Otis says its earnings and revenue came in better than expected in Q4

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in his free… read more.
on Feb 1, 2021
  • Otis says its earnings and revenue came in better than expected in Q4.
  • The elevator and escalator maker gives an upbeat guidance for the full year.
  • Otis shares are currently about 900% up compared to the IPO price.

Otis Worldwide Corp. (NYSE: OTIS) published its earnings report for the fiscal fourth quarter on Monday that came in better than what analysts had anticipated. The company also gave upbeat guidance for the full financial year on Monday.

Otis Worldwide opened at £47.80 per share on Monday and closed the regular session at a per-share price of £47.25 after touching a low of £46.17 per share. If you want to invest in the stock market, you’ll need a reliable stockbroker – here’s a list of the top few to make selection easier for you.

Otis Q4 financial results versus analysts’ estimates

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Otis said that its net income in the fourth quarter printed at £183.72 million that translates to 42.45 pence per share. In the same quarter last year, its net income was capped at a lower £159.57 million or 36.60 pence per share.

Adjusted for one-time items, the elevator and escalator maker earned 48.31 pence per share versus the year-ago figure of 34.40 pence per share. Otis valued its sales in the recent quarter at £2.55 billion, that represents a 4.2% annualised growth.

According to FactSet, experts had forecast the company to record £2.46 billion of sales in Q4. Their estimate for adjusted per-share earnings stood at a lower 43.19 pence per share. Otis recommended that shareholders reject TRC Capital’s mini-tender offer last month.

CEO Judy Marks commented on the financial report on Monday and said:

“We returned to growth in the quarter while continuing to grow share, expand adjusted margin and generate robust cash flow demonstrating the dedication of our colleagues around the world to meet our commitments, even in trying economic times.”

Otis Worldwide’s guidance for the full financial year

For fiscal 2021, Otis Worldwide forecasts its adjusted per-share earnings to fall in the range of £1.95 to £2.03. The Farmington-based company expects £9.74 billion to £9.95 billion of annual sales. FactSet Consensus for its full-year sales and adjusted EPS currently stands at £9.66 billion and £1.92 per share, respectively.

In separate news from the United States, Thermo Fisher also reported its financial results for the fiscal fourth quarter on Monday.

Otis debuted on the New York Stock Exchange in March 2020 at a per-share price of £4.68. At the time of writing, the world’s largest producer of elevators and escalators is valued at £20.58 billion and has a price to earnings ratio of 32.28.

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