Otis Worldwide reports Q4 EPS 87c, consensus 86c

Reports Q4 revenue $3.62B, consensus $3.57B. Q4 new equipment orders were up 3% and backlog was up 2%. “Otis delivered excellent fourth quarter results with mid-teens adjusted EPS growth, the third consecutive quarter of high-single digit Service organic sales growth, and a return to New Equipment orders growth,” said Chair, CEO & President Judy Marks. “Full year 2023 was marked by mid-single digit organic sales growth, operating profit margin expansion and low teens adjusted EPS growth. We expanded adjusted Service operating profit margin by 50 basis points for the second consecutive year, accelerated growth in our industry-leading maintenance portfolio to 4.2%, grew both our New Equipment and modernization backlogs and distributed approximately $1.35 billion to shareholders including $800 million through share repurchases. We carry positive momentum into 2024 as we continue to execute on our long-term strategy to create value for our customers, colleagues, and shareholders.”