Otis Worldwide Q1 Profit Up, Tops Estimates; Revises FY22 View - Quick Facts

(RTTNews) - Elevators and escalators maker Otis Worldwide Corp. (OTIS) reported Monday that its first-quarter net income increased 1 percent to $311 million from last year's $308 million.

Earnings per share increased 2.8 percent to $0.73 from $0.71 last year.

Adjusted net income was $329 million or $0.77 per share, compared to prior year's $312 million or $0.72 per share.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales edged up 0.2 percent to $3.414 billion from last year's $3.408 billion. Sales grew 3.2 percent at constant exchange rates. Organic growth was 3.1 percent.

Analysts estimated sales of $3.43 billion for the quarter.

Looking ahead, Otis revised its fiscal 2022 outlook to exclude Russia.

The company now expects adjusted earnings per share of $3.22 to $3.27, up 9 to 11 percent, adjusted operating profit of $2.2 billion to $2.25 billion, adjusted net sales of around $14.1 billion to 14.3 billion, up 0.5 percent to 1.5 percent, and organic sales growth of 3 percent to 4 percent.

The analysts expect earnings of $3.28 per share, and sales of $14.62 billion for the year.

Despite the intensifying macro challenges, including the impact from the crisis in Ukraine, the company expects to achieve 3 to 4 percent organic sales growth and 10 percent adjusted earnings per share growth, at the midpoint.

The company previously expected adjusted EPS of $3.20 to $3.30, up 6 to 10 percent, net sales of $14.4 to $14.7 billion, up 1 to 3 percent, and organic sales up 2.5 to 4.5 percent.