Judy Marks, chair, president and CEO of Otis Worldwide Corp. (NYSE: OTIS), noted organic sales growth in the company’s core business segments and higher adjusted earnings per share for the second quarter of 2023.
Net sales for the period grew 6.7 percent year-over-year to $3.72 billion, while revenue climbed 9.5 percent on an organic basis, according to Otis’ quarterly earnings statement.
New equipment accounted for $1.6 billion of the total revenue and service contributed $2.1 billion.
“With our strong performance in the first half, and with confidence in our strategic execution, we are raising guidance, both top and bottom line, and increasing our share repurchases,” said Marks, a three-time recipient of Executive Mosaic’s Wash100 Award and a former member of the Potomac Officers Club.
The company now expects full-year revenue in the $14 billion-to-$14.3 billion range, from the prior $13.9 to $14.2 billion outlook, and forecasts adjusted EPS of $3.45 to $3.50, from the previous $3.40 to $3.50.
Marks introduced a program she believes will help position the elevator maker to serve its customers better and maintain its earnings trajectory.
She said the Uplift program “takes our ability to execute to the next level – enabling our strategy and our organizational capability to deliver even more for our shareholders, as we execute on our growing backlog and Service portfolio.”
