Otis Worldwide Q1 Profit Up, Beats Estimates; Lifts Annual Earnings Outlook - Update

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For the full year, Otis Worldwide Corporation (OTIS) has revised up its earnings outlook in line with analysts' estimates, while reaffirming the sales guidance.

For the full year, adjusted EPS is now expected to be in the range of $3.83 to $3.90 against its previous outlook of $3.80 to $3.90 per share. Otis still expects annual sales of $14.5 billion to $14.8 billion.

Analysts, on average, expect the firm to post EPS of $3.87, on revenue of $14.7 billion, for the year. Judy Marks, CEO of Otis, said: "…Modernization strength continues, including another quarter of orders growth above 10% leading to mid-teens backlog growth and organic sales growth of nearly 10%. After delivering a strong first quarter, we are raising our EPS outlook driven by operational performance and increasing our share repurchase target to $1 billion for the year."

Q1 Results:

Otis Worldwide announced a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $353 million, or $0.86 per share. This compares with $331 million, or $0.79 per share, in last year's first quarter.

Excluding items, Otis Worldwide Corp reported adjusted earnings of $361 million or $0.88 per share for the period.

Analysts on average had expected the company to earn $0.87 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.7% to $3.44 billion from $3.35 billion last year.

Otis Worldwide Corp earnings at a glance (GAAP) :

-Earnings (Q1): $353 Mln. vs. $331 Mln. last year. -EPS (Q1): $0.86 vs. $0.79 last year. -Revenue (Q1): $3.44 Bln vs. $3.35 Bln last year.