Otis Q2 organic sales up 9.5%, adjusted EPS $0.92; raises FY guidance, boosts buyback to $800M

Otis Worldwide Corp

2023-Q2 EPS reported $1.70 revenue$7,066,000,000

Q2 net sales $3.72B (+6.7% reported, +9.5% organic); adj EPS $0.92 (+7.0%), GAAP EPS $0.90 (+18.4%).
New Equipment orders -12% YoY at cc; adj backlog +5% cc; Maintenance portfolio units +4.2%.
Launched UpLift cost program targeting $150M savings over two years.
FY outlook raised: adj EPS $3.45-3.50, organic sales +4.5-6%, FCF $1.5-1.55B, buyback increased to $800M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Otis Worldwide Corp reported second quarter 2023 results: revenue $3.7 billion, net income $376, EPS $0.90. Guidance raised.

Period: second quarter 2023
Revenue: $3.7 billion
Net income: $376
EPS: $0.90
Guidance: raised
Result: reported results

Exact text from the filing

Full-year share repurchase target increased to $800 million. FARMINGTON, Conn., July 26, 2023 – Otis Worldwide Corporation (NYSE:OTIS) reported second quarter 2023 net sales of $3.7 billion with 9.5% organic growth. GAAP diluted earnings per share (EPS) of $0.90 was up 18.4% versus the prior year and adjusted EPS increased 7.0% to $0.92. "Otis delivered a strong

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Source: SEC EDGAR

accession 0001781335-23-000026

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