(Reuters) – Liftmaker Otis Worldwide posted second-quarter revenue and profit above analysts’ estimates on Wednesday, fueled by sustained demand for escalators and elevators in residential and commercial projects.
The Connecticut-based company’s price hikes in the Americas, Europe, Africa and Asia Pacific helped it fend off headwinds from high labor and material costs in the quarter.
On an adjusted basis, Otis earned 92 cents per share for the quarter ended June 30, compared with analysts’ estimates of 86 cents per share, according to Refinitiv data.
The company reported a quarterly revenue of $3.72 billion, up about 7% from a year earlier. Analysts, on average, expected the company to post a second-quarter revenue of $3.58 billion.
Otis also raised the lower end of its guidance for adjusted profit to $3.45 per share, compared with its prior outlook of $3.40 per share.
(Reporting by Nathan Gomes and Ananta Agarwal in Bengaluru; Editing by Krishna Chandra Eluri)
