The company said organic volume for the quarter ended March 31, 2024 rose 3.8%, with Service organic sales growth of 6.5% partially offsetting a (0.5)% decline in New Equipment organic sales.

10-QQuarterly reportFiled Apr 25, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said organic volume for the quarter ended March 31, 2024 rose 3.8%, with Service organic sales growth of 6.5% partially offsetting a (0.5)% decline in New Equipment organic sales.
The company said Service operating profit rose $44 million for the quarter, including foreign exchange headwinds of ($3) million, and its operating margin increased 70 basis points. It added that New Equipment operating profit increased $2 million, including foreign exchange headwinds of $(4) million.
The company said it expects UpLift to generate approximately $150 million in annual savings by mid-2025. It also said it incurred UpLift restructuring action costs of $1 million and UpLift transformation costs of $12 million in Q1 2024.
The company said net cash provided by operating activities for the quarter ended March 31, 2024 was $171 million, compared with $278 million in the same period a year earlier. It added that financing activities included outflows for share repurchases of $300 million and dividends of $138 million.

Key figures

Quarter ended March 31, 2024

Revenue: $3.4B
Operating income: $544M
Net income: $353M
EPS: $0.86
Operating cash flow: $171M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly Organic Sales: Service Up 6.5%, New Equipment Down (0.5)%

The company said organic volume for the quarter ended March 31, 2024 rose 3.8%, with Service organic sales growth of 6.5% partially offsetting a (0.5)% decline in New Equipment organic sales.

Source · Based on the MD&A text of the filing

Segment Operating Profit: Service Up 44 million, New Equipment Up 2 million

The company said Service operating profit rose $44 million for the quarter, including foreign exchange headwinds of ($3) million, and its operating margin increased 70 basis points. It added that New Equipment operating profit increased $2 million, including foreign exchange headwinds of $(4) million.

Source · Based on the MD&A text of the filing

UpLift: Target of About $150 million in Annual Savings and Quarterly Costs

The company said it expects UpLift to generate approximately $150 million in annual savings by mid-2025. It also said it incurred UpLift restructuring action costs of $1 million and UpLift transformation costs of $12 million in Q1 2024.

Source · Based on the MD&A text of the filing

Quarterly Operating Cash Flow of $171 million, Share Repurchases and Dividends

The company said net cash provided by operating activities for the quarter ended March 31, 2024 was $171 million, compared with $278 million in the same period a year earlier. It added that financing activities included outflows for share repurchases of $300 million and dividends of $138 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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