Otis Q3 adjusted EPS up 5.3% to $0.80; organic sales up 0.8%; raises share buyback target to $850M

Otis Worldwide Corp

2022-Q3 EPS reported $2.25 revenue$10,246,000,000

GAAP EPS $0.77 flat YoY; adjusted EPS $0.80 up 5.3%, driven by Service and lower share count.
Net sales $3.34B down 7.6% but organic sales up 0.8%; foreign exchange headwind 7.2%.
New Equipment orders down 0.8% overall, up 7.4% ex-China; adjusted backlog up 12% at constant currency.
Service organic sales up 6.2%; maintenance portfolio units up 3.8% YoY.
Full-year outlook: organic sales +2.0-2.5%, adj EPS $3.11-$3.15, FCF $1.5-$1.6B; buyback target raised to $850M.

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