OTIS Stock Recent News

OTIS benefits from digital innovations and operational improvements despite tepidness in the New Equipment segment.

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Otis Worldwide Corporation is a pure-play elevator and escalator business, with operations in new equipment and service segments. The company enjoys superb economic characteristics even at its large size of operations. Otis is drowning in cash, but the bulk of these funds are returned to shareholders, creating an opportunity cost on more selective opportunities with compounding ability.

FARMINGTON, Conn. , July 25, 2024 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.39 per share of Otis' common stock.

Otis is trading at a discount of c.5.1% today, with potential upside of 10.3% in the next 12-18 months. The dip after its Q2 earnings release is unwarranted. The industry is facing New Equipment headwinds, mid-to-high single digit declines for 2024 and

OTIS' second-quarter 2024 results showcase a soft New Equipment segment performance, partially offset by increased contributions from the Service segment. Operational efficiency and capital allocation strategy bode well.

Although the revenue and EPS for Otis Worldwide (OTIS) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Otis Worldwide (OTIS) came out with quarterly earnings of $1.06 per share, beating the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $0.92 per share a year ago.

OTIS' second-quarter performance is likely to have benefited from strong volume and favorable pricing. Yet, currency fluctuations are a concern.

She succeeds Anurag Maheshwari to lead financial activities at Otis FARMINGTON, Conn. , July 19, 2024 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) announces the appointment of Cristina Méndez as Executive Vice President & Chief Financial Officer, reporting directly to Otis Chair, CEO & President, Judy Marks.