Otis Worldwide Corporation (OTIS) has announced an increase in its fourth quarter net income, which rose from $297 million ($0.71 per share) last year to $323 million ($0.79 per share).
When taking into account specific items, the quarter's adjusted earnings stood at $0.87 per share, an increase from $0.75 per share in the same period of the previous year.
The Corporation also reported a 5.3% rise in net sales for the quarter, increasing from $3.44 billion the previous year to $3.62 billion. The growth in organic sales saw a 3.9% rise.
Analysts at Thomson Reuters, on average, had forecasted the company to yield earnings of $0.86 per share with revenues of $3.57 billion for the quarter. It should be noted that these forecasts typically omit one-off items.
Looking forward, the company has built a predicted forecast for the fiscal year of 2024. It projects adjusted profits to be within the range of $3.80 to $3.90 per share, with net sales estimated to be between $14.5 billion and $14.8 billion. The forecast also points to an organic sales growth of 3 to 5 percent. These predictions align with The Street's expectations of $3.85 per share in net sales amounting to $14.66 billion for the year.
