EMEA? - Management highlighted that the new equipment market in North America finished at its lowest since the GFC, but they still gained share and increased pricing [100]

For the quarter ended December 2023, Otis Worldwide (OTIS) reported revenue of $3.62 billion, up 5.3% over the same period last year. EPS came in at $0.87, compared to $0.75 in the year-ago quarter.The reported revenue represents a surprise of +1.27% over the Zacks Consensus Estimate of $3.57 billion. With the consensus EPS estimate being $0.85, the EPS surprise was +2.35%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Otis Worldwide (OTIS) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.35%. A quarter ago, it was expected that this company would post earnings of $0.87 per share when it actually produced earnings of $0.95, delivering a surprise of 9.20%.Over the last four quarters, the company has ...

Delivers strong fourth quarter and full year results; announces 2024 outlook with solid sales and earnings growth with continued Service momentum 4Q Net sales up 5.3% and organic sales up 3.8%; GAAP EPS up 11.3% and adjusted EPS up 16.0% 4Q New Equipment orders up 3%; backlog up 2% 4Q Mod orders up 11%; backlog up 15% Maintenance portfolio units up 4.2% FY Net sales up 3.8% and organic sales up 5.6%; GAAP EPS up 14.5% and adjusted EPS up 11.7% FY GAAP cash flow from operations of $1.6 billion; free cash flo ...

Otis Worldwide Corporation (OTIS) is scheduled to report fourth-quarter 2023 results on Jan 31, before the opening bell.In the last reported quarter, OTIS’ earnings beat the Zacks Consensus Estimate by 9.2% and rose 18.8% year over year. Net sales beat the consensus mark by 1.2% and gained 5.4% year over year.Otis’ earnings topped the consensus mark in each of the last 15 quarters.Trend in Estimate RevisionFor the quarter to be reported, the Zacks Consensus Estimate for earnings per share has been stable at ...

Wall Street analysts expect Otis Worldwide (OTIS) to post quarterly earnings of $0.85 per share in its upcoming report, which indicates a year-over-year increase of 13.3%. Revenues are expected to be $3.57 billion, up 3.9% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a company's earnings disclosure, it is crucial to g ...