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Otis Reach New High As Brighter Outlook, Surging Orders Raise Hopes

imageStock Markets1 hour ago (Apr 26, 2021 10:45AM ET)

(C) Reuters.

By Dhirendra Tripathi

Investing.com – Otis (NYSE:OTIS) shares reached a 52-week high of $76.88 Monday as a brighter outlook, built on a robust performance in the last quarter, pointed to better times for the maker of elevators and escalators.

Otis raised its full-year forecast. The company now expects its organic sales to rise by 4% to 6%, compared to a previous forecast for growth of 2% to 4% given in February. Net sales are now seen in the range of $13.6 billion to $13.9 billion, up from the $13.3 billion to $13.6 billion range given earlier.

President and CEO Judy Marks said the outlook reflected the “resiliency of the business model.”

Otis’s March quarter earnings were better than the consensus estimate as the company booked more contracts and ended the quarter with an order book that was 8% more than the comparable figure same time last year.

Adjusted earnings rose 20% to 72 cents per share. Revenue came in above forecasts as well. Net sales in the March quarter rose 14.9%, to $3.4 billion, with organic sales rising by 10.3%.

New equipment orders rose 18.4%.

Otis Reach New High As Brighter Outlook, Surging Orders Raise Hopes

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