OTIS - Elevator Company Otis' Q3: 5.4% Revenue Growth EPS Beat Raised FY23 EPS Outlook & More | Benzinga
Otis Worldwide Corp (NYSE: OTIS) reported Q3 2023 sales growth of 5.4% Y/Y to $3.52 billion, +5.2% Y/Y on an organic basis, in line with the consensus.
Adjusted operating profit increased to $595 million from $543 million, and the margin expanded by 60 bps to 16.9%, led by favorable Service performance and segment mix.
New Equipment sales of $1.44 billion fell 0.8% Y/Y. Adjusted operating margin remained flat Y/Y at 7.2%.
New Equipment orders declined 10% Y/Y at constant currency due to weakness in the Americas and China. The new equipment backlog grew by low-single digits in Q3.
The Farmington, Connecticut-based company's maintenance portfolio units increased by 4.2%; Mod orders were up 13% Y/Y, and backlog was ...