OTIS - Otis Worldwide Non-GAAP EPS of $0.88 beats by $0.02 revenue of $3.44B misses by $20M
2024-04-24 06:07:27 ET
- Otis Worldwide press release ( NYSE: OTIS ): Q1 Non-GAAP EPS of $0.88 beats by $0.02 .
- Revenue of $3.44B (+2.7% Y/Y) misses by $20M .
- 1Q Net sales up 2.7% and organic sales up 3.8% driven by Service net sales up 5.8% with organic sales up 6.5%
- 1Q New Equipment orders down 10%, backlog down 2%, ~flat at constant currency
- 1Q Mod orders up 13%, backlog up 14%, up 15% at constant currency
- Maintenance portfolio units increased 4.1%
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Otis is revising its full year outlook:...
- Net sales of $14.5 to $14.8 billion $14.7B consensus
- Organic sales up 3 to 5%
- Organic New Equipment sales approximately flat
- Organic Service sales up 6 to 7%
- Adjusted operating profit of $2.40 to $2.45 billion, up $160 to $190 million at constant currency; up $135 to $175 million at actual currency
- Adjusted EPS of $3.83 to $3.90 vs $3.86 consensus, up 8 to 10%; adjusted effective tax rate of approximately 25.5%
- Adjusted free cash flow of approximately $1.6 billion