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Mar 31, 2021
Otis Q1 2021 Earnings Report
Delivered strong first quarter results with sales growth and margin expansion in both segments and double digit New Equipment orders growth; improved 2021 outlook.
Key Takeaways
Otis reported strong first quarter results with a 14.9% increase in net sales and a 10.3% increase in organic sales. GAAP EPS increased 86.8% to $0.71, and adjusted EPS increased 20.0% to $0.72. The company has improved its full-year outlook.
Net sales up 14.9%; organic sales up 10.3%
GAAP operating profit up $180 million with 380 basis points of margin expansion
New Equipment orders up 18.4%; backlog up 8%, 2% at constant currency
GAAP cash flow from operations of $585 million; free cash flow of $541 million
Otis
Otis
Otis Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.comNew Equipment Revenue
CapyFin.com Forward Guidance
Otis is improving its full year outlook with net sales of $13.6 to $13.9 billion, organic sales up 4 to 6%, adjusted EPS $2.78 to $2.84, and free cash flow of $1.35 to $1.45 billion.
Positive Outlook
- Net sales of $13.6 to $13.9 billion, up 6.7 to 8.7%
- Organic sales up 4 to 6%
- Organic New Equipment sales up 7.5 to 8.5%
- Organic Service sales up 2 to 4%
- Adjusted EPS $2.78 to $2.84, up 10 to 13%
Revenue & Expenses
Visualization of income flow from segment revenue to net income