Successful Q1 Results Reflect Solid Performance and Growth Strategies
Wednesday, 24 April 2024, 18:45
Highlights
- Strong Q1 performance reflects continued growth and strategic focus
- Service business drives organic sales with an emphasis on margin expansion
- New equipment market remains competitive, especially in regions like China
- Strategic capital allocation supports shareholder value and sustainability goals
Results Overview
Otis Worldwide reported a solid first quarter in 2024, showing mid-single-digit organic sales growth driven by the service business. Operating margins expanded, and growth was seen in both service and new equipment segments. Despite challenges in competitive pricing markets like China, the company focused on productivity and supply chain efficiencies to maintain margins.
Financial Performance
- Net sales of $3.4 billion with organic sales up 3.8%
- Adjusted operating profit increased with margin expansion
- Strong operational performance drove 10% adjusted EPS growth
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.