Otis Raises FY23 Outlook: Adj. EPS $3.45-$3.50 (From $3.40-$3.50 Prior) Vs. $3.45 Estimate, Adj. Sales $14B-$14.3B (From $13.9B-$14.2B Prior) Vs. $14.05B Estimate
Portfolio Pulse from Benzinga Newsdesk
Otis has revised its full year outlook for FY23, raising its adjusted EPS to $3.45-$3.50 from $3.40-$3.50 and adjusted sales to $14B-$14.3B from $13.9B-$14.2B. The company also expects organic sales to increase by 4.5 to 6%, with new equipment sales up 3 to 5% and service sales up 6 to 7%. Adjusted operating profit is projected to be $2.25 to $2.28 billion, and free cash flow is expected to be $1.5 to $1.55 billion. Otis also plans to repurchase $800 million of its shares.
July 26, 2023 | 10:12 am
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Otis has raised its FY23 outlook, which could lead to increased investor confidence and potentially a rise in the company's stock price in the short term.
Otis has raised its FY23 outlook, indicating that the company expects to perform better than previously anticipated. This could lead to increased investor confidence, which could in turn lead to a rise in the company's stock price in the short term. The company's plan to repurchase $800 million of its shares could also contribute to a potential increase in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100