Compared to Estimates, Otis Worldwide (OTIS) Q2 Earnings: A Look at Key Metrics

Group 1 - Otis Worldwide reported revenue of $3.6 billion for the quarter ended June 2024, which is a year-over-year decline of 3.2% and a surprise of -3.50% compared to the Zacks Consensus Estimate of $3.73 billion [1][3] - The earnings per share (EPS) for the same period was $1.06, showing an increase from $0.92 a year ago, resulting in an EPS surprise of +2.91% against the consensus estimate of $1.03 [1][3] - Net Sales from Service were reported at $2.18 billion, slightly below the average estimate of $2.23 billion, but reflecting a year-over-year increase of +3% [4] Group 2 - Net Sales from New Equipment were reported at $1.42 billion, which is below the average estimate of $1.50 billion and represents a year-over-year decline of -11.4% [4] - Adjusted Operating Profit for New Equipment was $113 million, exceeding the estimated $103.85 million, while Operating Profit for general corporate expenses was reported at -$78 million, worse than the estimated -$33.77 million [4] - Adjusted Operating Profit for Service was $550 million, slightly above the average estimate of $542.39 million [4] Group 3 - Over the past month, shares of Otis Worldwide have returned +2.8%, outperforming the Zacks S&P 500 composite's +1.8% change, indicating a potential for performance in line with the broader market [6]