Loading...
•
Jun 30, 2023
Otis Q2 2023 Earnings Report
Delivered high-single digit organic sales growth in both segments and mid-single digit adjusted EPS growth
Key Takeaways
Otis reported a strong second quarter with a 9.5% increase in organic sales and a 7.0% increase in adjusted EPS. The company is raising its full-year guidance and increasing share repurchases.
Net sales increased by 6.7% and organic sales increased by 9.5%.
GAAP EPS increased by 18.4% and adjusted EPS increased by 7.0%.
Maintenance portfolio units increased by 4.2%.
Free cash flow was $409 million, representing 109% of net income.
Revenue by Segment
Forward Guidance
Otis is revising its full year outlook with sales up 3.5 to 5.5% at actual currency, adjusted EPS of $3.45 to $3.50 and reiterating free cash flow of $1.5 to $1.55 billion. Full-year share repurchase target increased to $800 million.
Positive Outlook
- Adjusted net sales of $14.0 to $14.3 billion, up 3.5 to 5.5%
- Organic sales up 4.5 to 6%
- Organic New Equipment sales up 3 to 5%
- Organic Service sales up 6 to 7%
- Adjusted EPS of $3.45 to $3.50, up 9 to 10%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...