Otis Worldwide Q4 Results Top Estimates; Guides FY24 In Line With View

(RTTNews) - Otis Worldwide Corp. (OTIS) reported Wednesday that net income for the fourth quarter grew to $323 million or $0.79 per share from $297 million or $0.71 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.87 per share, compared to $0.75 per share in the year-ago quarter.

Net sales for the quarter increased 5.3 percent to $3.62 billion from $3.44 billion in the same quarter last year. Organic sales growth was 3.9 percent.

On average, analysts polled by Thomson Reuters were expecting the company to report earnings of $0.86 per share in revenues of $3.57 billion for the quarter. Analysts typically exclude one-time items.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.80 to $3.90 per share on net sales between $14.5 billion to $14.8 billion, with organic sales growth of 3 to 5 percent. The Street is looking $3.85 per share on net sales of $14.66 billion for the year.

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