Otis Worldwide Corp Ordinary Shares

OTIS: XNYS (USA)
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Otis Earnings: Repair Performed as Expected, but Service Margin Misses Guidance; Lower FVE to $105

Otis posted 10% organic growth for the repair business in the first quarter, but the service segment's margin contracted 160 basis points to 23.0%, missing management's own guidance. Full-year EPS guidance was cut to $4.20-$4.24, implying 4%-5% growth versus a previously implied ceiling near $4.45.

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