Otis Worldwide (OTIS) Tops Q1 EPS by 3c, Updates Guidance
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Otis Worldwide (NYSE: OTIS) reported Q1 EPS of $0.77, $0.03 better than the analyst estimate of $0.74. Revenue for the quarter came in at $3.4 billion versus the consensus estimate of $3.44 billion.
GUIDANCE:
Otis Worldwide sees FY2022 EPS of $3.22-$3.27, versus the consensus of $3.28.
•1Q Net sales up 0.2% and organic sales up 3.1% with GAAP EPS up 2.8% and adjusted EPS up 6.9%
•1Q New Equipment orders up 8.8%; backlog up 4%, up 6% at constant currency with growth in all regions
•1Q Maintenance portfolio units were up more than 3%
•1Q GAAP cash flow from operations of $504 million; free cash flow of $474 million, or 152% of net income
•Completed $200 million in share repurchases and repaid $500 million of debt
•Revised full year outlook1, including prior year compares, to exclude Russia business2...expect 2022 organic sales to be up 3 to 4%, adjusted EPS of $3.22 to $3.27 and free cash flow1 of ~$1.6 billion
For earnings history and earnings-related data on Otis Worldwide (OTIS) click here.
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