Otis Worldwide (US:OTIS) ZACKSยท2024-07-24 12:16Company Overview - Otis Worldwide reported quarterly earnings of $1.06 per share, surpassing the Zacks Consensus Estimate of $1.03 per share, and showing an increase from $0.92 per share a year ago [6] - The company has exceeded consensus EPS estimates in all four of the last quarters [3] - For the quarter ended June 2024, Otis Worldwide posted revenues of $3.6 billion, which was 3.50% below the Zacks Consensus Estimate and a decrease from $3.72 billion year-over-year [13] Earnings Expectations - The current consensus EPS estimate for the upcoming quarter is $1.01 on revenues of $3.67 billion, and for the current fiscal year, it is $3.88 on revenues of $14.71 billion [12] - The earnings surprise for the recent quarter was 2.91%, with a previous quarter's surprise of 1.15% [10] Market Performance - Otis Worldwide shares have increased approximately 10% since the beginning of the year, compared to a 16.5% gain in the S&P 500 [7] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [2] Industry Context - The Building Products - Miscellaneous industry, to which Otis Worldwide belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook [4] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [8]