Otis Worldwide Corp Q2 Profit Increases, Beats Estimates

(RTTNews) - Otis Worldwide Corp (OTIS) reported a profit for its second quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $415 million, or $1.02 per share. This compares with $376 million, or $0.90 per share, in last year's second quarter.

Excluding items, Otis Worldwide Corp reported adjusted earnings of $428 million or $1.06 per share for the period.

Analysts on average had expected the company to earn $1.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 3.2% to $3.60 billion from $3.72 billion last year.

Otis Worldwide Corp earnings at a glance (GAAP) :

-Earnings (Q2): $415 Mln. vs. $376 Mln. last year. -EPS (Q2): $1.02 vs. $0.90 last year. -Revenue (Q2): $3.60 Bln vs. $3.72 Bln last year.

-Guidance: Full year EPS guidance: $3.85 - $3.90 Full year revenue guidance: $14.3 - $14.5 Bln