Otis WorldwideNYSE: OTIS

FARMINGTON, Conn., Oct. 31, 2024 /PRNewswire/ -- The Board of Directors of Otis Worldwide Corporation (NYSE: OTIS) has announced a quarterly dividend of $0.39 for each share of its common stock.

The Otis Worldwide Corporation (NYSE:OTIS) held its Q3 2024 Earnings Call on October 30, 2024, at 8:30 AM ET. Key participants included Michael Rednor, Judy Marks, and Cristina Mendez, along with analysts from various financial firms. The call was broadcast live online and is available for later listening.

OTIS' results for the third quarter of 2024 show poor demand in China and EMEA, but this was somewhat balanced by increased sales in the Americas and Asia Pacific.

The main figures for Otis Worldwide (OTIS) provide an overview of the company's performance for the quarter that ended in September 2024. However, it could be useful to compare some important metrics with Wall Street predictions and the results from the same period last year.

Otis Worldwide (OTIS) reported quarterly earnings of $0.96 per share, which is slightly below the Zacks Consensus Estimate of $0.97 per share. In comparison, the company earned $0.95 per share during the same period last year.

Otis has shown strong performance in its Service sector, with Service sales growing by high single digits and a significant increase in GAAP EPS by 47.3%. The company also reported a 7.2% rise in Service net sales and a 7.7% increase in organic sales. For the third quarter of 2024, Otis achieved net sales of $3.5 billion, with organic sales up by 1.2%.

Otis Worldwide (OTIS) lacks the right mix of two important factors that could lead to a strong earnings report in the near future. Be ready for the main expectations.

Otis Worldwide works in more than 200 countries, producing, installing, and maintaining elevators and escalators, and has a strong presence in 70 of those countries. The stock has increased a lot due to rising revenue, but this high price may be risky for investors in the future. Although revenue and profits have been inconsistent lately, with a drop in new equipment sales, cost-saving efforts like Project UpLift are intended to enhance profit margins.

Otis Worldwide Corporation's stock price has risen by more than 160% since it became independent. There is potential for further growth because of positive market factors, such as China's $325 billion stimulus and the Federal Reserve's interest rate cuts. Although new equipment sales have dropped, Otis has boosted its earnings through its more profitable service segment and better management of production costs.