With Strong NE Sales, Otis Delivers Solid Q1 Results

On April 26, Otis reported first-quarter (Q1) net sales of US$3.3 billion, with 3.6% organic growth. At $0.79, earnings per share (EPS) were up 8.2% versus 2022. While Q1 net sales were down 2%, organic sales were up 3.6%, with new equipment (NE) orders increasing 7.4% and NE backlog up 3%. The company has updated its full-year outlook to reflect sales up 2.5-4.5%. “Otis delivered a strong start to the year with our maintenance portfolio up more than 4%, organic sales growth for the 10th consecutive quarter and strong service performance contributing to mid-single digit adjusted EPS growth,” Otis Chair, President and CEO Judy Marks observed. “Our strong new-equipment and modernization order performance in the quarter drove backlog expansion, which will continue to support longterm maintenance portfolio growth.”