Otis Reports Third Quarter 2020 Results
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Otis Worldwide (OTIS) Tops Q3 EPS by 13c, Revenues Beat; Offers FY20 EPS Guidance Above Consensus
October 26, 2020 6:17 AM EDTOtis Worldwide (NYSE: OTIS) reported Q3 EPS of $0.69, $0.13 better than the analyst estimate of $0.56. Revenue for the quarter came in at $3.29 billion versus the consensus estimate of $3.2 billion.
Delivers strong third quarter results; improves 2020 outlookNet sales down 1.4%; organic sales down 1.2%GAAP operating profit down $28 million with 60 basis points of margin contractionAdjusted operating profit up $33 million with 120 basis points of margin expansionNew Equipment orders up slightly; backlog up 5%, 3% at constant currencyGAAP cash... More