Otis Worldwide (OTIS) Tops Q2 EPS by 7c; Offers FY22 Guidance
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OTIS REPORTS SECOND QUARTER 2022 RESULTS
July 27, 2022 6:12 AM EDTDelivers solid second quarter results with high teens New Equipment order growth, mid-single digit organic Service sales growth and low teens adjusted EPS growth
2Q Net sales down 5.8% and organic sales up 0.4%. GAAP EPS ~flat and adjusted EPS up 11.7%2Q New Equipment orders up 16.5%; NE backlog up 6%, adjusted backlog up 10% at constant currency2Q Maintenance portfolio units were up nearly 3.5%YTD GAAP cash flow from operations of $857 million; free cash flow of $800 million, or 127% of net incomeCompleted the delisting of Zardoya Otis... More