Reports Q1 revenue $3.44B, consensus $3.46B. “Otis continues to demonstrate the strength of our Service-driven business model with maintenance portfolio growth above 4% and both year over year and quarter over quarter Service margin expansion,” said Judy Marks, Chair, CEO & President. “In addition, modernization strength continues, including another quarter of orders growth above 10% leading to mid-teens backlog growth and organic sales growth of nearly 10%. After delivering a strong first quarter, we are raising our EPS outlook driven by operational performance and increasing our share repurchase target to $1 billion for the year. With confidence in our long-term strategy, we have raised the quarterly dividend 14.7%, reinforcing our commitment to creating shareholder value.”
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OTIS:
- OTIS REPORTS FIRST QUARTER 2024 RESULTS
- Otis Announces 14.7 Percent Increase in Quarterly Dividend to $0.39 per Share
- Otis Worldwide’s emissions reduction targets approved by SBTi
- Otis Worldwide price target raised to $106 from $102 at Wolfe Research
- Otis Worldwide initiated with a Hold at Melius Research