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) has appointed Anurag Maheshwari as the new Executive Vice President & Chief Financial Officer, effective August 12. He takes over from Rahul Ghai, who is moving to a new opportunity. Judy Marks, Otis Chair, CEO & President, praised Maheshwari for his experience, particularly in the Asia Pacific region, where he led finance teams and strategic initiatives. Otis plans to release its second quarter earnings in late July, and both Maheshwari and Ghai will participate in the earnings call.
On June 12, 2022, Otis Worldwide Corporation (NYSE: OTIS) announced that its Chair, CEO, and President Judy Marks, along with CFO Rahul Ghai, will meet with international investors on June 13-14, 2022. This engagement aims to strengthen investor relationships and present the company’s strategies. Investors can access the presentation materials online. Otis is the leading global manufacturer and service provider of elevators and escalators, moving 2 billion people daily and maintaining over 2.1 million units worldwide, supported by a workforce of 70,000 professionals.
On May 9, 2022, Otis Worldwide Corporation executed a squeeze-out provision to acquire the remaining interest in Zardoya Otis, S.A., resulting in the delisting of its shares from the Madrid, Barcelona, Bilbao, and Valencia stock exchanges. This move consolidates ownership and is projected to be 12 cents accretive to 2022 adjusted EPS. Otis, a leader in elevator and escalator manufacturing, maintains over 2.1 million customer units globally, employing 70,000 people across more than 200 countries.
Otis Worldwide Corporation reported strong first quarter results with net sales of $3.4 billion, a 0.2% increase year-over-year, and organic sales growth of 3.1%. The company experienced adjusted EPS growth of 6.9% to $0.77 and a 2.8% increase in GAAP EPS to $0.73. New Equipment orders rose 8.8%, while the maintenance portfolio units grew over 3%. Cash flow from operations was $504 million, with free cash flow at $474 million. For 2022, Otis revised its outlook, anticipating organic sales growth of 3-4% and adjusted EPS of $3.22 to $3.27, excluding its Russia business.
Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend increase of $0.29 per share, reflecting a 20.8% rise. This dividend will be payable on June 10, 2022, to shareholders on record by May 20, 2022. CEO Judy Marks emphasized that the increase underscores the company's commitment to prudent capital management and confidence in future cash flow growth. Since becoming publicly traded, Otis has raised its dividend by 45%, reinforcing its strategy to drive value for stakeholders.
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.
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