Otis Worldwide Corporation (OTIS) Had A Tough Quarter & China Was Horrible, Says Jim Cramer

We recently published 13 Stocks That Jim Cramer Recently Talked About. Otis Worldwide Corporation (NYSE:OTIS) is one of the stocks Jim Cramer recently discussed.

Otis Worldwide Corporation (NYSE:OTIS) is an industrial equipment company that sells elevators and other products. Its shares have lost 6.6% year-to-date, primarily on the back of a stunning 14.7% dip in July after the firm’s $3.6 billion in revenue for the second quarter fell short of analyst estimates of $3.7 billion. Crucially, investors were also worried about Otis Worldwide Corporation (NYSE:OTIS) exposure to China and the fact that its China sales dipped by 20%. Cramer admitted that the firm had a bad quarter:

“I had Judy Marks on, they had a very tough quarter. China was really, really horrible.”

Cramer previously discussed Otis Worldwide Corporation (NYSE:OTIS)’s China exposure as well:

“Otis, look I’m, Judy Marks is going to come on Mad Money, and she has held in and done great things. And they’ve had a lot of service revenue, including China. She’d tell you over and over again that that business remains very strong. So I have to find out more, that was a very tough hit. Very good company. That’s a spinoff of United Technologies.

“Yeah no Otis this was the first big miss. Remember, she’s a lot China. But you don’t see a lot of cranes. There are not a lot of cranes in this country.”

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Disclosure: None. This article is originally published at Insider Monkey.