secwatch.observer — SEC 8-K summary
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Issuer:     Otis Worldwide Corp (OTIS)
CIK:        0001781335
Form:       8-K
Filed at:   2024-04-24T23:59:59+00:00
Accession:  0001781335-24-000016
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781335/000178133524000016/0001781335-24-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781335/000178133524000016/otis-20240424.htm
  HTML page:      https://secwatch.observer/filing/0001781335-24-000016

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