Asia-Pacific Construction Buoys Otis’ 2023 Profit Outlook

Growing construction in India and the greater Asia-Pacific region are among factors that prompted Otis to raise its full-year profit forecast on October 25, Reuters is among outlets to report. The region is expected to generate sustained demand for elevators and escalators for residential and commercial projects, with Otis now expecting its full-year adjusted earnings to be US$3.52 per share, up from the previous US$3.45-US$3.50 forecast. London Stock Exchange Group data shows adjusted profit of 95 cents per share for the quarter ending September 30 beating analyst expectations of 87 cents per share. The Farmington, Connecticut-headquartered Otis also reported that net sales in its services division rose to US$2.9 billion during the quarter, versus US$1.9 billion for the same quarter in 2022. In line with analysts’ expectations, Otis’ total net sales rose 5.4% to US$3.52 billion.