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● Delivers strong second quarter results with sales growth and margin expansion in both segments and double - digit New Equipment orders growth ; improves 2021 outlook ● OTIS REPORTS SECOND QUARTER 2021 RESULTS 2Q Net sales up 22.2 % ; organic sales up 15.4 % 2Q GAAP EPS up 46.2 % ; adjusted EPS up 41.1 % 2Q New Equipment orders up 23.9 % ; backlog up 10 % , 5 % at constant currency 2Q GAAP cash flow from operations of $ 533 million ; free cash flow of $ 493 million , or 151 % of net income Completed $ 0.5 billion in share repurchases year - to - date Improved outlook * for full - year with organic sales up 7.5 to 8 % , adjusted earnings per share of $ 2.89 to $ 2.93 and free cash flow of $ 1.45 to $ 1.5 billion FARMINGTON , Conn . , July 26 , 2021 – Otis Worldwide Corporation ( NYSE : OTIS ) reported second quarter 2021 net sales of $ 3.7 billion with 15.4 % organic growth . GAAP operating profit was up $ 145 million and margin expanded 150 basis points to 15.2 % . Adjusted operating profit was up $ 115 million and margin expanded 40 basis points to 15.5 % . GAAP diluted earnings per share ( EPS ) increased 46.2 % to $ 0.76 and adjusted diluted EPS increased 41.1 % to $ 0.79 . Key Figures ( $ millions , except per share amounts ) Net sales Organic sales " Otis had an excellent first half with positive momentum continuing in the second quarter as we executed our long - term strategy and delivered for our customers amid strengthening demand and recovery in our end markets . In addition to launching Gen3 ™ and Gen360 ™ , our newest , innovative platforms with built - in loT connectivity , we grew New Equipment orders by 24 % and our industry - leading maintenance portfolio by 3 % . We also delivered mid - teens organic sales growth with margin expansion in both segments , " said President & CEO Judy Marks . " This strong performance and progress on our strategic priorities gives us the confidence to improve our 2021 outlook across all key metrics and raise our share repurchase target to $ 750 million for the year , demonstrating our ongoing commitment to deliver value for our shareholders . " GAAP Operating profit Operating profit margin Net income Earnings per share 2021 $ 3,701 $ 561 15.2 % $ 326 $ 0.76 Adjusted non - GAAP comparison Operating profit $ 572 Operating profit margin Net income Earnings per share 15.5 % Quarter Ended June 30 , 2020 $ 3,029 $ 416 13.7 % $ 224 $ 0.52 $ 457 15.1 % $ 342 $ 244 $ 0.79 $ 0.56 Y / Y 22.2 % $ 145 150 bps 45.5 % 46.2 % Y / Y ( CFX ) 15.7 % 15.4 % $ 115 $ 40 bps 40.2 % 41.1 % 80 2021 $ 7,109 Six Months Ended June 30 , 2020 Y / Y Y / Y ( CFX ) 18.6 % $ 5,995 13.1 % 12.9 % $ 1,070 15.1 % $ 634 $ 1.47 $ 0.90 Exhibit 99 $ 745 12.4 % $ 389 $ 1,105 15.5 % $ 654 $ 1.51 $ 907 15.1 % $ 506 $ 1.17 $ 325 $ 270 bps 63.0 % 63.3 % 198 40 bps 29.2 % 29.1 % $ 137