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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 a tender offer to acquire all remaining shares of Zardoya Otis, S.A. at €7.00 per share, a 28.9% premium over its recent market valuation, totaling €3.3 billion. The acquisition aims to simplify Otis' structure and enhance operational efficiencies. Zardoya Otis reported €801 million in revenue and €223 million in EBITDA for the year ending May 31, 2021. The transaction, expected to close in Q2 2022, is projected to add 3 to 5 cents per share to Otis' EPS in 2022, contributing to mid-single-digit EPS accretion starting in 2023.
Otis Worldwide Corporation (NYSE: OTIS) President & CEO Judy Marks will present at the Morgan Stanley 9th Annual Laguna Conference on September 14, 2021, at 10:30 a.m. EDT. The event will be live-streamed on www.otis.com. Otis is the global leader in elevator and escalator manufacturing, maintaining about 2.1 million customer units and serving 2 billion people daily. Headquartered in Connecticut, Otis employs 69,000 individuals worldwide, including 40,000 field professionals, dedicated to meeting diverse customer needs.
Otis Worldwide Corporation (NYSE: OTIS) announced a quarterly dividend of $0.24 per share, payable on September 10, 2021, to shareholders of record by August 20, 2021. Otis is a leader in elevator and escalator manufacturing and service, moving 2 billion people daily with a service portfolio maintaining approximately 2.1 million customer units globally. The company emphasizes its commitment to operational excellence while cautioning that future dividends may vary due to various market and economic conditions.
Otis Worldwide Corporation (OTIS) reported impressive second quarter results for 2021, with net sales reaching $3.7 billion, a 22.2% year-over-year increase, driven by 15.4% organic growth. GAAP operating profit rose $145 million to $561 million, expanding operating margins to 15.2%. Earnings per share (EPS) increased by 46.2% to $0.76. The company launched new platforms, boosting New Equipment orders by 24%. Otis raised its 2021 outlook for net sales to $14.1 to $14.2 billion, reinforcing investor confidence.
Otis Worldwide Corporation (NYSE: OTIS) will hold a conference call on July 26, 2021, at 8:30 a.m. EDT to discuss its second-quarter results and outlook for 2021. The call will feature Judy Marks, President & CEO, and Rahul Ghai, Executive VP & CFO. Participants can join via webcast or by phone. A presentation and additional materials will be available on Otis' website prior to the call. Otis is a global leader in elevator and escalator manufacturing, maintaining approximately 2.1 million customer units worldwide.
Otis Worldwide Corp. (NYSE: OTIS) unveiled its Gen3 and Gen360 digital elevator platforms during the global virtual event 'Welcome to Tomorrow.' These platforms are designed for modern connectivity and innovation, featuring the Otis ONE IoT digital platform for real-time monitoring and predictive insights. The Gen3 elevator builds on Otis' Gen2 technology, enhancing energy efficiency and passenger experience. The Gen360 redefines design aesthetics, allowing for more flexible building structures. Both products are aimed at elevating operational efficiency in a growing smart building ecosystem.
Otis Worldwide Corp. (NYSE: OTIS) announced the appointment of Abbe Luersman as Executive Vice President and Chief People Officer, effective July 26. Luersman has extensive experience in human resources, previously serving as CHRO at Ahold Delhaize, leading enterprise-wide people strategies, and shaping company culture. Otis President Judy Marks expressed confidence in Luersman's ability to impact the company positively, which employs 69,000 people globally. Otis specializes in elevator and escalator manufacturing, maintaining 2 million customer units worldwide.
Otis Worldwide Corporation (NYSE: OTIS) President & CEO Judy Marks will present at the Bernstein 37th Annual Strategic Decisions Virtual Conference on June 3, 2021, at 10:00 a.m. EDT. This event will be broadcast live on www.otis.com. Otis is a global leader in elevator and escalator manufacturing, maintaining over 2 million customer units worldwide and moving 2 billion people daily. The company operates in more than 200 countries, employing around 69,000 professionals.
Otis Worldwide Corporation (OTIS) reported strong first quarter 2021 results, with net sales of $3.4 billion, a 14.9% increase year-over-year, driven by 10.3% organic growth. GAAP diluted EPS soared 86.8% to $0.71. The company also highlighted a robust operating profit of $509 million, up 180 million from the previous year. Otis plans to return value to shareholders by raising dividends by 20% and increasing share repurchases to $500 million. The full-year outlook is optimistic, predicting net sales of $13.6 to $13.9 billion and adjusted EPS of $2.78 to $2.84.
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