Multinational elevator, escalator and automatic door company Otis posted an attributable net profit of $324 million (similar figure in euros at current exchange rates) in the third quarter of 2022, down 2.1 percent compared to the same period last year.
Net sales in the quarter were 3,334 million, down 7.6 percent. By business segment, equipment sales fell by 13.9 percent to EUR 1,447 million, while services accounted for revenues of EUR 1,897 million, down 2.2 percent.
Cost of products and services sold was $2,373 million, down 7.3 percent, while selling, general and administrative expenses fell 12.9 percent to $417 million.
Thus, for the first nine months of 2022 as a whole, Otis’ net attributable profit was 956 million, down 0.9 percent, while revenue fell 4.5 percent to 10.246 billion.
