Otis Worldwide (NYSE: OTIS) reported Q2 EPS of $0.56, $0.12 better than the analyst estimate of $0.44. Revenue for the quarter came in at $3.03 billion versus the consensus estimate of $2.94 billion.

"Otis' second quarter results, considering COVID-19 related challenges, demonstrated the resiliency of our business, the strength of our strategy, and our ability to contain costs. We generated robust free cash flow, reinforcing our strong liquidity, grew global share and partnered with customers to deliver safety, health, and performance solutions. Our Otis colleagues showed great dedication and commitment to providing essential services and continuity to our customers in supporting their efforts to safely reopen job sites and buildings around the world," said President and CEO Judy Marks. "Our solid first half performance and execution on our long-term growth strategies give us the confidence to improve our 2020 outlook."

GUIDANCE:

Otis Worldwide sees FY2020 EPS of $2.20-$2.30, versus the consensus of $2.08.

Otis is improving its full year outlook to reflect strong first half performance and the anticipated recovery profile in the second half.

• Net sales down 4.5 to 6.5%
• Organic sales down 2 to 4%
  • Organic New Equipment sales down mid to high single digits
  • Organic Service sales flat to down low single digits
• Adjusted operating profit flat to down $50 million at constant currency and down $40 to $100 million at actual currency
• Adjusted EPS of $2.20 to $2.30; adjusted effective tax rate down 50 basis points to ~31.5%
• Free cash flow of $1.0 to 1.1 billion with conversion of 130 to 140% of GAAP net income
• 2020 debt repayment increased $100 million versus prior outlook to $350 million

For earnings history and earnings-related data on Otis Worldwide (OTIS) click here.