Otis Worldwide reports Q1 adjusted EPS 89c, consensus 90c

Reports Q1 revenue $3.57B, consensus $3.51B. “Otis delivered a solid quarter, with net sales up 6%. All Service lines of business grew, led by repair which grew 16% at actual currency and 10% organically. Orders and backlog strengthened: modernization orders were up 11% and backlog was up 30% at constant currency. New Equipment orders grew 1% and backlog grew 3% at constant currency. Otis delivered operating cash flow of $413 million and adjusted free cash flow of $272 million, up significantly from a year ago,” said chair, CEO and president Judy Marks. “This performance allowed Otis to repurchase approximately $400 million of shares while also announcing an exciting majority investment in WeMaintain, a digitally native and AI enabled elevator service provider.”