What's Going On With Otis Worldwide Stock Today?
Portfolio Pulse from Akanksha Bakshi
Otis Worldwide Corp (NYSE:OTIS) reported a 2.7% Y/Y sales growth for Q1 fiscal 2024, missing consensus estimates. Adjusted operating profit and EPS exceeded previous figures, with notable performance in service sales and maintenance portfolio units. Despite this, OTIS shares fell by 4.47%. The company raised its EPS outlook and quarterly dividend by 14.7%, planning to increase its share repurchase target to $1 billion.
April 24, 2024 | 4:03 pm
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NEGATIVE IMPACT
Otis Worldwide Corp reported mixed Q1 fiscal 2024 results with a slight miss on sales but growth in profit and EPS. The company also announced an increased dividend and share repurchase plan.
Despite reporting growth in adjusted operating profit and EPS, the slight miss on sales expectations and the immediate negative reaction in share price (-4.47%) suggest a short-term bearish outlook. However, the increase in dividend and share repurchase plan indicates strong future confidence from management, potentially mitigating longer-term impacts.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100