5 Stocks in the Spotlight Following First-Quarter Results

2. Otis Worldwide Corporation (NYSE:OTIS)

Number of Hedge Fund Holders: 38

Shares of Otis Worldwide Corporation (NYSE:OTIS) closed higher on Monday, April 25, 2022, after beating profit expectations for the first quarter. The New York-based elevator manufacturer earned 77 cents per share on an adjusted basis, ahead of the consensus of 74 cents per share.

On the downside, revenue came in at $3.414 billion, nearly unchanged from last year and below analysts’ average estimate of $3.43 billion. If we look at the performance of flagship segments of Otis Worldwide Corporation (NYSE:OTIS), services revenue rose 2.2 percent to $1.99 billion. In comparison, new equipment revenue fell 2.5 percent to $1.42 billion in the quarter.

Otis Worldwide Corporation (NYSE:OTIS) also updated its earnings outlook for fiscal 2022. It now expects adjusted earnings in the range of $3.22 – $3.27 per share, down from its previous guidance between $3.20 – $3.30 per share.

Speaking on the results, CEO Judy Marks said:

“Otis delivered a strong first quarter with broad based growth in New Equipment orders and maintenance portfolio units, nearly 6% Service organic sales growth, 30 basis points of Otis adjusted margin expansion and high-single digit adjusted EPS growth.”