Otis Q1 adjusted EPS $0.80 beats; raises buyback target to $700-800M; updates FY outlook

Otis Worldwide Corp

2023-Q1 EPS reported $0.79 revenue$3,346,000,000

Q1 adjusted EPS $0.80 (+5.3% YoY); GAAP EPS $0.79 (+8.2%); organic sales +3.6%.
New Equipment orders up 7.4% at constant currency; adjusted backlog +10% at constant currency.
Service organic sales +6.3%; operating profit +$40M at constant currency.
Free cash flow $253M (76% conversion); FY free cash flow guidance reaffirmed $1.5-1.55B.
FY adjusted EPS guidance raised to $3.40-3.50; share repurchase target increased to $700-800M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Otis Worldwide Corp reported Full year 2023 results: revenue $13.9 to $14.2 billion, EPS $3.40 to $3.50.

Period: Full year 2023
Revenue: $13.9 to $14.2 billion
EPS: $3.40 to $3.50
Result: guidance update

Exact text from the filing

decreased $221 million versus prior year due to working capital increases from payment timing. 2023 Outlook 1 Otis is revising its full year outlook: • Adjusted net sales of $13.9 to $14.2 billion, up 2.5 to 4.5% • Organic sales up 4 to 6% ◦ Organic New Equipment sales up 3 to 5% ◦ Organic Service sales up 5 to 7% • Adjusted operating profit of $2.2 to $2.3

View on SEC.gov

Browse all earnings releases →

Otis Worldwide Corp filing history →

Source: SEC EDGAR

accession 0001781335-23-000013

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.