Otis Q2 adjusted EPS $1.06 (+15.2% YoY); raises FY2024 adjusted EPS outlook to $3.85-$3.90

Otis Worldwide Corp

2024-Q2 EPS reported $1.89 revenue$7,038,000,000

GAAP EPS $1.02 (+13.3% YoY); adjusted EPS $1.06 (+15.2% YoY); net sales $3.6B (-3.2%).
Service organic sales +5.1%; margin expanded 110bps to 24.7%; New Equipment sales -11.4%, backlog -4%.
Mod orders +14%, backlog +15%; maintenance portfolio units +4.2%.
Repurchased $300M in Q2; 1H adjusted free cash flow $508M; FY adjusted free cash flow outlook ~$1.5-$1.6B.
UpLift cost savings target increased to $175M run rate by mid-2025.

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