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Otis Worldwide Corporation (NYSE: OTIS) is a global leader in the manufacture, installation, and service of elevators, escalators, and moving walkways. For over 160 years, Otis has revolutionized the way people move through the urban landscape. The company is recognized for its innovation, quality, and reliability in vertical transportation solutions.
Otis holds the distinction of being the largest global elevator and escalator supplier by revenue, commanding an impressive 18% market share. The company’s product lifecycle includes the installation of elevator units in new buildings, providing maintenance services, and eventually replacing these units after their 15- to 20-year useful life. Otis maintains over 2 million elevators worldwide, the largest service portfolio in the industry.
Headquartered in Connecticut, USA, Otis employs a workforce of 71,000 people, including 42,000 field professionals, all dedicated to meeting the diverse needs of customers and passengers across more than 200 countries and territories.
Recent achievements include:
- Financial Performance: Otis reported full-year net sales of $14.2 billion with 5.6% organic growth. Adjusted earnings per share (EPS) increased by 11.7% to $3.54.
- Sustainability: Otis achieved Gold-level TRUE (Total Resource Use and Efficiency) zero waste certification for all five of its manufacturing facilities in China, underscoring its commitment to sustainability.
- Modernization Projects: Otis has been selected to modernize 34 elevators and 8 escalators in the Burj Khalifa, the world’s tallest building, ensuring the highest standards of safety and efficiency.
Financially, Otis continues to demonstrate robust performance with significant growth in both its New Equipment and Service segments. Recent investor updates highlighted a strong first quarter with net sales of $3.4 billion and organic growth of 3.8%. The company has raised its EPS outlook driven by operational performance and is increasing its share repurchase target to $1 billion for the year.
As part of its long-term strategy, Otis focuses on creating value through operational excellence, strategic investments, and a commitment to environmental, social, and governance (ESG) goals.
For more detailed updates and financial data, visit www.otis.com and follow Otis on LinkedIn, Instagram, and Facebook @OtisElevatorCo.
Otis Worldwide (NYSE:OTIS) has achieved a gold rating from EcoVadis, a global sustainability rating platform, for the third consecutive assessment. This places Otis in the top 5% of over 130,000 evaluated companies.
The EcoVadis assessment evaluates companies across 21 criteria in four key areas: Environment, Labor and Human Rights, Ethics, and Sustainable Procurement. The gold rating validates Otis' commitment to sustainable practices and its alignment with business objectives, particularly important for procurement decisions.
As the world's leading elevator and escalator company, Otis moves 2.3 billion people daily and maintains approximately 2.3 million customer units worldwide. The company has also received recognition as one of America's Greenest Companies, World's Most Trustworthy Companies, World's Best Employers, America's Most Responsible Companies, and World's Most Admired Companies.
Otis Worldwide (NYSE: OTIS) has declared a quarterly dividend of $0.39 per share of common stock. The dividend will be paid on December 6, 2024, to shareholders of record as of November 15, 2024. Otis, as the world's leading elevator and escalator company, serves approximately 2.3 billion people daily and maintains 2.3 million customer units globally. The company employs 71,000 people, including 42,000 field professionals, operating in over 200 countries and territories.
Otis Worldwide (NYSE:OTIS) reported third quarter 2024 net sales of $3.5 billion with organic sales up 1.2%. Service segment showed strong performance with net sales up 7.2% and organic sales up 7.7%. GAAP EPS increased 47.3% to $1.34, while adjusted EPS rose 1.1% to $0.96. The maintenance portfolio units increased 4.2%, and modernization orders grew 3%. The company updated its full-year outlook, projecting adjusted EPS of ~$3.85 with ~6.5% Service organic sales growth. New Equipment segment faced challenges with net sales declining 8.8%, particularly affected by a >20% decline in China.
Otis Worldwide (NYSE: OTIS) has been named one of the World's Best Employers by Forbes Magazine for the third consecutive year. The recognition is based on a global survey of over 300,000 professionals across 50 countries who evaluated employers on factors including well-being, inclusivity, growth opportunities, and work-life balance.
