April 24, 2024 10:26 GMT
Otis (Baa1/BBB): 1Q24 Results
CAPITAL GOODS
Small € issuer; earnings beat
• Net sales $3.44 billion, +2.7% y/y, estimate $3.45 billion.
• Segment operating profit $594 million, +9.4% y/y, estimate $559 million.
• Free cash flow $140 million, estimate $338.4 million. FY forecast in line with consensus, however.
• Raised FY EPS outlook marginally and increasing buyback.
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