Otis Worldwide Corporation (NYSE:OTIS) has reported its financial outcomes for the first quarter of 2024.
During the quarter, the company achieved a 2.7% increase in net sales, reaching $3.4 billion, along with a 3.8% rise in organic growth.
Additionally, Otis experienced an 8.9% growth in GAAP earnings per share (EPS), reaching $0.86, and a 10% increase in adjusted EPS to $0.88.
These earnings improvements are complemented by a notable expansion in profitability margins, with a 50-basis-point increase in GAAP operating profit margin and an 80-basis-point rise in adjusted operating profit margin.
The quarterly results was also bolstered by a strong performance in service net sales, which climbed by 5.8%, and organic sales, which saw a 6.5% increase.
Following these positive results, Otis is raising its full-year outlook for adjusted EPS to between $3.83 and $3.90 and increasing its share repurchase target to $1 billion.