Otis Worldwide (OTIS) Tops Q3 EPS by 2c
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OTIS REPORTS THIRD QUARTER 2022 RESULTS
October 26, 2022 6:13 AM EDTDelivers solid third quarter results driven by mid-single digit organic Service growth
3Q Net sales down 7.6% and organic sales up 0.8%. GAAP EPS ~flat and adjusted EPS up 5.3%3Q New Equipment orders down 0.8%, up 7.4% excluding China; NE backlog ~flat, adjusted backlog up 12% at constant currency3Q Maintenance portfolio units were up 3.8%YTD GAAP cash flow from operations of $1.1 billion; free cash flow of $1.0 billion, or 106% of net incomeRevised full-year outlook1 with organic sales up 2.0 to 2.5%, adjusted EPS of $3.11 to $3.15 and free cash flow of $1.5 to $1.6 billion. Increased full-year share... More