Welcome to our dedicated page for Otis Worldwide Corporation news (Ticker: OTIS), a resource for investors and traders seeking the latest updates and insights on Otis Worldwide Corporation stock.
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 Corporation (NYSE: OTIS) announced the winners of its second annual Made to Move Communities™ challenge, aimed at addressing mobility issues for the growing 60+ population. Over 20 schools from 14 countries participated, with students proposing innovative solutions like connected wheelchairs and smart escalators. Winning teams included Centro de Estudios Tecnológicos in Mexico, GEMS Wellington Academy in Dubai, and Nanchang University in China. Otis' program expands its reach and reflects the company's commitment to community engagement and STEM education.
Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on April 25, 2022, at 8:30 a.m. EDT to discuss its first-quarter results and outlook for 2022, led by Chair & CEO Judy Marks and CFO Rahul Ghai. Participants can join the live webcast on the company's website or via phone. A recording will be available later. Otis, a global leader in elevator and escalator services, operates in over 200 countries and territories, moving 2 billion people daily and maintaining 2.1 million customer units worldwide.
Otis Worldwide Corporation (OTIS) announced the results of its voluntary public tender offer to acquire the remaining 49.98% interest in Zardoya Otis, S.A. The Spanish National Securities Exchange Commission confirmed acceptances of 214,017,076 shares, equating to 45.49% of outstanding shares, increasing Otis's ownership to 95.51%. The deal is set to settle on April 12, 2022, followed by a squeeze-out of remaining shares, leading to Zardoya Otis's delisting from Spanish stock exchanges. This acquisition is expected to be EPS accretive and supports Otis's strategy to streamline its operations.
Otis Worldwide Corp (OTIS) has released its inaugural Environmental, Social, and Governance (ESG) Report, outlining progress on 13 ESG targets aligned with United Nations Sustainable Development Goals. Highlights include a 7% reduction in Scope 1 and 2 emissions since 2019, achieving ISO 14001 certification at all global factories, and increasing diversity with 36% of executives being women. The report emphasizes Otis's commitment to making a positive impact through sustainability initiatives, targeting gender parity by 2030, and expanding its support programs.
Otis Worldwide Corp. (NYSE: OTIS) announced its acquisition of the remaining 49.98% interest in Zardoya Otis, S.A. (ZOSA) for 7.07 euros per share in cash, approved by the Spanish National Securities Exchange Commission (CNMV). The acceptance period for the tender offer begins on March 2 and ends on April 1. This all-cash transaction aims to delist ZOSA from the Madrid, Barcelona, Bilbao, and Valencia Stock exchanges. The offer is detailed in the prospectus available on the CNMV's website.
Otis Worldwide Corporation announced its participation in the Barclays 39th Annual Industrial Select Conference on February 23, 2022. Chair & CEO Judy Marks and CFO Rahul Ghai will address investors, sharing insights and responding to recent inquiries. A comprehensive presentation is accessible at www.otisinvestors.com. As the leading company in elevator and escalator manufacturing, Otis operates globally, moving 2 billion people daily and maintaining over 2.1 million customer units worldwide.
On February 15, 2022, Otis Worldwide Corporation (NYSE: OTIS) hosted its 2022 Investor Day, highlighting its long-term growth strategy and financial goals. The company reported a 2-point gain in New Equipment market share, a 5% growth in Service portfolio, and a 35% increase in adjusted EPS from 2019 to 2021. Otis aims for organic sales growth in the low to mid-single digits, with an annual adjusted operating profit margin expansion of approximately 40 basis points, and an adjusted EPS CAGR of over 10%. The press release emphasizes the company's robust free cash flow and commitment to shareholder returns.
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.
Otis Worldwide Corporation (NYSE:OTIS) reported 2021 net sales of $14.3 billion, achieving 8.9% organic growth. GAAP diluted EPS grew 38.9% to $2.89, while adjusted EPS rose 19.4% to $3.01. The company saw fourth-quarter sales of $3.6 billion, a 2.2% increase year-over-year. Operating profit margins improved, leading to increased net income. For 2022, Otis forecasts a modest sales increase of 1% to 3% and expects adjusted EPS of $3.20 to $3.30.
Otis Worldwide Corporation (NYSE: OTIS) has scheduled a conference call for January 31, 2022, at 8:30 a.m. EST, to discuss its fourth quarter and full-year results for 2021 along with the outlook for 2022. President & CEO Judy Marks and Executive VP & CFO Rahul Ghai will lead the discussion. Investors can listen via webcast on the company's website or join by phone. Additional materials will be available ahead of the call, and a recording will be accessible later that day.
FAQ
What is the current stock price of Otis Worldwide Corporation (OTIS)?
What is the market cap of Otis Worldwide Corporation (OTIS)?
What is Otis Worldwide Corporation known for?
Where is Otis headquartered?
How many people does Otis employ?
What are some recent achievements of Otis?
What is Otis' market share in the elevator and escalator industry?
How does Otis maintain its service portfolio?
What are Otis' major financial highlights?
What sustainability initiatives is Otis involved in?
What are Otis' future outlook and strategic focus?
Where can I find more information about Otis?
