By Denny Jacob
Otis Worldwide posted a year-over-year decline in quarterly sales due to fewer sales in one business segment that saw weaker demand from China.
The Farmington, Conn., maker of elevators and escalators logged net income of $243 million, or 61 cents a share, down from $353 million, or 86 cents a share, in the prior-year period.
Stripping out certain one-time items, earnings came in at 92 cents a share. Analysts polled by FactSet expected 90 cents a share.
The company, formerly a branch of United Technologies, said sales declined to $3.35 billion from $3.44 billion. Analysts polled by FactSet expected $3.38 billion.
Otis primarily attributed the topline decline to lower activity in its new equipment unit on lower sales coming from China.
"We continued to execute our modernization strategy with orders up 12% leading to a mid-teens backlog growth that sets us up well for the rest of the year," said Chief Executive Judy Marks.
For 2025, Otis forecast sales between $14.6 billion and $14.8 billion, up from its previous forecast of sales between $14.1 billion and $14.4 billion. It maintained its outlook of adjusted earnings per-share in the range of $4 and $4.10.
Otis said it expects adjusted operating profit of $2.4 billion to $2.5 billion, up $105 million to $135 million at constant currency excluding $75 million to $45 million of tariff impact, and up $55 million to $105 million at actual currency including the tariff impact.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 23, 2025 06:44 ET (10:44 GMT)
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