FARMINGTON, Conn. — Otis Worldwide, the elevator and escalator giant spun off from United Technologies in 2020, beat Wall Street's third-quarter targets on Wednesday, reporting revenue of $3.91 billion against analyst estimates of $3.86 billion.

Adjusted earnings per share came in at $1.05, edging past the $1.01 consensus estimate, according to figures reported by StockStory. The beat was driven largely by the company's high-margin service business, which includes maintenance and repair contracts covering the millions of elevators and escalators Otis has installed worldwide.

Despite the top- and bottom-line beat, Otis's full-year revenue guidance came in slightly below Wall Street's consensus, tempering investor enthusiasm. The mixed signal — a clean quarterly beat paired with cautious guidance — has become a familiar pattern this earnings season for industrial manufacturers navigating tariff costs and uneven construction demand.

Otis was one of several companies to report Wednesday morning alongside building-products maker Masco, which also topped estimates, as part of a broad wave of industrial earnings this week. Markets are now turning attention to the afternoon's Federal Reserve rate decision and after-the-bell results from several major technology companies.

What's next: Otis executives are expected to field questions on construction demand in China and modernization spending in North America during their earnings call later Wednesday.