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OTIS Secures Major Modernization Contract for Burj Khalifa
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Otis Worldwide Corporation (OTIS - Free Report) , a global leader in elevator and escalator manufacturing, secured a significant contract with Emaar Properties to modernize 34 elevators and eight escalators in the iconic Burj Khalifa, the world's tallest building. This contract also includes servicing all units for an additional decade.
Since the installation of the first elevators and escalators in 2010, Otis has been a trusted partner for Emaar Properties, ensuring safe and efficient vertical mobility within the 828-meter-tall structure. The company's expertise has been instrumental in maintaining smooth operations for the supertall building, which features over 160 stories and attracts millions of visitors annually.
The Burj Khalifa's original elevators, installed by Otis, include double-deck units capable of speeds up to 10 meters per second, swiftly transporting passengers to the observation deck on the 124th and 125th floors in just 60 seconds.
Otis' Elevator Management System (EMS Panorama) played a crucial role in monitoring the performance of the building's elevators and escalators. With the upcoming modernization, a new and improved version of EMS Panorama will offer real-time remote-control capabilities, enhancing operational efficiency and passenger experience by minimizing wait times and optimizing travel.
Leveraging its vast experience from modernizing other iconic landmarks worldwide, such as the Empire State Building in the USA and Egee Tower in Paris, Otis aims to execute the Burj Khalifa project seamlessly, ensuring minimal disruption for occupants and visitors alike.
Having been part of the UAE for over 50 years, Otis continues to contribute to the region's infrastructure development, reaffirming its commitment to innovation and excellence in vertical transportation.
Share Price Performance
Shares of Otis have gained 14.8% over the past six months, underperforming the Zacks Building Products – Miscellaneous industry’s 32.9% rise. Although shares of Otis have underperformed in the industry, the company’s focus on product innovation and business expansion initiatives are expected to drive the company further.
Image Source: Zacks Investment Research
The company maintained its research and development (R&D) investment in 2023 as well, investing $144 million and 1% of net sales. It invested $150 million in 2022 and $159 million in 2021, particularly for R&D. Otis also invested about $57 million in digital and strategic initiatives in 2023. Otis connects global R&D efforts through an operating model that sets global and local priorities based on customer and segment needs.
Zacks Rank and Key Picks
Otis currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
NVR delivered a trailing four-quarter earnings surprise of 8.1%, on average. The Zacks Consensus Estimate for NVR’s 2024 sales and earnings per share (EPS) indicates growth of 7.7% and 4.6%, respectively, from the prior-year levels.
Summit Materials, Inc. (SUM - Free Report) currently sports a Zacks Rank of 1. SUM delivered a trailing four-quarter earnings surprise of 18.2%, on average. The stock has gained 29.9% in the past six months.
The Zacks Consensus Estimate for SUM’s 2024 sales and EPS indicates growth of 80.2% and 53.2%, respectively, from a year ago.
Century Communities, Inc. (CCS - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 49.2%, on average. Shares of CCS have rallied 13.8% in the past six months.
The Zacks Consensus Estimate for CCS’ 2024 sales and EPS indicates a rise of 11.1% and 24.4%, respectively, from the prior-year levels.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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OTIS Secures Major Modernization Contract for Burj Khalifa
Otis Worldwide Corporation (OTIS - Free Report) , a global leader in elevator and escalator manufacturing, secured a significant contract with Emaar Properties to modernize 34 elevators and eight escalators in the iconic Burj Khalifa, the world's tallest building. This contract also includes servicing all units for an additional decade.
Since the installation of the first elevators and escalators in 2010, Otis has been a trusted partner for Emaar Properties, ensuring safe and efficient vertical mobility within the 828-meter-tall structure. The company's expertise has been instrumental in maintaining smooth operations for the supertall building, which features over 160 stories and attracts millions of visitors annually.
The Burj Khalifa's original elevators, installed by Otis, include double-deck units capable of speeds up to 10 meters per second, swiftly transporting passengers to the observation deck on the 124th and 125th floors in just 60 seconds.
Otis' Elevator Management System (EMS Panorama) played a crucial role in monitoring the performance of the building's elevators and escalators. With the upcoming modernization, a new and improved version of EMS Panorama will offer real-time remote-control capabilities, enhancing operational efficiency and passenger experience by minimizing wait times and optimizing travel.
Leveraging its vast experience from modernizing other iconic landmarks worldwide, such as the Empire State Building in the USA and Egee Tower in Paris, Otis aims to execute the Burj Khalifa project seamlessly, ensuring minimal disruption for occupants and visitors alike.
Having been part of the UAE for over 50 years, Otis continues to contribute to the region's infrastructure development, reaffirming its commitment to innovation and excellence in vertical transportation.
Share Price Performance
Shares of Otis have gained 14.8% over the past six months, underperforming the Zacks Building Products – Miscellaneous industry’s 32.9% rise. Although shares of Otis have underperformed in the industry, the company’s focus on product innovation and business expansion initiatives are expected to drive the company further.
Image Source: Zacks Investment Research
The company maintained its research and development (R&D) investment in 2023 as well, investing $144 million and 1% of net sales. It invested $150 million in 2022 and $159 million in 2021, particularly for R&D. Otis also invested about $57 million in digital and strategic initiatives in 2023. Otis connects global R&D efforts through an operating model that sets global and local priorities based on customer and segment needs.
Zacks Rank and Key Picks
Otis currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
NVR, Inc. (NVR - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). The stock has gained 20.3% in the past six months. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVR delivered a trailing four-quarter earnings surprise of 8.1%, on average. The Zacks Consensus Estimate for NVR’s 2024 sales and earnings per share (EPS) indicates growth of 7.7% and 4.6%, respectively, from the prior-year levels.
Summit Materials, Inc. (SUM - Free Report) currently sports a Zacks Rank of 1. SUM delivered a trailing four-quarter earnings surprise of 18.2%, on average. The stock has gained 29.9% in the past six months.
The Zacks Consensus Estimate for SUM’s 2024 sales and EPS indicates growth of 80.2% and 53.2%, respectively, from a year ago.
Century Communities, Inc. (CCS - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 49.2%, on average. Shares of CCS have rallied 13.8% in the past six months.
The Zacks Consensus Estimate for CCS’ 2024 sales and EPS indicates a rise of 11.1% and 24.4%, respectively, from the prior-year levels.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.