Otis Worldwide reports Q2 EPS 92c, consensus 86c

Reports Q2 revenue $3.72B, consensus $3.58B. Q2 new equipment orders down 12%; backlog flat, adjusted backlog up 5% at constant currency. “Otis delivered a strong second quarter, with high-single digit organic sales growth in both segments, 20 basis points of adjusted operating margin expansion and mid-single digit adjusted EPS growth, in addition to growing our maintenance portfolio over 4% for the third consecutive quarter,” said Judy Marks, chair, CEO and president. “With our strong performance in the first half, and with confidence in our strategic execution, we are raising guidance, both top and bottom line, and increasing our share repurchases.” Judy continued, “Leveraging our strengths, we are pleased to announce program UpLift, which will create further scale and efficiency benefits for Otis, enhancing our position to better serve our customers, and boosting our sustainable earnings trajectory. This program takes our ability to execute to the next level – enabling our strategy and our organizational capability to deliver even more for our shareholders, as we execute on our growing backlog and Service portfolio.”