Otis Worldwide reports Q4 adjusted EPS 75c, consensus 74c

Reports Q4 revenue $3.44B, consensus $3.37B. Reports Q4 new equipment orders up 4%. "Otis ended the year on a high note, with strong performance in the fourth quarter, including mid single digit organic sales growth in both New Equipment and Service and continued Service operating profit margin expansion," said Chair, CEO & President Judy Marks. "For the third year in a row, we delivered strong annual results. We are successfully navigating through macro challenges that have pressured our business. In 2022 we delivered 7.1% growth in New Equipment Orders, accelerated growth in our industry-leading Service portfolio to 4.1%, and grew adjusted EPS high single digits – while distributing over $1.3B to shareholders, including $850M through share repurchases. Our strong fourth quarter and full year results provide momentum into 2023. We will remain focused on driving top-line growth – including continued robust portfolio growth and executing on our strong New Equipment backlog – while also expanding operating profit margins, returning cash to shareholders through our capital-allocation strategy, and pursuing additional progress toward our ESG goals."