Otis Declares Quarterly Dividend of $0.24 per Share

Rhea-AI Summary

On February 3, 2022, Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend of $0.24 per share for its common stock. The dividend is scheduled for payment on March 10, 2022, and will be distributed to shareholders recorded by February 18, 2022. Otis is a global leader in elevator and escalator manufacturing and service, maintaining around 2.1 million customer units worldwide. The company employs 70,000 people across over 200 countries, highlighting its expansive reach and operational capabilities.

Positive

• Quarterly dividend of $0.24 per share demonstrates ongoing commitment to return value to shareholders.
• Strong operational foundation with 2.1 million customer units maintained globally.

Negative

• Potential risks impacting future dividends include economic conditions, market fluctuations, and global supply chain challenges.

FARMINGTON, Conn., Feb. 3, 2022 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.24 per share of Otis' common stock. The dividend will be payable on March 10, 2022, to shareholders of record at the close of business on Feb. 18, 2022. 

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 2.1 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 70,000 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. For more information, 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, levels of end market demand in construction, pandemic health issues (including COVID-19 and variants thereof and the ongoing economic recovery therefrom and their effects on, among other things, global supply, demand and distribution), 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 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:       
Ray Hernandez
+1-860-674-3029
Ray.Hernandez@otis.com

Investor Relations Contact:
Michael Rednor
+1-860-676-6011
investorrelations@otis.com

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SOURCE Otis Worldwide Corporation

FAQ

What is the dividend amount declared by Otis on February 3, 2022?

The dividend amount declared is $0.24 per share.

When will the dividend be paid to shareholders of Otis?

The dividend will be paid on March 10, 2022.

What is the record date for the dividend payment from Otis?

The record date for the dividend payment is February 18, 2022.

How many customer units does Otis maintain worldwide?

Otis maintains approximately 2.1 million customer units globally.

What are the key risks that could affect Otis's future dividends?

Key risks include economic conditions, market fluctuations, and global supply chain challenges.