secwatch.observer — SEC 8-K summary
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Issuer:     Otis Worldwide Corp (OTIS)
CIK:        0001781335
Form:       8-K
Filed at:   2023-04-26T23:59:59+00:00
Accession:  0001781335-23-000013
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781335/000178133523000013/0001781335-23-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781335/000178133523000013/otis-20230426.htm
  HTML page:      https://secwatch.observer/filing/0001781335-23-000013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer