By Will Feuer
Otis Worldwide reported higher sales and earnings for the third quarter, lifted by the company’s service segment.
The Farmington, Conn.-based elevator-and-escalator maker reported a profit of $376 million, or 91 cents a share, compared with $324 million, or 77 cents a share, in the same period last year.
Adjusted earnings came to 95 cents a share. Analysts surveyed by FactSet were expecting adjusted earnings of 88 cents a share.
Sales rose 5.4% to $3.52 billion, below the $3.54 billion that analysts were expecting, according to FactSet.
Organic sales, which strips out the effects of currency fluctuations and other adjustments, rose 5.2%.
In the New Equipment segment, sales fell less than 1% to $1.44 billion while Service sales climbed about 10% to $2.09 billion.
Write to Will Feuer at [email protected]
Read the full article here