By Don Nico Forbes
Otis Worldwide posted an increase in profit and revenue in the fourth quarter driven by the Service segment, and outlined expectations for growth in 2025.
The Farmington, Conn., maker of elevators and escalators, on Wednesday posted profit of $337 million, or 84 cents a share, up from $323 million, or 79 cents a share, a year earlier.
On an adjusted basis, earnings per share came in at 93 cents, below analyst estimates of 96 cents, according to FactSet.
The company, formerly a branch of United Technologies, said revenue rose 1.5% to $3.68 billion, slightly above analyst views of $3.64 billion. Sales were driven by the Service segment, which saw revenue jump 7.6% to $2.3 billion.
For 2025, Otis said it expects organic sales to rise between 2% and 4%, with adjusted EPS of $4.00 to $4.10 and adjusted free cash flow of approximately $1.6 billion.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
January 29, 2025 06:36 ET (11:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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