India, April 23 -- Elevator and escalator manufacturing, installation and service company Otis Worldwide Corp. (OTIS) Wednesday announced a fall in first quarter earnings, while net sales were down by 3 percent, compared to the prior year and beat the estimates. On an adjusted basis, earnings increased slightly, and came in above estimates.
The quarterly earnings were $243 million, down 31 percent from $353 million a year ago. On an adjusted basis, earnings were $368 million, up 2 percent from $361 million last year.
On a per share basis, earnings fell 29 percent to $0.61 from $0.86 a year ago. The company attributed decline to UpLift transformation costs, separation-related adjustments, and other non-recurring items. Adjusted earnings we...