Otis Q2 adj EPS $0.86 +11.7%, NE orders +16.5%, revises FY outlook to adj EPS $3.17-$3.21

Otis Worldwide Corp

2022-Q2 EPS reported $1.48 revenue$6,902,000,000

GAAP EPS flat at $0.76; adjusted EPS $0.86 (+11.7%); net sales $3.49B (-5.8% reported, +0.4% organic)
New Equipment orders up 16.5%; backlog up 6% (adjusted +10% at constant currency)
Service segment organic sales +5.2%; adjusted op margin expanded 50 bps to 23.1%
Free cash flow $800M YTD (127% of net income); FY free cash flow guidance ~$1.6B
2022 outlook: organic sales +2.5-3.5%, adj EPS $3.17-$3.21, up 7-9%

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