By Will Feuer
Otis Worldwide Corp. posted lower sales for the fourth quarter as the strong U.S. dollar wiped out gains.
The elevator-and-escalator maker posted a profit of $297 million, or 71 cents a share, for the three months ended Dec. 31, up from $281 million, or 65 cents a share, a year earlier.
Stripping out one-time items, including restructuring costs, adjusted earnings came to 75 cents a share. Analysts surveyed by FactSet were expecting adjusted earnings of 73 cents a share.
Sales fell 3.6% to $3.44 billion. Analysts surveyed by FactSet were expecting sales of $3.36 billion. Foreign-currency translations reduced sales by 8.2%. Organic sales, which strip out the effects of currency fluctuations and mergers, rose 6.1%.
In the New Equipment segment, Farmington, Conn.-based Otis said sales of $1.46 billion fell 6.5% from a year earlier, dragged down by foreign-exchange rates and sales in China.
The Service segment saw sales slip 1.4% to $1.98 billion as an 8.3% hit from foreign exchange effects wiped out gains.
Write to Will Feuer at [email protected]
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