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United Technologies' (UTX) Otis Secures Contract from OLRT
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Otis, a unit of United Technologies Corp. , was recently awarded a contract by Ottawa's electric Light Rail Transit (OLRT) system to provide 54 elevators and modernize two existing units of its state-of-the-art transit system, the O-Train Confederation Line.
Per the contract, Otis Canada Inc. will offer 44 Gen2 elevators, 10 special freight elevators, and modernize two additional ones. Otis will also provide maintenance to the company for 10 years.
The company’s highly competent Gen2 elevators have the innovative ReGen regenerative drive, which captures energy created by the elevator, and feeds it back into a building's electrical grid. As a result, the Gen2 elevator is up to 75% more energy efficient than conventional systems with non-regenerative drives. With this advanced technology elevator, the OLTR system will be able to cut costs in its operations.
On completion, the new rail line will provide light rail transit service along a stretch of 12.5 kilometers, across13-station routes. For this historic project, Otis will provide sturdy products to enable smooth functioning in OLRTs latest project to handle a capacity of 24,000 passengers per hour in each direction. The project is likely to be completed by 2018.
United Technologies, the parent company of Otis, outperformed the Zacks categorized Diversified Operations industry with an average return of 8.6% in the last 90 days compared with 7.1% for the latter. Organic growth is likely to have a positive impact on this Zacks Rank #3 (Hold) stock’s top line. The earnings estimates of the company for the current year have increased to $6.62 from $6.59, over the last 90 days.
Otis is a leading provider of elevator and escalator services. The company offers its services to over 200 countries and territories. Alongside, it maintains more that 1.9 million elevators and escalators worldwide. With a constant focus on innovation and expansion, Otis is likely to procure more such prime contracts in the near future.
Some better-ranked stocks in the industry include Leucadia National Corporation , Macquarie Infrastructure Corporation and Hitachi, Ltd. (HTHIY - Free Report) . Leucadia and Macquarie both sport a Zacks Rank #1 (Strong Buy), where as Hitachi carries a Zacks Rank #2 (Buy).
Leucadiahas a long-term earnings growth expectation of 18% and is currently trading at a forward P/E of 108.5x.
Macquariehas a positive average earnings surprise of 29.6% for the last four quarters, beating estimates twice in the trailing four quarters.
Hitachihas a long-term earnings growth expectation of 13% and is currently trading at a forward P/E of 13.7x.
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United Technologies' (UTX) Otis Secures Contract from OLRT
Otis, a unit of United Technologies Corp. , was recently awarded a contract by Ottawa's electric Light Rail Transit (OLRT) system to provide 54 elevators and modernize two existing units of its state-of-the-art transit system, the O-Train Confederation Line.
Per the contract, Otis Canada Inc. will offer 44 Gen2 elevators, 10 special freight elevators, and modernize two additional ones. Otis will also provide maintenance to the company for 10 years.
The company’s highly competent Gen2 elevators have the innovative ReGen regenerative drive, which captures energy created by the elevator, and feeds it back into a building's electrical grid. As a result, the Gen2 elevator is up to 75% more energy efficient than conventional systems with non-regenerative drives. With this advanced technology elevator, the OLTR system will be able to cut costs in its operations.
On completion, the new rail line will provide light rail transit service along a stretch of 12.5 kilometers, across13-station routes. For this historic project, Otis will provide sturdy products to enable smooth functioning in OLRTs latest project to handle a capacity of 24,000 passengers per hour in each direction. The project is likely to be completed by 2018.
United Technologies, the parent company of Otis, outperformed the Zacks categorized Diversified Operations industry with an average return of 8.6% in the last 90 days compared with 7.1% for the latter. Organic growth is likely to have a positive impact on this Zacks Rank #3 (Hold) stock’s top line. The earnings estimates of the company for the current year have increased to $6.62 from $6.59, over the last 90 days.
Otis is a leading provider of elevator and escalator services. The company offers its services to over 200 countries and territories. Alongside, it maintains more that 1.9 million elevators and escalators worldwide. With a constant focus on innovation and expansion, Otis is likely to procure more such prime contracts in the near future.
Some better-ranked stocks in the industry include Leucadia National Corporation , Macquarie Infrastructure Corporation and Hitachi, Ltd. (HTHIY - Free Report) . Leucadia and Macquarie both sport a Zacks Rank #1 (Strong Buy), where as Hitachi carries a Zacks Rank #2 (Buy).
Leucadiahas a long-term earnings growth expectation of 18% and is currently trading at a forward P/E of 108.5x.
Macquariehas a positive average earnings surprise of 29.6% for the last four quarters, beating estimates twice in the trailing four quarters.
Hitachihas a long-term earnings growth expectation of 13% and is currently trading at a forward P/E of 13.7x.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>