Otis 3Q Net Up, Backs 2026 Growth Views on Strong Service Sales

Dow Jones10-28

Otis Worldwide's third-quarter net income rose and the maker of elevators backed its growth projections for the year as lucrative service contracts made up for weakness in Chinese demand for new equipment.

The Farmington, Conn., maker of elevators and escalators posted earnings of $414 million, or $1.08 a share, up from $374 million, or 95 cents a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $1.05 a share, surpassing the mean Wall Street estimate of $1.01 a share, according to FactSet.

Sales rose 6% to $3.91 billion, topping the average analyst target of $3.85 billion, as per FactSet.

Service sales rose 8% to $2.62 billion. Higher volume and prices at the service unit were partially offset by increased labor costs and an unfavorable mix of contracts, which weighed on operating profit margin.

New-equipment sales rose 3% to $1.3 billion. Equipment orders rose in the Americas, Europe, Middle East and Africa, and the Asia-Pacific regions, but fell in China.

For 2026, Otis reiterated its prior projection for adjusted earnings per-share of $4.01 to $4.05.

Otis, formerly owned by United Technologies, also backed its previous 2026 sales forecast calling for sales between $15.1 billion and $15.3 billion, up from $14.4 billion in 2025. Analysts anticipate adjusted earnings of $4.04 a share on sales of $15.27 billion.

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