Otis Worldwide (US:OTIS)2022-04-25 14:53Q1 2022 Highlights - New Equipment share gain is up approximately 1 percentage point[5] - Maintenance portfolio increased by over 3%[5] - The company repurchased $200 million of shares with an additional $300 million planned in 2022[5] - The quarterly dividend was increased by 20.8% in April, marking a 45% increase since the spin-off[5] - Acquired over 95% ownership in Zardoya Otis in April[5] Q1 2022 Financial Results - New Equipment orders increased by 8.8% at constant currency and 10.9% on a rolling 12-month basis[6] - New Equipment backlog is up 4% and 6% at constant currency[6] - Organic sales increased by 3.1%, with Service up 5.8% and New Equipment down 0.5%[6] - Adjusted operating profit margin expanded by 30 basis points to 15.9%[6,8] - Free cash flow was $474 million, representing a 152% conversion of GAAP net income[6] Revised 2022 Outlook (Excluding Russia) - Adjusted net sales are projected to be $14.1 to $14.3 billion, up 0.5% to 1.5%, with organic growth of 3% to 4%[6] - Adjusted operating profit is expected to be $2.2 to $2.25 billion, up $105 to $155 million at constant currency[6] - Adjusted EPS is projected to be $3.22 to $3.27, an increase of 9% to 11%[6] - Free cash flow is anticipated to be approximately $1.6 billion, with approximately 120% conversion of GAAP net income[6]