The elevator and escalator manufacturer saw its earnings reach $1.12 per share, up from 99 cents in the same period last year. This bottom-line improvement benefited from the expiration of UpLift transformation costs and the absence of one-time separation adjustments that previously weighed on the company's financial statements. Adjusted earnings landed at $1.01 per share, matching the consensus estimates provided by FactSet.
In section Market Quotes
Otis Profit Climbs as Service Revenue Powers Quarterly Gains
Otis Worldwide reported a sharp rise in second-quarter net income to $428 million, fueled by robust service segment sales that pushed total revenue to $3.86 billion. While the company outperformed analyst top-line expectations, a revised full-year outlook signaled caution regarding earnings per share for the remainder of the fiscal year.
Despite the strong quarterly performance, management lowered its full-year guidance for adjusted earnings per share to a range of $4.01 to $4.05. This marks a downward shift from the previous forecast of $4.20 to $4.24, falling short of the $4.18 expectation held by market analysts. The company attributed its recent success to broad-based growth across all service lines, even as it recalibrates its financial expectations for the coming months.
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