Otis First Quarter Impacted by Middle East Conflict

Otis Worldwide said on April 22 its new equipment sales were impacted by tariff pressures and shipment delays in the first quarter due to the ongoing conflict in the Middle East, BNN Bloomberg is among outlets to report. The company also forecast annual adjusted profit below Wall Street estimates, anticipating weak demand for new elevators and escalators due to companies experiencing tariff uncertainty and geopolitical instability. Otis forecast 2026 adjusted profit of US$4.20 to US$4.24 per share, the midpoint of which is slightly below analysts’ average estimate of US$4.26 per share. First-quarter new equipment sales fell to US$1.15 billion from US$1.16 billion a year earlier, mostly due to a greater than 20% decline in China. The company’s first-quarter revenue rose to US$3.57 billion from US$3.35 billion a year earlier, compared with estimates of US$3.5 billion.