Otis Worldwde - OTIS STOCK NEWS

Otis Worldwide (NYSE:OTIS) reported strong Q4 and full-year 2024 results, with Q4 net sales increasing 1.5% and organic sales up 1.9%. The growth was primarily driven by Service performance, with Service sales rising 7.6% and organic Service sales up 7.8%.

For full-year 2024, the company achieved net sales of $14.3 billion, representing 0.4% net sales growth and 1.4% organic growth. GAAP EPS increased 20.1% to $4.07, while adjusted EPS rose 8.2% to $3.83. The maintenance portfolio expanded by 4.2% to approximately 2.4 million units, and modernization orders increased by 18% with backlog up 10% (13% at constant currency).

Looking ahead to 2025, Otis projects organic sales growth of 2-4%, adjusted EPS of $4.00-$4.10, and adjusted free cash flow of approximately $1.6 billion.

Otis Worldwide (NYSE: OTIS) has announced a new $2 billion share repurchase program, effective January 16, 2025. The company's Board of Directors has simultaneously cancelled the remaining approximately $100 million authorized under the previous program from December 1, 2022.

The repurchases will be executed at the company's discretion through various means, including open market transactions and private negotiations, subject to market conditions. Otis, as the world's leading elevator and escalator company, serves approximately 2.3 million customer units worldwide and moves 2.3 billion people daily. The company employs 71,000 people globally, including 42,000 field professionals, operating in more than 200 countries and territories.

Otis Worldwide (NYSE: OTIS) has announced its upcoming fourth quarter and full year 2024 earnings conference call, scheduled for Wednesday, January 29, 2025, at 8:30 a.m. ET. The call will feature CEO & President Judy Marks and CFO Cristina Mendez, who will present the company's financial results and outlook for 2025.

As the world's leading elevator and escalator company, Otis serves approximately 2.3 billion people daily and maintains 2.3 million customer units worldwide, representing the industry's largest service portfolio. The company employs 71,000 people globally, including 42,000 field professionals, operating in more than 200 countries and territories.

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.