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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.
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 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