Otis Announces 17.2 Percent Increase in Quarterly Dividend to $0.34 per Share

Rhea-AI Summary

On April 25, 2023, Otis Worldwide Corporation (NYSE: OTIS) declared a quarterly dividend of $0.34 per share, marking a significant 17.2% increase. The dividend is scheduled for payment on June 9, 2023, to shareholders on record by May 19, 2023.

CEO Judy Marks emphasized that this increase reflects confidence in their Service-driven strategy that supports consistent cash flow generation. The move demonstrates Otis's commitment to disciplined capital allocation and stakeholder interests.

Positive

• Quarterly dividend increased by 17.2% to $0.34 per share, enhancing shareholder returns.
• Confidence in a Service-driven strategy supports stable cash flow generation.

Negative

• Risks associated with economic conditions, market demand, and credit availability may impact future dividends.

FARMINGTON, Conn., April 25, 2023 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.34 per share of Otis' common stock, which represents a 17.2% increase. The dividend will be payable on June 9, 2023, to shareholders of record at the close of business on May 19, 2023.

"With confidence in our Service-driven strategy, which drives consistent cash flow generation, we are pleased to announce this increase in our dividend," said Judy Marks, Otis Chair, CEO and President. "This progress is a direct reflection of the importance we place on disciplined capital allocation and our commitments to Otis stakeholders."

About Otis
Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2 billion people a day and maintain approximately 2.2 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 41,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.

Cautionary Statement
This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties.  Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, future availability of credit and factors that may affect such availability or costs (including the recent tightening of credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations and political conditions in countries in which we operate, including the effect of the ongoing conflict between Russia and Ukraine and increased tensions between the U.S. and China, and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Media Contact	Investor Relations Contact
Katy Padgett	Michael Rednor
+1-860-674-3047	+1-860-676-6011
kathleen.padgett@otis.com	investorrelations@otis.com

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SOURCE Otis Worldwide Corporation

FAQ

What is the new dividend amount declared by Otis Worldwide Corporation?

Otis Worldwide Corporation declared a quarterly dividend of $0.34 per share.

When will the new dividend be paid to shareholders?

The new dividend will be paid on June 9, 2023.

What date must I own shares to receive the dividend from Otis?

Shareholders must be on record by May 19, 2023, to receive the dividend.

What is the percentage increase of the dividend announced by Otis?

The dividend was increased by 17.2%.

What are the risks related to Otis's future dividends?

Future dividends may be impacted by economic conditions, market demand, and credit availability.