Otis Q1: Adj EPS $0.88 (+10%), Service sales +6.5% organic; New Equip orders -10%; raises FY guidance

Otis Worldwide Corp

2024-Q1 EPS reported $0.86 revenue$3,437,000,000

GAAP EPS $0.86 (+8.9%), adjusted EPS $0.88 (+10.0%); revenue $3.44B, organic +3.8%.
Service organic sales +6.5%, margin 24.2% (+70 bps); modernization orders +13%, backlog +14%.
New Equipment orders -10% at constant currency, backlog -2% (~flat at cc).
Raised FY adj EPS guidance to $3.83-$3.90; boosted buyback target to $1B; dividend +14.7%.
Q1 cash from ops $171M (-$107M), adj free cash flow $155M (-$98M) due to working capital.

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 0.95

Otis Worldwide Corp reported first quarter 2024 results: revenue $3.4 billion, net income $353, EPS $0.86. Guidance raised.

Period: first quarter 2024
Revenue: $3.4 billion
Net income: $353
EPS: $0.86
Guidance: raised
Result: reported results

Exact text from the filing

Otis Worldwide Corporation (NYSE:OTIS) reported first quarter 2024 net sales of $3.4 billion with 3.8% organic growth. GAAP earnings per share (EPS) increased 8.9% to $0.86 and adjusted EPS increased 10.0% to $0.88.

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Source: SEC EDGAR

accession 0001781335-24-000016

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