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Otis Sees FY20 Adj. EPS $2.20-$2.30 vs $2.08 Est.

2020 Outlook* Otis is improving its full year outlook to reflect strong first half performance and the anticipated recovery profile in the second half. Net sales down 4.5 to 6.5% Organic sales down 2 to

Benzinga · -

2020 Outlook*
Otis is improving its full year outlook to reflect strong first half performance and the anticipated recovery profile in the second half.

  • Net sales down 4.5 to 6.5%
  • Organic sales down 2 to 4%
    • Organic New Equipment sales down mid to high single digits
    • Organic Service sales flat to down low single digits
  • Adjusted operating profit flat to down $50 million at constant currency and down $40 to $100 million at actual currency
  • Adjusted EPS of $2.20 to $2.30; adjusted effective tax rate down 50 basis points to ~31.5%
  • Free cash flow of $1.0 to 1.1 billion with conversion of 130 to 140% of GAAP net income
  • 2020 debt repayment increased $100 million versus prior outlook to $350 million