Otis Worldwide Q4 Results Top Estimates; Guides FY23 In Line With View
(RTTNews) - Otis Worldwide Corp. (OTIS) reported Wednesday that net income for the fourth quarter grew $297 million or $0.71 per share from $281 million or $0.65 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.75 per share, compared to $0.72 per share in the year-ago quarter.
Net sales for the quarter declined 3.6 percent to $3.44 billion from $3.57 billion in the same quarter last year. Adjusted net sales decreased 1.9 percent. Organic sales growth was 6.1 percent.
On average, analysts polled by Thomson Reuters were expecting the company to report earnings of $0.74 per share in revenues of $3.37 billion for the quarter. Analysts typically exclude one-time items.
Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $3.35 to $3.50 per share on net sales between $13.8 billion to $14.1 billion, with organic sales growth of 4 to 6 percent. The Street is looking $3.44 per share on net sales of $13.88 billion for the year.
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