5 Quarterly Reports You Don’t Want to Miss

2. Otis Worldwide Corporation (NYSE:OTIS)

Number of Hedge Fund Holders: 46

Shares of Otis Worldwide Corporation (NYSE:OTIS) closed higher on Monday, January 31, 2022, after beating earnings expectations for the fourth quarter. The manufacturer of elevators, escalators and moving walkways reported adjusted earnings of 72 cents per share, up 9.1 percent versus last year and above expectations of 68 cents per share.

Revenue came in at $3.57 billion versus $3.49 billion for the comparable period of 2020. Analysts were expecting Otis Worldwide Corporation (NYSE:OTIS) to generate revenue of $3.58 billion.

The company also issued its financial outlook for 2022. Otis Worldwide Corporation (NYSE:OTIS) expects adjusted earnings in the range of $3.20 – $3.30 per share and revenue between $14.4 – $14.7 billion for the full year.

Discussing the results, CEO Judy Marks said in a statement:

“Despite ongoing macro challenges in 2021, we achieved consistent and broad-based organic sales growth and margin expansion, grew our maintenance portfolio at the highest rate in over 10 years and gained share in New Equipment for the second consecutive year.”