Otis Worldwide Revises FY2024 Adj EPS Guidance from $3.83-3.90 To $3.85-$3.90 vs $3.87 Est; Lowers FY2024 Sales Guidance from $14.50B-$14.80B To $14.30B-$14.50B vs $14.62B Est

2024 Outlook1

Otis is revising its full year outlook:

• Net sales of $14.3 billion to $14.5 billion
• Organic sales up 1% to 3%
  • Organic New Equipment sales down mid-single digits
  • Organic Service sales up 6% to 7%
• Adjusted operating profit of $2.40 billion to $2.45 billion, up $160 million to $190 million at constant currency; up $135 million to $175 million at actual currency
• Adjusted EPS of $3.85 to $3.90, up 9% to 10%; adjusted effective tax rate of approximately 25.25%
• Adjusted free cash flow of approximately $1.5 billion to $1.6 billion