Otis Worldwide Corp (NYSE:OTIS) raised outlook for fiscal 2021

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Otis Worldwide Corp (NYSE:OTIS) stock fell 1.62% (As on Oct 26, 11:35:36 AM UTC-4, Source: Google Finance) after the company reported 24.4% rise in third-quarter net income to $331 million from last year’s $266 million. The company continues to advance the strategy, progress on ESG initiatives and achieve strong results. New Equipment orders were up 3.8% at constant currency. Orders momentum remained strong in Asia, up mid-teens, including sixth consecutive quarter of growth in China. As expected, after 47% growth in the second quarter, orders declined year-over-year in the Americas, primarily due to timing as awards which precede order booking in North America were up approximately 24% versus the prior year. EMEA was down 1.8% from the timing of major project orders. Proposal volumes in the quarter also continued to show signs of strong demand globally, up double-digits. Total company backlog increased 4% and 1% at constant currency from strong growth in China. Pricing on new orders declined by over 1 point and backlog margin was down about 1 point versus prior year. Both, pricing on new orders and backlog margin, were about flat sequentially.

OTIS in the third quarter of FY 21 has reported the adjusted earnings per share of 77 cents, beating the analysts’ estimates for the adjusted earnings per share of 73 cents. The company had reported the adjusted revenue growth of 10.8 percent to $3.6 billion in the third quarter of FY 21, beating the analysts’ estimates for revenue of $3.54 billion. The organic sales increase was 8.1 percent. The sales grew due to the strong growth momentum continued in New Equipment, and Service grew for the third consecutive quarter. Adjusted operating profit was up 12.5% or $63 million and up $52 million at constant currency, primarily from the benefit of higher volume in both segments.

For fiscal 2021, the company now expects adjusted earnings per share of around $2.95, up 17 percent. Net sales to be around $14.3 billion, up 11.8 to 12.3 percent, and organic sales to be up 8.5 to 9.0 percent. The company previously expected adjusted earnings per share of $2.89 to $2.93, up 15 to 16 percent, and net sales of $14.1 to $14.2 billion, up 10.5 to 11 percent. Organic sales growth was expected to be 7.5 to 8 percent. The Aanalysts expect full-year earnings of $2.96 per share on sales of $14.23 billion.

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