WASHINGTON (dpa-AFX) - Elevator and escalator manufacturing, installation and service company Otis Worldwide Corp. (OTIS) Wednesday announced a fall in first quarter earnings, while net sales were down by 3 percent, compared to the prior year and beat the estimates. On an adjusted basis, earnings increased slightly, and came in above estimates.
The quarterly earnings were $243 million, down 31 percent from $353 million a year ago. On an adjusted basis, earnings were $368 million, up 2 percent from $361 million last year.
On a per share basis, earnings fell 29 percent to $0.61 from $0.86 a year ago. The company attributed decline to UpLift transformation costs, separation-related adjustments, and other non-recurring items. Adjusted earnings were $0.92, while it was $0.88 in the prior year.
On average, analysts were looking for earnings of $0.91 per share. Analysts estimates usually exclude special items.
Net sales for the first quarter decreased 3 percent to $3.350 billion from $3.437 billion a year ago. Analysts were looking for revenue of $3.42 billion.
Services segment sales were up 1 percent at $2.187 billion from $2.157 billion a year ago. New equipment sales declined 9 percent to $1.163 billion from $1.280 billion in the previous year.
Looking ahead to the full year, the company revised its net sales to $14.6 to $14.8 billion, up 3 to 4 percent. Earlier projection of net sales were between $14.1 billion and $14.4 billion. Analysts expects net sales of $14.52 billion.
Adjusted earnings per share were confirmed to be $4.00 to $4.10, up 4 to 7 percent.
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