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Mar 31, 2024
Otis Q1 2024 Earnings Report
Otis demonstrated strength in its service-driven business model and modernization efforts, leading to an increased EPS outlook and share repurchase target.
Key Takeaways
Otis reported a 2.7% increase in net sales and a 3.8% increase in organic sales, driven by a strong service sector performance. The company's GAAP EPS increased by 8.9% and adjusted EPS increased by 10.0%. Due to a strong first quarter, Otis increased its EPS outlook and share repurchase target.
Net sales increased by 2.7% with organic sales up by 3.8%, driven by a 5.8% increase in service net sales.
GAAP EPS increased by 8.9% and adjusted EPS increased by 10.0%, with operating profit margin expansion.
New Equipment orders were down 10%, while Mod orders were up 13%.
The company updated its full-year outlook, increasing adjusted EPS to $3.83 to $3.90 and the share repurchase target to $1 billion.
Otis
Otis
Otis Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.comNew Equipment Revenue
CapyFin.com Forward Guidance
Otis is revising its full year outlook:
Positive Outlook
- Net sales of $14.5 to $14.8 billion
- Organic sales up 3 to 5%
- Organic Service sales up 6 to 7%
- Adjusted operating profit of $2.40 to $2.45 billion
- Adjusted EPS of $3.83 to $3.90, up 8 to 10%
Revenue & Expenses
Visualization of income flow from segment revenue to net income