Otis Worldwide (OTIS) Q2 FY2024 earnings: revenue $3.6 billion, down 3.2% on the year

Otis Worldwide Corp. (OTIS) reported revenue of $3.6 billion for Q2 FY2024, the quarter ended 30 June 2024, down 3.2% on the same quarter a year earlier. Net income was $415 million, up 10.4% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-Q it filed with the SEC on 25 July 2024.

Revenue

$3.6 billion

-3.2% on the year · +4.8% on the quarter

Q3 FY2022Q2 FY2024

Operating margin

15.8%

15.6% a year earlier

Q3 FY2022Q2 FY2024

Net income

$415 million

+10.4% on the year · +17.6% on the quarter

Q3 FY2022Q2 FY2024

Diluted EPS

$1.02

+13.3% on the year · +18.6% on the quarter

Q3 FY2022Q2 FY2024

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Revenue	3,601	3,437	3,720	+4.8%	-3.2%
Research and development	39.0	36.0	36.0	+8.3%	+8.3%
Selling, general and administrative	449	462	479	-2.8%	-6.3%
Operating income	570	544	580	+4.8%	-1.7%
Operating margin	15.8%	15.8%	15.6%
Interest expense	43.0	43.0	34.0	0.0%	+26.5%
Pre-tax income	544	500	542	+8.8%	+0.4%
Income tax	94.0	126	135	-25.4%	-30.4%
Effective tax rate	17.3%	25.2%	24.9%
Net income	415	353	376	+17.6%	+10.4%
Net margin	11.5%	10.3%	10.1%
Diluted EPS	$1.02	$0.86	$0.90	+18.6%	+13.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Operating cash flow	308	171	446	+80.1%	-30.9%
Capital expenditure	24.0	31.0	37.0	-22.6%	-35.1%
Free cash flow	284	140	409	+102.9%	-30.6%
Free cash flow margin	7.9%	4.1%	11.0%
Cash from investing	-18.0	-79.0	-70.0
Cash from financing	-212	-467	-244
Depreciation and amortisation	41.0	44.0	52.0	-6.8%	-21.2%
Share-based compensation	20.0	16.0	19.0	+25.0%	+5.3%
Buybacks	300	300	175	0.0%	+71.4%
Dividends paid	157	138	141	+13.8%	+11.3%
Dividend per share	$0.39	$0.34	$0.34	+14.7%	+14.7%
Diluted shares, weighted	406m	408m	416m	-0.6%	-2.5%
Shares outstanding at period end	401m	404m	412m	-0.9%	-2.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2024	Q1 FY2024	Q2 FY2023	On the quarter	On the year
Shareholders' equity	-5,046	-5,024	-4,852
Non-controlling interest	112	84.0	101	+33.3%	+10.9%
Redeemable equity	52.0	124	126	-58.1%	-58.7%
Debt	7,182	6,881	6,863	+4.4%	+4.6%
Operating lease liabilities	280	284	308	-1.4%	-9.1%
Other liabilities	7,278	7,442	7,589	-2.2%	-4.1%
Total liabilities and equity	9,858	9,791	10,135	+0.7%	-2.7%
Fixed assets	708	713	715	-0.7%	-1.0%
Goodwill	1,553	1,575	1,579	-1.4%	-1.6%
Intangible assets	330	343	355	-3.8%	-7.0%
Cash and equivalents	942	884	1,219	+6.6%	-22.7%
Receivables	3,606	3,654	3,497	-1.3%	+3.1%
Inventory	605	593	640	+2.0%	-5.5%
Other assets	2,114	2,029	2,130	+4.2%	-0.8%
Total assets	9,858	9,791	10,135	+0.7%	-2.7%

Questions

What was Otis Worldwide's revenue in Q2 FY2024?

Otis Worldwide (OTIS) reported revenue of $3.6 billion for Q2 FY2024, the quarter ended 30 June 2024, down 3.2% on the same quarter a year earlier.

How much did Otis Worldwide earn in Q2 FY2024?

Net income for Q2 FY2024 was $415 million, up 10.4% on the year, and diluted earnings per share $1.02.

When did Otis Worldwide report Q2 FY2024 results?

Otis Worldwide filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 25 July 2024.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,569	3,414	3,488	3,344	3,439	3,346	3,720	3,523	3,620	3,437	3,601	3,548	3,675	3,350	3,595	3,690	3,796	3,566	3,859	3,914
R&D	46.0	37.0	38.0	37.0	38.0	35.0	36.0	36.0	37.0	36.0	39.0	40.0	37.0	37.0	38.0	36.0	41.0	38.0	39.0	40.0
SG&A	503	459	439	417	448	455	479	452	498	462	449	455	495	464	499	504	512	510	520	489
Operating income	496	526	487	529	491	513	580	571	522	544	570	363	531	411	547	586	589	539	575	620
Operating margin	14%	15%	14%	16%	14%	15%	16%	16%	14%	16%	16%	10%	14%	12%	15%	16%	16%	15%	15%	16%
Interest expense	35.0	36.0	35.0	35.0	34.0	33.0	34.0	38.0	50.0	43.0	43.0	43.0	54.0	57.0	50.0	53.0	57.0	58.0	62.0	65.0
Pre-tax income	447	489	451	493	455	480	542	532	477	500	544	512	483	366	521	521	526	480	547	552
Tax rate	31%	28%	23%	29%	30%	27%	25%	26%	28%	25%	17%	-9%	27%	30%	19%	25%	27%	26%	18%	23%
Net income	281	311	321	324	297	331	376	376	323	353	415	540	337	243	393	374	374	340	428	414
Net margin	8%	9%	9%	10%	9%	10%	10%	11%	9%	10%	12%	15%	9%	7%	11%	10%	10%	10%	11%	11%
Diluted EPS	$0.65	$0.73	$0.76	$0.77	$0.71	$0.79	$0.90	$0.91	$0.79	$0.86	$1.02	$1.34	$0.84	$0.61	$0.99	$0.95	$0.95	$0.87	$1.12	$1.08
Operating cash flow	277	504	353	239	464	278	446	306	597	171	308	394	690	190	215	374	817	413	267	337
Capital expenditure	41.0	30.0	27.0	24.0	34.0	25.0	37.0	34.0	42.0	31.0	24.0	32.0	39.0	34.0	36.0	37.0	45.0	33.0	44.0	39.0
Free cash flow	236	474	326	215	430	253	409	272	555	140	284	362	651	156	179	337	772	380	223	298
Buybacks	0.0	200	200	300	150	175	175	225	225	300	300	200	207	253	308	248	0.0	400	407	0.0
Dividends paid	102	102	122	121	120	120	141	139	139	138	157	155	156	155	164	164	164	163	167	168
Shares outstanding	435m	423m	420m	417m	436m	413m	412m	409m	437m	404m	401m	399m	439m	395m	392m	390m	389m	384m	381m	381m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2024, filed 25 July 2024: the filing.