5 Stocks Gaining Attention After Posting Their Quarterly Results

3. Otis Worldwide Corporation (NYSE:OTIS)

Number of Hedge Fund Holders: 45

Shares of Otis Worldwide Corporation (NYSE:OTIS) dropped four percent on Monday, 25 October 2021, despite beating expectations for the third quarter. The New York-based escalator manufacturer reported adjusted earnings of 77 cents per share, up from 69 cents per share in the year-ago quarter.

In addition, Otis Worldwide Corporation (NYSE:OTIS) posted revenue of $3.62 billion, compared to $3.27 billion in the same period last year. The results exceeded the consensus forecast of 73 cents per share for earnings and $3.55 billion for revenue.

Otis Worldwide Corporation (NYSE:OTIS) also raised its profit outlook for the full year. It expects adjusted earnings of about $2.95 per share versus its previous forecast between $2.89 – $2.93 per share.

CEO Judy Marks expressed his satisfaction with the results. Marks said in a statement:

“Otis delivered another strong quarter with sales growth and margin expansion in both segments, a 3% increase in maintenance portfolio units and the third consecutive quarter of New Equipment orders growth. We also generated robust cash flow enabling us to buy back $725 million of shares year-to-date and announced a tender offer to acquire the remaining interest in Zardoya Otis, a decision that will streamline management and create value for shareholders.”