Otis Q1 New Equipment Orders -10%, New Equipment Backlog -2%,
Portfolio Pulse from Benzinga Newsdesk
Otis reported a mixed Q1 performance with a 10% decline in new equipment orders and a 2% decrease in backlog, while net sales rose by 2.7% and organic sales by 3.8%, driven by a 5.8% increase in Service net sales. GAAP EPS grew by 8.9%, and adjusted EPS by 10%, with operating profit margins expanding. The company also saw a 13% increase in Mod orders and a 14% increase in backlog. Otis updated its full-year outlook, raising its adjusted EPS forecast to $3.83-$3.90 and its share repurchase target to $1 billion.
April 24, 2024 | 10:08 am
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Otis reported a mixed Q1 with declines in new equipment orders and backlog, but increases in net and organic sales, particularly in services. The company also raised its full-year adjusted EPS forecast and share repurchase target.
The mixed results show resilience in Otis's service segment, offsetting declines in new equipment orders and backlog. The increase in net and organic sales, along with raised forecasts for adjusted EPS and share repurchases, indicate a positive outlook for the company's financial health and investor returns, likely leading to a positive short-term impact on the stock price.
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