NEWS
US housing and PMI data, AMC Q2 forecast: Catalysts
2024-07-24
Today's episode of Catalysts, co-hosts by Seana Smith and Madison Mills, focuses on economic data, earnings reports, and the political landscape. The show kicks off with a look at fresh economic data, including US new home sales and the S&P Global Purchasing Managers' Index (PMI). Mills and Smith discuss these reports and their implications for the broader state of the economy. Earnings are in the spotlight as Alphabet (GOOG, GOOGL) and Tesla (TSLA) reported second-quarter results, the latter of which disappointed investors. AMC (AMC) released preliminary second-quarter forecasts anticipating approximately $32.8 million in losses during the quarter. In political news, Vice President Kamala Harris held a campaign rally in Wisconsin on Tuesday, following President Biden's decision to step down from his reelection bid. Harris saw significant support, raising approximately $126 in funding since. This post was written by Angel Smith
OTIS Q2 Earnings Beat, Net Sales Miss, '24 Outlook Revised
2024-07-24
OTIS' second-quarter 2024 results showcase a soft New Equipment segment performance, partially offset by increased contributions from the Service segment. Operational efficiency and capital allocation strategy bode well.
Otis CEO sees potential in China amid property downturn
2024-07-24
Elevator and escalator operator Otis Worldwide (OTIS) released its second quarter results, revealing earnings of $1.06 per share beating estimates of $1.03. Revenue was down 3.2% year-over-year to $3.6 billion against an expected $3.73 billion. Yahoo Finance executive editor Brian Sozzi joins Catalysts to speak with Otis CEO Judy Marks, who provides executive insight into the company's performance the Chinese market's impact on the company's business. Marks blames challenging times in China for some of the slowdown seen in the report. "It was our highest margin quarter since we became independent [in 2020] at 17%, with 110 basis points of margin expansion," Marks explains. "What we've seen, though, is some challenges, some challenging economic times in China, specifically in our new equipment segment where volumes are down because consumer sentiment is not driving the property market to return or or really stabilize to a level where people are now continuing to buy real estate. " Marks elaborates on the potential of the Chinese market as the government still encourages property investments: "There are still over 400 million Chinese living in rural areas that the Chinese government wants to raise from poverty and bring them to urbanized areas. So while the market we're seeing this year will only be between 425,000 and 450,000 elevator and escalator units available in the new equipment market, it's still the largest market in the world." For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Nicholas Jacobino
Otis Worldwide (OTIS) Q2 2024 Earnings Call Transcript
2024-07-24
OTIS earnings call for the period ending June 30, 2024.
Otis Worldwide : Second Quarter 2024 Earnings webcast
2024-07-24
Corrected Transcript 24-Jul-2024 Otis Worldwide Corp. Q2 2024 Earnings Call ...
Compared to Estimates, Otis Worldwide (OTIS) Q2 Earnings: A Look at Key Metrics
2024-07-24
Although the revenue and EPS for Otis Worldwide (OTIS) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Otis cuts annual sales view on slowdown in construction activity in China, US
2024-07-24
Elevator maker Otis Worldwide lowered its 2024 net sales forecast on Wednesday on softening demand for its new equipment from North America and China. The company expects its full-year net sales to be between $14.3 billion and $14.5 billion, down from its previous forecast of $14.5 billion to $14.8 billion. Sales growth in the United States decreased as inflationary pressures slowed construction activity, while a slow recovery in China's property market hurt the company's new equipment segment that makes and installs elevators, escalators and moving walkways.
Lamb Weston, Tesla fall; Tenet Healthcare, Mattel rise; Wednesday, 7/24/2024
2024-07-24
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Otis Worldwide Corporation (OTIS) Q2 2024 Earnings Call Transcript
2024-07-24
Otis Worldwide Corporation (NYSE:NYSE:OTIS) Q2 2024 Earnings Conference Call July 24, 2024 8:30 AM ETCompany ParticipantsMichael Rednor - Senior Director,...
Otis Worldwide Corporation 2024 Q2 - Results - Earnings Call Presentation
2024-07-24
The following slide deck was published by Otis Worldwide Corporation in conjunction with their 2024 Q2 earnings call.