secwatch.observer — SEC 8-K summary
======================================

Issuer:     Otis Worldwide Corp (OTIS)
CIK:        0001781335
Form:       8-K
Filed at:   2024-07-24T23:59:59+00:00
Accession:  0001781335-24-000036
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781335/000178133524000036/0001781335-24-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781335/000178133524000036/otis-20240724.htm
  HTML page:      https://secwatch.observer/filing/0001781335-24-000036

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