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CAPITAL GOODS: Otis Worldwide (OTIS Baa1/BBB/NR): 2Q24 Results

CAPITAL GOODS

Slightly weaker but not expecting much spread impact. Another issuer flagging China weakness.

  • Revenue missed by 3%, down 1% organic.
  • Adj. EBIT in-line.
  • FCF looks light at $284mn, down 31% YoY, partly due to restructuring payments but CFO was also down.
  • FY24 guidance sees a slight downward revision to FCF to $1.5-1.6bn from $1.6bn. Organic sales growth is revised to 1-3% from 3-5% with drag from China. Adj. EBIT is left unchanged.
  • Webcast 13.30 BST https://events.q4inc.com/attendee/993223247

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