Otis Worldwide's Mixed Q2: Navigates Challenging Market Conditions, Sales Slowdown
Portfolio Pulse from Lekha Gupta
Otis Worldwide Corp (NYSE:OTIS) reported a mixed Q2 FY24 with a 3.2% Y/Y sales decline to $3.60 billion, missing the consensus of $3.73 billion. Despite this, adjusted operating profit increased to $613 million, and adjusted EPS beat expectations at $1.06. The company revised its FY24 outlook, lowering net sales but slightly raising EPS. Otis shares are down 4.34% premarket.
July 24, 2024 | 1:24 pm
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NEGATIVE IMPACT
Otis Worldwide reported a mixed Q2 FY24 with a 3.2% Y/Y sales decline to $3.60 billion, missing the consensus of $3.73 billion. Adjusted operating profit increased to $613 million, and adjusted EPS beat expectations at $1.06. The company revised its FY24 outlook, lowering net sales but slightly raising EPS. Shares are down 4.34% premarket.
The sales decline and missed consensus estimates are likely to negatively impact investor sentiment in the short term, despite the beat on EPS and increased operating profit. The lowered net sales outlook further contributes to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The WBI BullBear Value 3000 ETF (NYSE:WBIF) has exposure to Otis Worldwide, which reported mixed Q2 FY24 results. Otis's sales decline and missed consensus estimates may negatively impact WBIF in the short term.
Given WBIF's exposure to Otis Worldwide, the negative sentiment around Otis's mixed Q2 results and sales decline may impact WBIF's performance in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The WBI BullBear Yield 3000 ETF (NYSE:WBIG) has exposure to Otis Worldwide, which reported mixed Q2 FY24 results. Otis's sales decline and missed consensus estimates may negatively impact WBIG in the short term.
Given WBIG's exposure to Otis Worldwide, the negative sentiment around Otis's mixed Q2 results and sales decline may impact WBIG's performance in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50