News

Otis Worldwide Corporation’s OTIS Vietnam subsidiary is selected by Masterise Homes for new elevator equipment and servicing in the residential project, LUMIERE Evergreen, in Hanoi.

Otis Vietnam will be responsible for installing four SkyRise and 24 Arise elevators in the 40-storey high-rise apartment by October 2025. This will be accompanied by the company servicing the elevators through June 2028. The SkyRise elevators amalgamate Otis Worldwide’s industry-leading technologies with space-saving design, making it the company’s advanced high-rise system. Also, the Arise elevator system is optimized with its patented ReGen drive, which recycles energy for other building systems.

This project of Otis Worldwide with Masterise Homes in Hanoi stands at number three, preceded by two other residential developments including the Ocean Park and Smart City high-end residential projects.

Innovation Driving Growth

The primary focus of Otis Worldwide on seeking innovation opportunities and making strategic investments in them is fostering its growth. The company seems to be maintaining its research and development (R&D) investment, as in 2023, it invested $144 million in R&D. Furthermore, during the first quarter of 2024, the company invested $36 million in R&D.

In 2023-end, it had 11 R&D centers and 17 factories across the world, primarily in China, India, Japan, France, Germany, Spain, and the United States. These centers are strategically placed to enable the efficient development of engineering solutions. Also, it has approximately 1,200 engineers globally, with an intense focus on digital initiatives, software, design user interface, and experience.

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Shares of OTIS have gained 8.3% in the year-to-date period, outperforming the Zacks Building Products - Miscellaneous industry’s 3.3% growth. The company expects to continue innovating and expanding the digital ecosystem and suite of digital solutions for both the existing service portfolio customers and new equipment shipments from factories.

Zacks Rank & Key Picks

Otis Worldwide currently carries a Zacks Rank #4 (Sell).

Here are some better-ranked stocks from the Construction sector.

Advanced Drainage Systems, Inc. WMS currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

WMS delivered a trailing four-quarter earnings surprise of 30.5%, on average. The stock has risen 32.5% in the past year. The Zacks Consensus Estimate for WMS’ fiscal 2025 sales and earnings per share (EPS) indicates a growth of 6.4% and 12.2%, respectively, from the prior-year reported levels.

Arcosa, Inc. ACA currently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 43.9%, on average. Shares of ACA have gained 6.6% in the past year.

The consensus estimate for ACA’s 2024 sales and EPS implies increases of 15.2% and 10.8%, respectively, from the prior-year reported levels.

Louisiana-Pacific Corporation LPX presently sports a Zacks Rank of 1. LPX delivered a trailing four-quarter earnings surprise of 18.6%, on average. The stock has rallied 7.5% in the past year.

The Zacks Consensus Estimate for LPX’s 2024 sales and EPS indicates increases of 17% and 79.8%, respectively, from a year ago.

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