Otis raises full-year profit forecast on robust demand for elevators, ET RealEstate
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Liftmaker Otis Worldwide raised its full-year profit forecast on Wednesday, on the back of sustained demand for escalators and elevators in residential and commercial projects.
Growing construction activity in India and the Asia-Pacific region has been a boon for Otis, which relies heavily on these regions for a majority of its profits.
The company now expects its full-year adjusted earnings per share to be about $3.52, up from the earlier forecast of $3.45 to $3.50.
The Farmington, Connecticut-based company reported an adjusted profit of 95 cents per share for the quarter ended September 30, beating analysts’ average estimate of 87 cents, according to LSEG data.
Net sales in the company’s services segment, which performs maintenance and repair services for both its products and those of other manufacturers, rose to $2.09 billion in the quarter, compared with $1.90 billion a year earlier.
Total net sales rose 5.4% to $3.52 billion, in line with analysts’ expectations.