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Mar 31, 2023
Otis Q1 2023 Earnings Report
Delivered solid first quarter results driven by mid-single digit organic Service growth and strong New Equipment orders performance.
Key Takeaways
Otis Worldwide Corporation reported a decrease in net sales by 2.0% to $3.3 billion, but organic sales increased by 3.6%. GAAP EPS increased by 8.2% to $0.79, and adjusted EPS increased by 5.3% to $0.80. New Equipment orders were up 7.4%, and the maintenance portfolio units increased by 4.2%.
1Q Net sales down 2.0% and organic sales up 3.6%. GAAP EPS up 8.2% and adjusted EPS up 5.3%
1Q New Equipment orders up 7.4%; NE backlog up 3%, adjusted backlog up 10% at constant currency
Maintenance portfolio units increased 4.2%
1Q GAAP cash flow from operations of $278 million; free cash flow of $253 million, or 76% of net income
Revenue by Segment
Forward Guidance
Otis is revising its full year outlook: Adjusted net sales of $13.9 to $14.2 billion, up 2.5 to 4.5%, Adjusted EPS of $3.40 to $3.50, up 7 to 10%; and reiterating free cash flow of $1.5 to $1.55 billion.
Positive Outlook
- Adjusted net sales of $13.9 to $14.2 billion, up 2.5 to 4.5%
- Organic sales up 4 to 6%
- Organic New Equipment sales up 3 to 5%
- Organic Service sales up 5 to 7%
- Adjusted EPS of $3.40 to $3.50, up 7 to 10%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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