As one of 850 companies featured on the worldwide list, Otis was recognized for its commitment to supporting its 71,000 colleagues globally. The anonymous survey asked participants to rate their willingness to recommend employers and evaluate other companies in their industries. Otis, the global leader in elevator and escalator services, moves 2.3 billion people daily and maintains approximately 2.3 million customer units worldwide.
Otis Worldwide (NYSE: OTIS) will host a conference call on October 30, 2024, at 8:30 a.m. ET to discuss its third-quarter results and 2024 outlook. The call will feature Otis Chair, CEO & President Judy Marks and Executive Vice President & CFO Cristina Mendez. A presentation and news release will be available on www.otis.com prior to the call, and a recording will be available later in the day. Additional investor updates can also be found on the website. Otis, headquartered in Connecticut, is a leading elevator and escalator manufacturer, moving 2.3 billion people daily and maintaining approximately 2.3 million customer units worldwide. The company employs 71,000 people, including 42,000 field professionals, across more than 200 countries and territories.
Otis Korea's Manufacturing & Engineering Center has achieved ISO 50001 certification, the global standard for energy management systems. This makes Otis' 11th manufacturing facility to receive this certification. The center also renewed its ISO 14001 certification for environmental management systems, first obtained in 2021.
The certification process involved a comprehensive energy review and implementation of new ISO-compliant manuals. Otis Korea's Operation Business Division emphasized that this certification aligns with their efforts to reduce greenhouse gas emissions and meet ESG goals.
Otis, a global leader in elevator and escalator manufacturing, installation, and servicing, moves 2.3 billion people daily and maintains about 2.3 million customer units worldwide. The company achieved its goal of ISO 14001 certification for all factories several years ahead of schedule, demonstrating effective environmental management.
Otis (NYSE: OTIS) has launched its annual Made to Move Communities™ global competition, focusing on Artificial Intelligence (AI) solutions for urban mobility. Over 250 students from 15+ countries will participate, guided by Otis mentors. The challenge aims to address urban mobility issues in increasingly populated cities, with a focus on underserved areas and special needs populations.
This year's competition introduces a global winner component, where regional winners will compete for the global team champion title. Since 2020, the program has engaged over 750 students and provided nearly $1 million in grants to schools for STEM learning. The initiative seeks to spark interest in STEM careers while tackling real-world mobility challenges using AI technology.
Otis Worldwide (NYSE: OTIS) announced that Chair, CEO & President Judy Marks will participate in a fireside chat at the 12th annual Laguna conference hosted by Morgan Stanley on Thursday, September 12, 2024 at 2:35 p.m. PT (5:35 p.m. ET). The presentation will be broadcast live on the company's website.
Otis is the world's leading elevator and escalator company, moving 2.3 billion people daily and maintaining about 2.3 million customer units worldwide. With 71,000 employees, including 42,000 field professionals, Otis operates in over 200 countries and territories. The company is headquartered in Connecticut, USA, and is committed to meeting diverse customer and passenger needs globally.
Otis Worldwide (NYSE:OTIS) proudly announces that two of its colleagues, Florence Caperaa and Joanne Tetsill, have been named 2024 Women on the Rise award recipients by Paradigm for Parity. This annual award, released on Women's Equality Day, celebrates women who inspire, support others, and promote gender parity.
Otis, the global leader in elevator and escalator manufacturing, installation, and service, joined the Paradigm for Parity coalition in 2020, pledging to achieve gender parity in executive ranks by 2030. As of 2023, Otis reported 38.3% female executive representation, a 2.3 percentage point increase from 2021.
The company moves 2.3 billion people daily and maintains approximately 2.3 million customer units worldwide. Otis employs 71,000 people, including 42,000 field professionals, serving customers in over 200 countries and territories.
Otis, a leading elevator company, highlights the success of its mentorship programs in nurturing talent and fostering career growth. The press release showcases stories from various global locations, including Hong Kong, France, Brazil, and China, where mentees have benefited from guidance in technical skills, safety practices, and company values. Notable programs include the Chantier École in France and Rota Escola in Brazil, which have received industry recognition. Otis emphasizes the mutual benefits of mentorship for both mentors and mentees, and its commitment to impacting 15,000 students globally through STEM-focused programs and vocational training by 2030. The company views these initiatives as important for attracting and retaining key talent, as well as meeting its community engagement goals.
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