We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
In the last reported quarter, OTIS’ earnings beat the Zacks Consensus Estimate by 7% and rose 7% year over year. Net sales surpassed the consensus mark by 4.8% and improved 6.7% year over year. Its earnings topped the consensus mark in each of the last 14 quarters.
Trend in Estimate Revision
For the quarter to be reported, the Zacks Consensus Estimate for earnings per share has been unchanged at 87 cents in the past 60 days. The metric is likely to have witnessed 8.8% growth year over year.
The consensus mark for net sales is pegged at $3.48 billion, suggesting a 4.1% increase from the year-ago reported figure of $3.34 billion.
Key Factors to Note
The world's leading elevator and escalator manufacturing, installation and service company’s third-quarter 2023 results are likely to be aided by higher volume, favorable pricing and productivity.
Otis Worldwide is boosting business performance by implementing a range of strategies, including acquisitions, product innovations, and the integration of new technologies driven by ongoing research and development efforts. These initiatives are expected to contribute positively to the third-quarter results.
Our model predicts New Equipment revenues to grow 4.4% year over year to $1,495.5 million. Service revenues will rise 5% to $1,987.6 million compared with the prior year, per our estimate.
However, increased costs in delivery orders are likely to have negatively impacted the bottom line. The company anticipates a high inflationary environment for food and labor to persist for some time. Our model suggests cost of Products and Services sold to increase 2.4% year over year to $2,431 million.
Our proven model does not conclusively predict an earnings beat for Otis Worldwide this time around. That is because a stock needs to have a combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. This is not the case here.
Earnings ESP: Otis Worldwide has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Otis Worldwide carries a Zacks Rank #3.
Stocks Poised to Beat Earnings
Here are some stocks from the Zacks Construction space that investors may consider as our model shows that these have the right combination of elements to post an earnings beat.
Shares of Construction Partners have climbed 30.9% in the past year. ROAD’s earnings outshined the consensus mark thrice in the trailing four quarters and missed once, the average surprise being 10.6%.
Owens Corning (OC - Free Report) has an Earnings ESP of +2.18% and a Zacks Rank #2.
Shares of Owens Corning have improved 42.9% in the past year. OC’s earnings surpassed the consensus mark in each of the trailing four quarters, the average surprise being 18.2%.
Aspen Aerogels, Inc. (ASPN - Free Report) has an Earnings ESP of +9.30% and a Zacks Rank #2.
Shares of Aspen Aerogels have declined 23.5% in the past year. ASPN’s earnings outpaced the consensus mark in the trailing three out of four quarters and missed once, the average surprise being 19.7%.
Image: Bigstock
Otis Worldwide (OTIS) to Post Q3 Earnings: What's in Store?
Otis Worldwide Corporation (OTIS - Free Report) is scheduled to report third-quarter 2023 results on Oct 25 before the opening bell.
In the last reported quarter, OTIS’ earnings beat the Zacks Consensus Estimate by 7% and rose 7% year over year. Net sales surpassed the consensus mark by 4.8% and improved 6.7% year over year. Its earnings topped the consensus mark in each of the last 14 quarters.
Trend in Estimate Revision
For the quarter to be reported, the Zacks Consensus Estimate for earnings per share has been unchanged at 87 cents in the past 60 days. The metric is likely to have witnessed 8.8% growth year over year.
The consensus mark for net sales is pegged at $3.48 billion, suggesting a 4.1% increase from the year-ago reported figure of $3.34 billion.
Key Factors to Note
The world's leading elevator and escalator manufacturing, installation and service company’s third-quarter 2023 results are likely to be aided by higher volume, favorable pricing and productivity.
Otis Worldwide is boosting business performance by implementing a range of strategies, including acquisitions, product innovations, and the integration of new technologies driven by ongoing research and development efforts. These initiatives are expected to contribute positively to the third-quarter results.
Our model predicts New Equipment revenues to grow 4.4% year over year to $1,495.5 million. Service revenues will rise 5% to $1,987.6 million compared with the prior year, per our estimate.
However, increased costs in delivery orders are likely to have negatively impacted the bottom line. The company anticipates a high inflationary environment for food and labor to persist for some time. Our model suggests cost of Products and Services sold to increase 2.4% year over year to $2,431 million.
Otis Worldwide Corporation Price and EPS Surprise
Otis Worldwide Corporation price-eps-surprise | Otis Worldwide Corporation Quote
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Otis Worldwide this time around. That is because a stock needs to have a combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. This is not the case here.
Earnings ESP: Otis Worldwide has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Otis Worldwide carries a Zacks Rank #3.
Stocks Poised to Beat Earnings
Here are some stocks from the Zacks Construction space that investors may consider as our model shows that these have the right combination of elements to post an earnings beat.
Construction Partners, Inc. (ROAD - Free Report) has an Earnings ESP of +2.91% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Construction Partners have climbed 30.9% in the past year. ROAD’s earnings outshined the consensus mark thrice in the trailing four quarters and missed once, the average surprise being 10.6%.
Owens Corning (OC - Free Report) has an Earnings ESP of +2.18% and a Zacks Rank #2.
Shares of Owens Corning have improved 42.9% in the past year. OC’s earnings surpassed the consensus mark in each of the trailing four quarters, the average surprise being 18.2%.
Aspen Aerogels, Inc. (ASPN - Free Report) has an Earnings ESP of +9.30% and a Zacks Rank #2.
Shares of Aspen Aerogels have declined 23.5% in the past year. ASPN’s earnings outpaced the consensus mark in the trailing three out of four quarters and missed once, the average surprise being 19.7%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.