Otis Worldwide Corp. OTIS, +1.36% reported Monday second-quarter profit and sales that rose above expectations, with particular strength in its new equipment business, and raised its full-year outlook. The elevator and escalator maker’s stock slipped 0.3% in premarket trading. Net income grew to $326 million, or 76 cents a share, from $224 million, or 52 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to 79 cents from 56 cents, to beat the FactSet consensus of 71 cents. Sales rose 22.2% to $3.70 billion, above the FactSet consensus of $3.45 billion. New equipment sales jumped 33.5% to $1.73 billion, above expectations of $1.54 billion, and service sales grew 13.8% to $1.97 billion to top forecasts of $1.92 billion. The company raised its 2021 adj. EPS guidance range to $2.89 to $2.93 from $2.78 to $2.84 and said it expects sales of $14.1 billion to $14.2 billion, above the FactSet consensus of $13.90 billion. The stock has run up 31.0% year to date through Friday, while the S&P 500 SPX, +1.01% has gained 17.5%.
View Article Origin Here
