The company said net sales for Q2 2024 decreased 3.2% to $3,601 million, GAAP EPS rose 13.3% to $1.02, and adjusted EPS rose 15.2% to $1.06. The company cited New Equipment as the driver of the decline in net sales.

1. 01

   The company said net sales for Q2 2024 decreased 3.2% to $3,601 million, GAAP EPS rose 13.3% to $1.02, and adjusted EPS rose 15.2% to $1.06. The company cited New Equipment as the driver of the decline in net sales.

2. 02

   Otis said Service net sales for Q2 rose 3.0% to $2,180 million, and that its segment operating profit margin was 24.7%. It said New Equipment net sales fell 11.4% to $1,421 million, and its margin was 7.7%.

3. 03

   The company said GAAP cash flow from operations for Q2 was $308 million, and adjusted free cash flow was $353 million. For Q2, Repurchases of Common Stock totaled $300 million, and $600 million over the 6 months to date.

4. 04

   The company said it set its 2024 full-year adjusted EPS outlook at $3.85 to $3.90 and its net sales outlook at $14.3 billion to $14.5 billion. It expects adjusted free cash flow of approximately $1.5 billion to $1.6 billion.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

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.